Innovation is key in business. It's what drives growth, sets you apart from the competition, and keeps you ahead of the game. However, innovation can also be a double-edged sword. While it may bring great results, it can also lead to failure if not managed correctly.
That's why having a solid go-to-market (GTM) innovation strategy is crucial. A GTM strategy helps you take your innovations from ideation to execution and helps you focus on what really matters: delivering results.
In this article, I'll share my 5-step process for managing GTM innovation. It's a tried and tested method that will help you get the results you want, without getting lost in the chaos of experimentation. Let's dive in!
Step 1: Experimentation & Customer Insights
Choose 2-3 high upside channels/programs and start executing them to communicate & engage with the buying group at your target customer.
The first step in the GTM innovation process is to experiment and gather customer insights. Choose 2-3 high upside channels or programs and start executing them to communicate and engage with your target customers.
Now, I know what you're thinking. "But wait, what if I fail?" Fear not, my friend. Failure is part of the process. The key is to eliminate distractions and focus solely on figuring out how to get these programs to deliver. Be prepared to be in experimentation mode for 30-90+ days. Most B2B companies don't have the patience to see this process through, but trust me, it's worth it.
Step 2: Find Positive Signals
Start with your customer, not your metrics!
Once you've started experimenting, it's time to find positive signals. Most companies make the mistake of relying on only cookie cutter metrics (likes, traffic, clicks, leads, etc.) and then trying to fit new programs into these outdated measurement systems.
But here's the thing, those metrics aren't always reflective of real business results. That's why it's important to start with your customer, not your metrics. Execute customer-focused activities and then be curious about what new signals you find that correlate with business results.
Step 3: Prove Repeatability
Drive repeatable pipeline attributed to the programs.
Once you start to see positive signals, it's time to prove repeatability. This means executing the same activity and getting a repeatable outcome. Teams are forced to drive repeatable pipeline attributed to the programs through hybrid attribution (self-reported attribution, software-based attribution, or other forms of qualitative customer research).
Step 4: Operationalize
Build process, acquire technology, and hire people to operationalize the process.
Congratulations, you've proven that your programs are repeatable and now it's time to make them a sustainable part of your GTM strategy. Build process, invest in technology, and hire the right people to ensure that your programs can consistently deliver for a sustained period of time and create a path for scale.
Step 5: Scale
Optimize against the RESULT (qualified pipeline & revenue) while using the existing & new positive signals as leading indicators.
Finally, it's time to scale. With the resources in place, you can scale the programs (more content, better production, more budget, etc.) and optimize against the result (qualified pipeline & revenue) while using the existing and new positive signals as leading indicators.
This is a straightforward, no-nonsense approach that will help you take your innovations from ideation to execution, and get the results you want. So, what are you waiting for? Get started today!
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