In the evolving business world, it’s crucial to keep up with the latest trends and changes in go-to-market (GTM) strategies. What was effective in the past may not be applicable in the present, and what works now may not work in the future. We investigate the shifts we have observed in the GTM landscape, comparing the methods that used to work with those that are successful today. In this blog, we’ll explore what these changes mean for companies looking to succeed in today’s market.
Gone are the days where simply having a new and innovative product was enough to capture the attention of investors and buyers. Nowadays, buyers are less concerned about the latest and greatest tech and more interested in products that solve their problems in a more efficient, cost-effective, and time-saving manner. This shift in mindset means that companies need to focus on demonstrating how their product can help save money, time, and resources while providing real value to the customer.
Another change we’ve observed in recent years is the lengthening of sales cycles. In the past, sales cycles typically lasted anywhere from 3-6 months, but now, they are taking much longer, with 6-12 months becoming the norm. Buyers are still willing to attend initial meetings, but they are taking more time to make a decision, and are considering factors like budget, company policies, and future growth. Companies need to be patient, adaptable, and have a well-thought-out sales strategy that accounts for the longer sales cycle.
When it comes to reaching potential customers, companies used to rely heavily on phone calls as a way to generate leads. However, nowadays, we are seeing LinkedIn and email outperforming phone calls. The reason for this shift is twofold. Firstly, as mentioned above, buying decisions are taking more consideration, and these platforms allow for the building of relationships and trust with prospects. Secondly, these channels are based on education, where prospects can be sent materials to review, enabling them to learn about the product and its benefits at their own pace.
Finally, we are seeing a shift in who is making the final purchase decision. Previously, it was common for decision-making to be delegated to lower-level employees. However, now, C-Level executives are increasingly becoming involved in the purchase decision-making process. This shift is likely due to the fact that CEOs are more concerned about cost savings and ROI, especially in these times of economic uncertainty. Companies need to tailor their sales approach to focus more on how their product can deliver measurable value to the company, and less on the features and specs. Being able to communicate this effectively to C-Level executives will be critical to winning their buy-in and support.
Adaptability is essential to succeed in today’s GTM landscape. For more information on how to stay agile and position your business for success, get in touch.