For September’s Founder Hour, we hosted an insightful conversation with Brittany Ryan and Arieann DeFazio, who each shared their experiences aiding companies of all stages develop robust solutions and high impact go-to-market strategies. Brittany is Founder & Principal at Sunrise Advisors, which helps health-focused companies define and launch new businesses in collaboration with their stakeholders, and establish robust product and go-to-market capabilities. Arieann has managed 7 startups over 16 years with millions in revenue, launched over 20 products in various industries from medical devices to software, developed innovation programs for universities and large corporations both domestically and internationally, and has private board-level experience. Catch the full conversation here and keep reading to find out what our key takeaways are below!
A go-to-market strategy refers to the complete array of activities a company undertakes to support its solutions. It encompasses more than just sales and marketing; it involves various components, such as supply chain fulfillment, product life cycle, and regulatory concerns. Here’s a breakdown of its key aspects:
A go-to-market strategy is not solely about targeting and attracting customers; it also involves post-sale processes.
Before executing a go-to-market strategy, spend time gathering the right data and insights. Here’s what you should focus on:
Navigating a successful go-to-market strategy requires an understanding that it will (almost) always take longer than initially anticipated. To stay grounded, set realistic goals by adding a conservative buffer of at least six months to your projections, recognizing that delays are common and often surpass initial estimates. Additionally, remember that adaptation is key, as teams may require time to adjust to new strategies after launch. When these shifts occur, it is important to avoid making abrupt changes based on limited data. Instead adjust your sales, operations, and marketing strategies only after gathering extensive insights into your consumers’ response to your solution and allow for a period of adaptation for your internal teams.
As a company evolves its strategy, teams need to proactively ensure that they are bringing along their existing customers on the journey. It’s important that everyone, both internal and external to the core team, is aligned with consistent expectations for customer relationship management. This consistency extends to considering if the new strategy changes being made are compromising any existing promises that have been extended to the current customers as well as any messages in the market about what the company’s identity and mission is. If there are differences, it is time to reconcile alignment!
Transparency is another cornerstone of effective customer relationship management. Individuals in charge should not hesitate to communicate openly about the reasons behind strategy changes, regardless of how it might affect their perception as leaders. By upholding this principle, businesses can foster trust, maintain brand integrity, and protect customer relationships, even in the face of evolving strategies and market dynamics.
Simply put, LESS IS BETTER! While the “best” combination of KPIs will vary from company to company depending on what product or service is being sold and who the consumer base is, the most effective data analysis comes from tracking approximately 3-5 KPIs per team. First and foremost, your company should be tracking the KPIs you’ve committed to investors, maintaining transparency and accountability in that relationship. Beyond that, decide which measurements of success will provide the most insight for each department (marketing, sales, finance, etc.) by defining each of the KPIs’ specific context, purpose, and goal. One final consideration for selecting KPIs is to strike a balance between leading and lagging indicators so that your business can track past performance and anticipate future trends, providing a well-rounded perspective for strategic decision-making.
A well-executed go-to-market strategy requires careful planning, data-driven decision-making, and a commitment to transparency. We hope that by considering some of these key insights from Brittany and Arieann, you are able to refine your go-to-market approach and increase your confidence in navigating the business landscape. Thank you to those who tuned in to our live conversation, we hope to see you again at next month’s Founder Hour!