The Essential Components of a Go-to-Market Strategy: 6 Key Aspects You Can't Ignore
The U.S. Bureau of Labor Statistics reports that 20% of new businesses fail within two years of being open, 45% fail within 5 years, and 65% fail within 10 years. The statistics are even more staggering for startups:
- 20% of startups fail after just one year
- 30% of startups shut down within two years
- 50% of startups shut their doors within five years
What’s the best way to lower this risk, you ask? To develop a killer go-to-market strategy. HubSpot defines a go-to-market strategy (GTM) as “a step-by-step plan designed to bring a new product to market and drive demand.” Essentially, a well-designed GTM strategy will drive your marketing initiatives and sustain your ability to maximize revenue and business growth.
But where should you begin? How will you know what aspects you should include in your GTM strategy? Don’t stress, we’ve got you covered. In this article, we’re sharing the top 6 must-haves of a go-to-market strategy that wins. Let’s dive in.
1. Lead Nurture Campaigns Keep Audiences Engaged
According to HubSpot, when executed well, email marketing has a whopping 4,200% ROI. That means email generates $42 for every $1 spent! Lead nurturing campaigns are automated email sequences that offer up personalized and relevant content to leads that take them through their buying journey. As the leads engage with your emails and any downloadable content provided inside the emails, they convert into marketing qualified leads (MQLs).
Below is an example of a lead nurture campaign targeting marketing leaders interested in improving their organization’s SEO.
Best practice is to automate your email nurture campaigns to send every 8 business days, approximately. This will help ensure your emails aren’t bombarding recipients day after day.
➡️ Read the inspiring story of How One IT Automation Start-Up Experienced a 68% Uptick in Monthly MQLs via Lead Nurturing.
2. Paid Search & Paid Social Advertising Attract New Leads
Pay-per-click ads generate twice as much web traffic as SEO alone. It’s true! Not only do they boost web traffic, but they can increase brand awareness by up to 80%. There are two advertising options we recommend to implement into your go-to-market strategy: Paid search and paid social advertising. Let’s look a bit closer at both.
Paid Search Advertising Benefits:
- Great for web searchers who are actively looking for what you're offering
- Best for companies seeking to target a wide audience
- You can set the budget to suit your goals best
- You’ll only pay when someone clicks on your ad
Paid Search Advertising Options Include (to name a few):
Paid Social Advertising Benefits:
- Great for social users who are passively taking in content and may be interested in something that catches their eye
- Best for companies looking to hyper-personalize their advertisements and target a specific subset of people
- The price varies based on your end-goal objective for the campaign
Paid Social Advertising Options Include (to name a few):
Yet, both paid search and paid social campaigns help you:
- Get more eyes on your brand
- Drive traffic to your website
- Generate leads most likely to convert
➡️ Which ad platform—Google Ads or LinkedIn Ads—is best for your business goals? Find out here.
3. Quality Content Makes a Quality Go-to-Market Strategy
Today, your customers are being bombarded with uninspired marketing content. And they lack the bandwidth and tolerance for it. 55% of today’s buyers move on if a piece of content does not pique their interest within the first minute. To outpace competitors and win in today’s over-saturated market, you need a data-driven content marketing strategy that cuts through the noise and:
- Increases your web traffic
- Drives visitor-to-lead conversions
- Nurtures your database to identify marketing qualified leads (MQLs)
- Provides your sales team with sales qualified leads (SQLs)
To improve your go-to-market strategy and maximize engagement, it’s best to diversify your content in various ways, including:
Pro Tip: Use A/B testing throughout your content—subject lines, titles, calls-to-action, etc.—to pinpoint which messaging resonates most with your audience and garners increased engagement.
4. Social Media Maximizes Reach
Today’s B2B buyers are not only interacting with your website and sales reps, they’re mainly engaging with your social media platforms and content. Now more than ever, it’s essential for marketers to leverage the power of social media marketing within their go-to-market strategy to:
- Maximize brand visibility
- Garner best-fit leads
- Engage buyers
To do this, it’s best to optimize your social media marketing strategy for social media algorithms. Social algorithms are a way for social media platforms to organize and present posts to users based on relevancy. And each social media platform has its own algorithm! For more information on how to do this, check out our blog How to Optimize Your Marketing Strategies for Social Media Algorithms.
The Dos and Don’ts of Organic Social Media Marketing
- Analyze and track metrics to measure post engagement
- Keep your brand consistent across all of your social media marketing
- Create a social media schedule to plan your posts and align them to your overall marketing strategy
- Use every existing social media platform (only use the platforms your target audiences use!)
- Ignore comments, DMs, and other interactions
- Assume each social media algorithm is the same (each platform has its own)
5. Great Graphic Design Can Make or Break Your Go-to-Market Success
80% of CMOs at small to midsize businesses report graphic design is moderate to very important to the success of their marketing strategy. A way-ahead-of-its-time psychology study in 2004 determined that poor designs on a website are over 15x more likely to divert site visitors than poor content.
Even today, utilizing clear and easily consumable graphics enables brands to:
- Communicate a message effectively
- Tell a story with visuals
- Engage audiences with attention-grabbing images
Below, we’ve listed some great design tools and some great outsourced graphic design teams that can help you bring your go-to-market strategy to life. Check them out!
Outsourced Graphic Design Teams:
6. Marketing Performance Analysis is Vital to Adapting Your GTM Strategy
The most critical component of your marketing strategy is the data that drives it. Yet, 87% of marketers say data is their most under-utilized asset. Below are the top 5 marketing KPIs B2B marketers must measure to monitor their go-to-market strategy’s success.
Determining the ROI of Your Tech Stack
Determining Your Customer Acquisition Cost
Determining Your Customer Lifetime Value
Determining Your Traffic-to-Lead Ratio
Determining Your Lead-to- Close Conversion Ratio
Tracking these KPIs month over month, quarter over quarter, and year over year is an essential step in:
- Monitoring your marketing performance
- Identifying areas of improvement throughout your marketing strategy
- Tracking which initiatives are generating the best results & which are not
Key Insight: Marketers who make data-driven decisions based on customer feedback garner a 34% increase in conversions.