As we move into the second half of 2023, businesses must recalibrate their go-to-market (GTM) strategies to succeed in the ‘next normal’. Pre-pandemic, many businesses, including startups, invested heavily in transformative GTM efforts, with diminishing returns and record high costs. To avoid mistakes, there are several strategies and tactics to move away from.
Category creation aspiration was a popular but least achievable and costly strategy. Instead, enterprises and startups should focus on ‘problem identification’ and creating narratives that resonate with stakeholders’ identities.
Marketing is a critical company asset, but when budgets are tight, it can be targeted for cuts. Instead, identify core services and operational teams and hire a sales-aligned marketing leader.
Growth hacking was also hastily adopted, leading to wasted development cycles, investment, and time. Strategic planning and planning for contingencies are back in fashion. Companies should also review their decision-making through Decision Intelligence practices.
Over-engineering the customer experience led to over-engineered journey orchestrations and automation that frustrated customers. Brands should monitor priority use cases and reactivate customer advisory boards, and rethink rushed experiences.
Third-party data is becoming less appealing and is likely to be deprecated from Chrome. Companies should invest in building genuine customer relationships through first-party data and contextual advertising.
Sidelined partnerships should be enhanced, and investments should be made into streamlining operations and understanding use cases across different teams. Sales should be a team sport and feature lists must be replaced with value creation.
Ultimately, customers have the power. Businesses should invest in ecosystem strategies, right-sized customer engagements, and strong partner relationships to succeed in the 'next normal'.
Originally reported by Martech: https://martech.org/go-to-market-tactics-that-wont-work-in-a-post-pandemic-world/
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