Survival of the fittest: Besides all other success criterias, a company’s go-to-market (GTM) strategy can be responsible for the ultimate thumb’s up or thumb’s down judgement regarding the future of an ambitious high-tech enterprise.
When identifying a promising target group it’s necessary to „go the extra mile“ these days, where competition is everywhere and tons of other ambitious firms with miscellaneous business goals try to get their big piece of your chosen prey’s budget.
It is necessary to address the right people with the right messages, and it’s essential to know as much as possible about your target group’s needs in advance – including those requirement which are not directly connected to your company’s business interests in them.
A connected world enforces regional business strategies
Understanding your customer is much more important than ever before, because business models, product lifecycles, headcounts and priorities are changing way to fast anyway – so there is no time for any „trial and error“ games.
Especially when looking at companies with international revenue goals – the term „Location-Based Services“ (LBS), which was invented to describe business ideas depending on geographical navigation technology, is perfect to name the key challenges they are facing:
How to address the regional and local characteristics of my selected target group’s business – and how does all this (in fact) match with my current product and service portfolio.
A successful GTM strategy has to be adaptable and should normally foresee market trends – at least for the near future.
Whether you „globalize“ your existing business – and therefore looking for the appropriate „location-based“ go-to-market strategy – or you try to introduce a brandnew, innovative product to your future clients:
It makes sense to invest some extra time and money in advance, to figure out what’s necessary to get your seat in the front row of the business circus!
Following the rule of your industry will only get you so far.
….Max McKeown, Author of “The Strategy Book”
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