Little nightly thoughts
by Business Exploration
Dear Fellow Innovator,
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Get the Go to Market Check-List
and its 20 components, explained.
it's freem, licensed under the Creative Commons Attribution-Share Alike 1.0 Generic license.
What is Go To Market?
Go to Market is a set of decisions to beat competition and an action plan to guide their implementation, aiming at maximizing the sales of your business.
A clear "go to market" provides a repeatible way to sell to your customers. This means that:
- your sales team knows what to do in order to bring home a better deal than competition
- your business spends less on customer acquisition costs (CAC),
- its success rate is higher because won/loss analysis are based on a structured sales approach,
- the market share is maximized and protected by today as well as future competition and ultimately your company is valued more.
- an investor looking into your company will find a clear sales engine - a sure proxy of future return on investments and
- a potential Buyer will see your go to market as a valued intangible asset...
Go to Market is about making your business sell:
Your business may not sell or may not sell enough.
We have seen Entrepreneurs struggling because:
- they were targeting the wrong customer segment
- they were trying to enter a market without budget, information and instructions
- they were leaving to customers to reach them
- their sales team was improvising each deal
- their sales operations were understaffed for the task
- their positioning was commanding a much lower price than possible
- their market was dirsupted by new technologies
- they were pretending to offer everything to anybody, ending up offering nothing to nobody...
What is not Go To Market:
Most of the times this happens because of the Entrepreneurs' approach to market. I call it "playing the Blind Man game".
We try to de-risk and minimize costs of building a sales process, slicing the salami: we move forward trying a little step (the most prominent and easy) and then taking another leap of faith or rushing backward depending the result.
This is a great way to test an unchartered territory - when the territory is uninhabited -. It becomes much less nice if you are entering a room blindfolded and inside there is a man ready to slap you in the face and send you back.
I hope you got the idea. Whenever you sell, you are doing it against a competitor: (an actual Competitor, an existing status quo or an alternative option for the Client budget).
Therefore you have to be ready for it. In other words: have a plan. Better: a Strategy. (a Plan is called a Strategy when is made to beat competition).
In most of the above cases a proper go to market design can make the business re-gain traction.
How to design a Go To Market:
The following are the minimum components of a Go To Market.
Your Go to Market can stay lean and just have a definition for each of them
or can expand each point adding the necessary complexity for your business model.
The minimum Go To Market's components:
a clear target Segment of Clients
no budget - no party
your go to market shall address a clear Problem Category
- Demand Estimate
an estimate of all the times a client can be in the market for a solution
- Challenge / Contraddiction
a surprising re-framing of Clients beliefes
- USP - MVP
a Unique Selling Proposition and/or a Minimum Viable Proposition
a communication capable to shelter your share on the market and beat competition inside customer's head
- Point of Contact
a Peer, a Market Place, a physical bridge to the Client
- Decision Maker
Name, Surname, Passions and Personal Goals
a Trouble story, a Growth story, your Story, your Offer story, your Leadership story
a non-negotiable price
a sightseeing on the unbearable Present and the brighter Future
- Call to Action
- Delivery Engine
a credible and convenient one
- Cash Collection
a process to get paid
a measure of your Go to Market performance
- Risk Tool
trip wires and alarms to anticipate changes
- Won / Lost
a way to understand competition
- Mail List
or a full fledged CRM
How to build a Go To Market:
Aligning these minimum components is a not easy task. Each of them brings in several decisions and compromises that have to be founded on a lot of information. We approach this complexity through a proprietary methodology based on 4 steps:
- The Business Model:
Identify a Customer that your Offer can help reach a Goal
- The Competitive Market:
Secure a market share for your offer
- The Convincing Brand:
Be the preferred alternative
- The Sales Funnel:
Reach the decision maker and sell
The first (Model) and the last (Funnel) are two operative steps. It's about design and build the sales engine.
The second (Market) and third (Brand) are two strategic steps. Your sales engine shall be sheltered by competition in order to secure the market share and shall be weaponized to beat the competition inside the mind of the customer.
You can find more details about the key ideas behind this 4 steps go to market methodology in our articles about the Business Model Canvas, the Market sizing, the Positioning and the B2B funnel.
However, designing a go to market is a highly strategic task, that cannot avoid to put into the game the personal desires, motivation and life of the business owner. For this reason we designed the "Roadmap to Market" as a workshop:
We found that this is the best way to support the Entrepreneur. Consulting do not works, because it pretends to bring pre-packaged best practices. While coaching is about putting our skin into the game: helping you program your effort, connect the dots among different options without re-inventing the wheel, bring in lessons learned by someone that is an entrepreneur like you.
To know more about go to market and how we help your business to sell,
Just give me a call, the initial assessment is on me, no obligations
The Roadmap to Market
A workshop to design and build a go to market that sells
- 8 sessions, 1 day each.
- Fast paced - no frills.
- Paperless: flipcharts and white board
- You work on it. We help.
4 desk steps
- Define the Business Model
- Assess market and competition
- Create a memorable brand
- Design the sales funnel operations
4 field steps
- Test problem and solution
- Discover the buyer's decision process
- Build the Story to land the first order
- Identify the "Minimum Resistant Client"
Why a "workshop"?
- Time is of essence -
Our 8 days workshop helps you adopt key best practices like: Lean Startup, Blue Ocean, TRIZ, SPIN selling, "Crossing the Chasm" to move your customer out of the status quo and embrace change.
Theory is not enough, 'cause execution is the only success factor you can control. But execution needs experience.This is why we flank you and your team from day one till your final destination.
We help innovate products, processes and commercial strategies in large international corporations, SMBs and startups since more than 20 years.
How it works:
We will make 8 days of 6 hours each. Generally 1 day per week on a 2 months horizont.
Each day you and your team will be confronted with key go-to-market frameworks, like e.g. the BMC, the MVP, etc.
The first 4 days will help you decide what to do and - more important - what not to do - to bring your idea on the market.
The second 4 days will prepare you to meet the customer to validate your business model, the buyer's process and land your first order.
At the end of the first 4 "Desk" days you will wrup-up a plan to pitch investors.
At the end of the second 4 "Field" days you will learn-on-the-job how to tell your idea to customers.
After 2 months you will have a plan, a tested business model and you will be ready to pivot or proceed.
- It saves you money, time, stress.
- It fast-forwards you 2 years in the future, compared to a "try&error" - "do it yourself" path.
- It brings in your decision process a non-biased and non-interested third party
- It opens to you a network of 3000+ professionals in 47 nations.
Things we don't:
- Work for “corporations”
- Tell you what you want to hear
- Tell you what to do
- Offer Best Practices
- Help avoid Risks
- Bring plug & play solutions
- Use salaried Consultants
- Work on large projects
Things we do instead:
- Work for a person: the innovator
- Tell you what you need to hear
- Offer un-biased points of view
- Make you Think Different
- Help take Risks
- Show you a path
- Are entrepreneurs, like you.
- Work by improvement sprints