What is the best B2B go-to-market strategy? Don’t let the answer frazzle you: “it depends.” If you assumed that it’s easier just to copy something else that’s out there, here is your reality check. Even if you have the world’s most cunning go-to-market plan, it’s always a wise move to go through the motions. What […]
What is the best B2B go-to-market strategy? Don’t let the answer frazzle you: “it depends.” If you assumed that it’s easier just to copy something else that’s out there, here is your reality check. Even if you have the world’s most cunning go-to-market plan, it’s always a wise move to go through the motions.
What Is a B2B Go-to-Market Strategy?
go-to-market plan refines many issues around the entry of a product/service into a chosen market (which itself is part of a go-to-market strategy). Topics include product/market fit, personas, marketing channels, competition, and pricing, just to name a few.
And that’s why it is always beneficial to work out all the gory details of a go-to-market strategy. It’s pretty much guaranteed that you’ll have missed something, or that the process will inspire you to go off in a new direction.
During this adventure, you’ll probably notice that there are big differences in strategy according to the type of company you work for. Go-to-market strategy for SaaS companies, and of course for B2C, is different from that for a B2B venture. Here is a shortlist of why that’s true:
- B2B products have a relatively large number of potential ways to reach the market
- It’s difficult to dislodge competitors, even if your product is superior
- Getting past the “gatekeeper” is a major challenge
- Knowing how your target market chooses a product is almost as important as the product itself
How Do I Create a B2B Go-to-Market Strategy?
Again… it depends. In all seriousness, there are so many options that it would take forever to go through every optimal concept. Plus, it’s important to leave room for originality. One general point of advice is to take a unique spin on a few key aspects of a go-to-market strategy for B2B. Here are a bunch of real-world, go-to-market strategy examples illustrating this idea in action.
Should I Just Call a Consultant?
No. There is a certain aspect of a go-to-market strategy which, as the evidence will show, applies to all companies. Even if you need to start from scratch, keeping this in mind will give your whole plan a valuable direction.
You may have noticed that what makes B2B different also makes it special. Particularly when it comes to go-to-market strategy for startups, B2B sales can seem like attacking a fortress. Business people are, well, busy. They don’t want to spend time looking at new ideas, preferring to stick to what is already in use.
So your best bet is to get their attention in as many ways as you can handle. It’s called “omnichannel”, and you’ve probably heard of it.
As the number of ways to communicate goes up, so do your opportunities. Five years ago, we had email, phone, in-person contact, and websites. Today, we’ve added video conferencing, mobile apps, and web chat. In fact, B2B customers nowadays use nine different channels to find out about products they are considering purchasing. Research shows “the more, the better,” across industries and countries. There is a clear and positive relationship between an increasing number of sales channels and a higher order rate.
Setting Up
Two major parts of go-to-market strategies will lead you to understand what channels you should use, namely, the steps involving customer profiling and . As you contemplate issues such as the ideal customer profile and designing the flow of prospects through your “funnel,” you will discover where your target clients like to do their shopping.
This will always involve more than one channel. First-time buyers of expensive products tend to go for a channel where they are in real-time contact with a person. This can include video conferencing and chats at your trade show booth. But at some point during the sales process, they will most likely read your website or watch one of your videos.
Optimization
Go ahead and use that web analytics platform. Get your UX person working overtime. But, as a B2B company, you’ve also got to make sure that every aspect of the purchasing process is ready for big business. Major online purchases are now a thing, and it’s common for B2B sales to reach above half a million dollars. That means enabling self-service and employee decision-making power through many of your channels.
Potential clients should be able to read about contracts, pricing arrangements, and product minutiae. The information must be consistent; the process must run smoothly and eliminate redundancy. You don’t want a potential client nurtured by an email from Jane to suddenly get a WhatsApp from Joe. Nor do you ever want a prospect to read about two different prices for the same product. Such a level of coordination will require all hands on board – it’s as if every part of your operation is now customer-facing.
Personalization
It shouldn’t be too difficult to remember the name of the guy on the other end of the line during a phone call. But personalization now goes far beyond that. Your CRM must be able to track exactly where the prospect is in the funnel, and the nature of their latest conversation with somebody on your team. This is vital for a seamless transfer between different reps and across channels as the client moves towards a sale.
On top of that, it’s a smart move to use analytics to track the strengths and weaknesses of your different channels. For the digital channels, where are prospects dropping off? Do some pathways have a higher closing rate? Where are your best leads coming from? It’s all a matter of having systems in place to both collect data and enable customized analysis.
Key Takeaways
- B2B faces special challenges when it comes to grabbing the attention of their target customer
- An omnichannel approach can be an essential success factor for a B2B go-to-market strategy
- Particular attention needs to be paid to proper setup, optimization, and personalization
