Not having a GTM strategy is a bit like choosing your next vacation by throwing a dart at the map. You could accidentally end up with something you wanted, or you could land in the middle of the Atlantic. There’s something to be said about living a carefree life, but when hundreds of thousands of dollars are on the line, it pays to have some idea of what you’re doing.
But what exactly does a GTM strategy do? Let’s assume you’re trying to build a house. Without a plan in place:
- You’ll likely order too many or too few supplies
- You’ll run into production issues when your construction team don’t know what they should be doing
- The house likely won’t be designed in a way that suits peoples’ needs or satisfies their desires
- You won’t know how to properly price the house to both entice potential buyers and make back your investment
- At the end of the project, you may find that on top of all the mistakes you already made, it turns out the location of a house matters and very few people want to buy an 6-bedroom apartment built in the middle of a swamp
When developing a GTM strategy for your product or service, it will greatly impact the odds of your success if you plan out every stage, including who the product/service’s targeted towards, what needs are being fulfilled, how you’ll engage with those customers, and so much more.