Table of Contents
Step 1 – Market Definition and Target Market Segmentation
DEFINE YOUR TARGET MARKET – FISH IN A BARRELL… NOT AN OCEAN
What is a Target Market?
Investopedia defines a Target Market as a group of consumers to whom a company believes needs its products and/or services, and therefore directs its marketing activities to this audience. The consumers within this group will have similar traits, whether business-to-business (B2B) or business-to-consumer (B2C), such as location, budget, desire to solve this problem, and others. By taking the time to define and refine your target market, you and your leadership teams will win more deals by reaching your buying audience more efficiently.
How do You to Determine your Target Market?
This is where you leverage your data. A data-driven approach helps you through this process by carefully reviewing the data you’ve collected over the years, gathering insights on your consumers, analyzing trends, and underlying similarities among your “best” clients – whether you want to define “best” as highest paying, most frequent buyers, etc.
Focus on two key data points:
- Market Segment – SMB, Mid-Market, or Enterprise
To help you pinpoint which industry and market segment are currently generating the most revenue for your company and define your target market(s), you will need to review the historical data on your customers. You need to be laser-focused to accelerate growth.
Focus on those customers who:
- Spend the most money with you
- Are your largest lifetime value clients
- Other Key Performance Indicators (KPIs) that measure the health of your clients.
How can Digitizing an investment bank help to tell more compelling stories, better differentiate themselves, and ultimately win more deals? Post mandate, how can a global bank with 22 offices streamline and improve the delivery of their services?
You found your Target Market. Now what?
Once you identify and refine your target market, you and your leadership team need to prioritize the specifics of the target market to find the fish you want to catch. You do this by digging deeper in your research of this target audience to better understand their needs, roles, and gather insights to help your team create effective Sales and Marketing content and copy.
Where do Target Markets fit into your Go-to-Market Strategy?
Every decision in your Go-to-Market (GTM) Strategy will revolve around the target market(s) you’re focusing on to be your core source of revenue for your company. Your GTM Strategy is where you implement those insights you collected on your market(s) and orchestrate meaningful, positive interactions with them to attract, engage, and delight, based on HubSpot’s Flywheel Methodology.
SEGMENT YOUR TARGET MARKET TO CATCH THE BIG FISH, NOT MINNOWS
How do you prioritize your Target Market Segments?
You should focus your efforts on the High Valued Targets (HVTs). These are the companies that will meaningfully move the performance needle of your business. You should consider your company economics to help you inform your decision of which segment to target first to add new customers who will most likely become “raving fans” (strong brands have these). You need to know you can properly support your GTM strategy with people, time, money, technology, and other resources required for you to convert them into paying customers.
Plan Your HVT Outreach Strategy
Create an HVAT outreach strategy by digging deeper into your HVTs to better understand which current state, problem(s) they need help to overcome, how they may be currently solving the problem(s), and determine the best way to differentiate your solution and inform your approach. General rule of thumb: Once the 3 largest customers in a segment are paying, then the remaining companies in that segment will tend to follow suit. Once you’ve tapped out that market, move onto the next group of HVTs to continue your accelerated growth.
Step 2 – Developing Your Go-To-Market Playbook
DEVELOP YOUR GO-TO-MARKET PLAYBOOK – TEACH YOUR TEAM HOW TO FISH
What is a Go-To-Market Playbook?
A Go-To-Market Playbook is a resource to help your teams bring a product or service to market, not only for sales reps but for marketing and support/success too. Sales Reps will learn how to sell your product(s) and/or service(s) effectively in any scenario – whether you’re talking about prospecting or closing a deal. An effective Go-To-Market Playbook may be time consuming to build, but it’s well worth it. Having a one-stop-shop where your team members can go to review enablement materials, get content personalized messages, understand their KPIs and metrics, buyer personas, sales and marketing process outlines, tactics for consensus selling, and other sections/topics that are necessary to enable your team successfully.
HubSpot‘s website provides additional details about GTM Playbooks.
Why is a Go-To-Market Playbook required for success?
A Go-To-Market Playbook is for your revenue teams – Sales, Marketing, and Client Support/Success. This playbook will be your North star, aligning your teams across the entire customer lifecycle. By having a single playbook for these teams, you’re bringing them all together to have a conversation and collectively own the success of your products or services. Alignment is vital, as Marketing and Sales need to have similar messages delivered through their respective channels.
The GTM Playbook is a living, working resource for your revenue teams to have a repeatable process to continuously achieve your desired business outcomes. From Prospect to Lead to Order and to Cash – this teaches your team how to execute a highly effective outbound Sales program, land new accounts, grow existing client relationships, and become the trusted partner your clients never knew they needed. By teaching your reps how to tell compelling stories that differentiate you in the marketplace – you will win more deals.
What can you automate in your Sales and Marketing processes? What are your Sales and Marketing technology gaps?
When building your Go-To-Market Playbook, you and your peers across the revenue teams must be sure to include best practices and tools used by your team members to create successful, repeatable processes. A repeatable process is key in order to become more data-driven and forecast more accurately. While building out your Playbook, keep a running list of the “technology gaps” that exist in your stack to increase the efficiency of your teams. View the “gaps” as opportunities to empower your team members to do their jobs better and build stronger relationships with customers.
Technology must be included in your Playbook. This will bring clarity for a Marketing Specialist or a Sales Rep to know how to succeed in their role. They need to be armed with the right information, know which tools are available to them, and how and when to use those tools. This should be clearly outlined in the Playbook for each role, including the outcome(s) the tool/process is expected to produce for each individual.
Step 3 – Core Growth Stack Tools
INTEGRATE AND AUTOMATE YOUR SALES AND MARKETING – Use the Right Tools to Catch the Right Fish
Here are the 9 Core Categories of Platforms most companies “Need to Have” in their Growth Stack:
- Customer Relationship Management (CRM) – Examples: Salesforce CRM, HubSpot CRM, Pipedrive, FreshSales, Microsoft Dynamics
- Marketing Automation – Examples: HubSpot Marketing Hub, ActiveCampaign, Marketo, Pardot
- Sales Intelligence – Examples: LinkedIn Sales Navigator, ZoomInfo Powered by DiscoverOrg, Clearbit Enrichment, Nimble
- Sales Engagement – Examples: Outreach, SalesLoft, Cirrus Insight, Yesware, VanillaSoft, DealHub.io, Dooly
- Live Chat – Examples: Intercom, Drift, Zendesk Chat, LiveChat, Freshdesk
- Outbound Call Tracking – Examples: ConnectAndSell, Outreach, SalesLoft, VanillaSoft
- Sales Enablement – Examples: Seismic, Highspot, Showpad Content, MindTickle, Guru
- Configuration, Price, Quote (CPQ) – Examples: Salesforce CPQ, Oracle CPQ, IBM CPQ, Conga CPQ, CloudSense
- Lead Intelligence – Examples: LeadIQ, Datanyze, Leadfuze, Lead411, Cognism
BONUS – The Next 6 Categories of Tools companies “Want to Have” in their Growth Stack:
- Sales Analytics – Examples: Clari, InsightSquared, Salesforce Analytics, Oracle Sales Analytics
- Email Tracking – Examples: HubSpot Sales Hub, Mixmax, Groove, Reply, Boomerang, Yesware
- E-Signature – Examples: DocuSign, Adobe Sign, HelloSign
- Sales Coaching – Examples: Gong, Chorus, SalesLoft, Showpad Coach, MindTickle, Lessonly, ExecVision
- Proposal – Examples: Proposify, PandaDoc, Conga Document Generation, RFPIO, Qwilr
- Contract Management – Examples: Conga, DocuSign, Icertis Contract Management Software, PandaDoc
As you continue to build out your growth stack, you need to continuously update your Go-To-Market Playbook, educating the users of each tool on why it was selected, how to use it, where it fits in the process, and what value it will provide. Covering these topics are important to help increase adoption of the new tool, so you see real business value from it.
Messina Group will help you and your team understand the current state of your Sales and Marketing technology platforms and where there are opportunities to improve your stack. We partner with our Clients to help them identify and prioritize their “technology gaps” and help them make the business case for the new tools and process improvements they need to align their teams and realize the value of their investment. The result? Fishing in a barrel and winning more deals.