How to prepare for the changing landscape of marketing and sales.
Go-to-market (GTM) teams are responsible for designing and executing the strategies and tactics that bring a product or service to the target market. They include marketing, sales, customer success, and product management functions. GTM teams face many challenges in today's dynamic and competitive environment, such as adapting to changing customer needs, differentiating from competitors, and optimizing the customer journey. However, the future holds even more challenges for GTM teams, as they will have to navigate a tough economy, a shift in buyer behavior, and a data overload. In this document, we will explore these three challenges and provide some recommendations on how to overcome them
Challenge 1: Tough Economy
The global economy is expected to slow down in the next few years due to the impact of the COVID-19 pandemic, geopolitical tensions, trade wars, and environmental issues. This will create a challenging environment for GTM teams, as they will have to deal with lower demand, tighter budgets, and higher price sensitivity from customers.
How to overcome this challenge:
- GTM teams should focus on creating and communicating value for their customers by highlighting the benefits and outcomes of their products or services rather than the features and functions. They should also leverage customer testimonials, case studies, and referrals to build trust and credibility.
- GTM teams should also optimize their pricing and packaging strategies by offering flexible and customized options that suit different customer segments and needs. They should also consider offering discounts, incentives, and loyalty programs to retain and expand existing customers.
- GTM teams should also monitor the market trends and competitors' actions and adjust their strategies accordingly. They should also look for new opportunities and niches in the market and innovate their products or services to meet emerging needs.
Challenge 2: Shift in Buyer Behavior
Buyer behavior is changing rapidly as customers are becoming more informed, empowered, and demanding. They have access to a plethora of information sources, such as online reviews, social media, blogs, podcasts, and webinars, and they can compare and evaluate different options before making a purchase decision. They also expect a personalized, seamless, and omnichannel experience from the GTM teams, and they want to engage with them on their preferred channels and platforms. They also have higher expectations for the quality, performance, and reliability of the products or services they buy, and they are more likely to switch to a competitor if they are not satisfied.
How to overcome this challenge:
- GTM teams should adopt a customer-centric approach. They should understand their customers' needs, preferences, and pain points and tailor their messages and offers accordingly. They should also segment their customers based on their behavior, interests, and goals and create personalized and relevant content and campaigns for each segment.
- GTM teams should also embrace a digital-first strategy by using the latest tools and technologies to reach and engage their customers across multiple channels and touchpoints. They should also leverage data and analytics to measure and optimize their performance and impact.
- GTM teams should also deliver a consistent and exceptional customer experience by ensuring that their products or services meet or exceed customer expectations and providing proactive and responsive support and service. They should also solicit and act on customer feedback and foster long-term relationships and loyalty.
Challenge 3: Too Much Data, Not Enough Insight
On the one hand, it provides them with a wealth of information and insights on their customers, markets, and competitors, which can help them make better decisions and improve their performance. On the other hand, it also creates a lot of noise and complexity, which can overwhelm and distract them from the key metrics and goals. Moreover, not all data is reliable, relevant, and actionable, and GTM teams need to have the skills and tools to filter, analyze, and interpret the data effectively.
How to overcome this challenge:
- GTM teams should define and align the key performance indicators (KPIs) and objectives that matter for their business and focus on collecting and tracking the data that supports them. They should also avoid vanity metrics and data silos and ensure that the data is accurate, consistent, and accessible across the organization.
- GTM teams should also invest in the right data platforms and tools, that can help them store, manage, and visualize the data in a user-friendly and intuitive way. They should also leverage artificial intelligence (AI) and machine learning (ML) to automate and augment their data analysis and insights generation.
- GTM teams should also develop and nurture a data-driven culture by encouraging and rewarding data literacy, curiosity, and experimentation among their members. They should also foster collaboration and communication across functions and teams and share and act on data insights and learnings.
Conclusion
GTM teams face a challenging and uncertain future, as they will have to cope with a tough economy, a shift in buyer behavior, and data overload. However, these challenges also present opportunities for GTM teams to differentiate themselves from the competition and create and deliver value for their customers. By following the recommendations outlined in this document, GTM teams can prepare themselves for the future and achieve success in 2024 and beyond.