Go to market strategy is undeniably one of the more complex topics of marketing - and it is one that often is misunderstood by teams. Creating an effective go to market strategy is a seemingly overwhelming task that even the most seasoned CMO’s sometimes grapple with. To shed light on this issue, we've talked to some top executives who have experience in crafting and executing a GTM strategy. These leaders shared some of their biggest challenges (and solutions) in creating and executing a successful go to market strategy.
The Biggest Challenges of Go To Market Strategy
Challenge #1: Understanding the competitive landscape
One of the biggest challenges of go to market is understanding the competitive landscape. You need to differentiate your product or service from your competitors while also anticipating their moves, which requires a deep understanding of the market and competitor analysis.
What to do: Pre-test the market for predictability
Katelyn Watson, CMO at Talkspace, says that the best way to handle this issue is to pre-test the market.
“Surveys, soft launches, and market research only get you so far,” says Watson. “If you can plan for a closed pilot, it's the best way to pressure-test the market. So, when asked to build forecasts, you have a foundation. You're less likely to be wrong.”
Challenge #2: Integration of technology
Today’s GTM strategies often involve several technology platforms for data analytics, sales, marketing, and customer service. Integrating these technologies seamlessly and effectively can be challenging, particularly if the organization lacks the necessary infrastructure or expertise.
Additionally, if the data from each of these tools isn't integrated and analyzed collectively, it makes it challenging to gain a comprehensive view of the customer journey and overall marketing performance. This siloed data can lead to fragmented insights, and inaccurate conclusions.
What to do: Synchronize tools and measure your results
Jose Manuel Rodriguez is the CEO at esMarketing - and he says that ensuring the different systems and tools used in the organization can seamlessly share data with each other is an important piece of the GTM puzzle.
“A suitable tool will help create and execute your strategy, keep the channels synchronized, as well as track and measure the impact of your actions,” says Rodriguez.
“It should not only allow you to be aware of the situation but also to detect where you can improve. Measuring and analyzing the data will allow you to adapt your strategy to obtain the best results,” added Rodriguez.
Challenge #3: Alignment between departments
An effective GTM strategy involves coordination across multiple departments, including sales, product development, finance, and more. Ensuring alignment and collaboration among these teams is essential but can be challenging, especially in larger organizations.
“As an interim CMO, the most significant challenge I faced in crafting and executing a go-to-market strategy was aligning different departments towards a unified goal,” says Steve Dinelli, Founder of MarketerInterview.com.
“Each department has unique perspectives and objectives, and harmonizing these can be complex.”
What to do: Open communication from the start
“I addressed this through open communication, cross-functional sessions and collaborative workshops with all relevant departments from the beginning,” says Dinelli.
“This way, everyone contributed to and understood the strategy, fostering buy-in and alignment.
“By creating a shared understanding and commitment, you can leverage the collective intelligence of your team, address potential pitfalls early on, and ensure a coherent approach towards the market.”
Challenge #4: Sometimes, things go wrong
Despite putting significant effort into anticipating potential issues before launching your product or service, there's always a chance that something might not go as planned.
External factors such as economic conditions, geopolitical events, or unexpected global crises (like a pandemic) can quickly disrupt a carefully planned go to market strategy.
What to do: Expect the unexpected
“It's crucial to have a well-prepared strategy in place for real-time responses to any unexpected setbacks,” says Jason Vaught, Director of Content at SmashBrand.
“The key to addressing these ‘uh-oh’ moments is to delegate this responsibility to the appropriate team, which will be tasked with closely monitoring and promptly responding to unforeseen events,” says Vaught.
“To handle such situations effectively, the designated team should have a sufficient margin in their schedule, ensuring that they can address these issues without neglecting other important tasks. This approach helps maintain a proactive and agile stance, enabling the business to navigate challenges smoothly and minimize the impact of any unexpected occurrences.”
Go to market strategy is a balancing act
The challenge of crafting an effective GTM strategy lies in the intricate balance between understanding the market dynamics and your audience, creating team alignment, and using the right tools to measure your progress so you can stay agile and pivot your strategy if needed.
CMOs must continuously evolve their skills and strategies to navigate the many complexities of creating and executing a go to market plan successfully.
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