Week 6-Dani Flashcards
What is a GTM (Go-to-Market) strategy?
A GTM strategy is a product-specific short-term plan that focuses on fast-paced implementation to meet market demands
Pertains to:
- New product launches
- A major expansion to your current offer
- Market expansion
Time sensitive
Requires prioritized deadlines for every stage of NPD
What are the four considerations for a GTM strategy?
- Value proposition and messaging
- Buyer journey
- Channel and partners
- Demand generation and conversion
What are the three key points within the GTM consideration “value proposition and messaging”?
- Understanding key targets
- Build product statement
- Create and test key selling messages
What are the three key points within the GTM consideration “buyer journey”?
- AIDA
- Funnels
- Flywheels
What are the three key points within the GTM consideration “channels and partners”?
- Marketing channels for communication
- Sales channels
- Partnerships
What are the four key points within the GTM consideration “demand generation and conversion”?
- demand gen
- convert
-cross-sell - retain
What are some class examples/applications of value prop/messaging for GTM plans?
Lyft messaging for drivers vs riders: “It’s your city, let’s discover it all over again” vs “Ready. Set. Get paid.”
Language can’t be too broad, but also needs to be understood by people who aren’t experts: Applied Brain Research (neuromorphic chip AI chips) vs. Blue J Legal (AI legal predictions) mission statements
Also to consider about mission statements/other messaging: what words are unnecessary?
Lemonade (online, non-brokered insurance): message is tailored to target market (young professionals; effortless, instant, and personalized)
What does AIDA stand for? How do tech firms approach it (think of the funnel)?
Awareness, Interest, Desire, Action
Also known as ToFu, MoFu, BoFu, and Sold
A/ToFu: Generate leads (blogs, multimedia, etc)
I/MoFu: Generate prospects (educational content, webinars, downloads, etc)
D/BoFu: Generate sales (demos/trials, consultations, etc)
A/Sold: Sales achieved (previous customers, forming relationships with your brand, etc)
What are the three layers of the flywheel effect?
Layer 1: Growth
Layer 2: Attract –> Engage –> Delight (then repeat the cycle)
Layer 3: Strangers –> Prospects –> Customers –> Promoters (then repeat the cycle)
Explain the ‘flywheel effect’.
Based on the idea of creating momentum to grow, based on lots of small wins that come from making things as easy as possible for the buyer, and applying ‘force’ to make it seamlessly move faster
Common to high-volume businesses
What are some examples of ‘force’ in the flywheel effect?
SEO, nurture campaigns, freemium models, always-improving user experience, loyalty programs, influencer marketing, and anything else that makes it easy for customers to discover and that creates a self-serve purchase flow
What are the 10 lessons from Atlassian in applying the flywheel effect?
- Just let them buy (concept of products should be bought, not sold)
- Price for volume and consistency
- Treat human interaction as a bug
- Make lots of friends (pt 1 - related to sales channels & partners)
- Apply diverse forces for greater expansion
- Make lots of friends (pt. 2 - related to user engagement & communities and creating “champions”)
- Don’t fall into the enterprise trap
- Think global, beware of local
- Remember that active users trump anything else
- Reinforce your flywheel with company values that actually matter
How do marketing/communications channels relate to the funnel, and what are some examples of them?
Used to feed the top of the funnel (TOFU) to support MOFU and BOFU
Ex.
Social media
Emails
Podcasts
Print ads
SEO
Influencers
Loyalty programs
What are the four types of sales channels? Give a brief explanation of each.
Self-service: need to invest in marketing to drive traffic to your website
Inside sales: used to nurture prospects to buy; good option for medium price point and a bit more complex offers
Field sales: common to big enterprise deals; requires more investment & longer sales cycles (ex. P&P Optica, from our guest speakers that came in)
Channel model: an external partner sells for you (value added re-sellers)
NOTE: each sales channel has varying levels in each of the following metrics: Complexity, cost, pipeline volume, sales cycle, profitability, build difficulty, and scalability
What are the two types of demand generation?
Draw in (pull) i.e. inbound sales
Reach out (push) i.e. outbound sales
