6 Go-to-Market Strategies for B2B SaaS
“Don’t find customers for your product. Find products for your customers.” – Seth Godin
Products fail because they lack a solid go-to-market (GTM) strategy, not necessarily because they are poor products. In today's technologically advanced world, GTM strategies are crucial since most companies are vying for the same target market.
Your success would depend on the marketing plan you choose to implement as there are more than 15,000 SaaS providers. The SaaS industry is anticipated to surpass $170 billion in 2022, according to Gartner. Your brand must implement its GTM strategy in the proper sequence if it wants to remain ahead of the competition and take advantage of this opportunity.
Let's talk about six strategies you may utilize to improve the performance of your B2B go-to-market plan.
Prepare your go-to-market strategy in advance
Your product development cycle should include your go-to-market plan rather than being an afterthought. Never let yourself find yourself with a product and no idea on how or to whom to market it! It's crucial to align your product development approach with your marketing plan. Beginning your GTM plan early guarantees various advantages, including You may make use of data, measurements, and market research that would be used in product creation. To better understand your potential clients, work on several buyer personas. Learn about their problems, then craft a persuasive sales proposal that solves those problems. Promote your Minimum Viable Product (MVP) to a small number of people and get their comments to better understand the market and enhance your offering. Produce leads while developing the product to assist you identify a ready market whenever it is time to launch your SaaS offering.
Avoid Buying Into Product-Market Fit
Selling a consumer product differs from marketing a B2B SaaS offering. You aren't selling actual products or services, and you aren't selling to a specific person; rather, you are selling to a purchasing committee. Because of this, you cannot rely on the traditional Product-Market Fit theory to perform miracles in your situation. For SaaS businesses, where the goal is to achieve a Market-Product Fit, the situation is the exact reverse. Identifying and fixing an issue is the objective here. The same should apply to your go-to-market plan. You need to market something whose advantages can be felt, not only described in terms of features and specifications. As a result, your marketers must develop a central strategy that emphasizes the features of your product that solve problems. Your sales presentation has to describe the issue and show off the solution.
Choose several buyer personas
It's not the simplest job in the world to sell B2B SaaS goods. Your marketing team should be ready to identify and target various buyer personas, as shown by several research on B2B purchasing journeys. Your marketing staff would have to deal with the following personas depending on their job titles and functions in a business (at times the same person wearing different personas in different roles). An organization's initiator is often a junior-level executive who expresses an early interest in your product. Influencer: A member of the team who exerts significant power over others and has the ability to persuade decision-makers. The most hazardous employee in the company, the gatekeeper resists change and has the power to prevent the sale of your goods. A top executive known as an approver may help you by starting a large-scale conversation about your product. Decision-maker: The person who approves everything in the end and signs the contract. It's crucial to do research on potential customers to comprehend their identities. The individual, their responsibilities, goals, and the factors that influence them to close a transaction should all be well understood by your marketing team.
Choose marketing channels, then test your messaging on each one
You must do a trial run before launching a significant GTM campaign. No matter how much effort, passion, and ingenuity your team puts into honing the campaign, it may still fail. Therefore, it's crucial to test your message before launching a full-scale campaign. You must collect useful information on the three crucial factors of channel, audience, and message throughout this process. Have you chosen the appropriate platform for your marketing effort? Facebook may provide you the most visibility, but it doesn't engage users as much as Twitter and LinkedIn do.
Are you contacting the people you want to?
B2B marketing often reach out to unintended audiences as a consequence of poor targeting.
Is the audience responding to your message? Are they becoming more interested in your goods as a result? In your test campaign, experiment with various messaging and targeting strategies and evaluate the KPIs. This would enable you to advertise on the platforms that generate the most interest, connect with the appropriate audience, and convey a message that persuades the audience to purchase the goods.
Prioritize low-hanging fruit
It could seem profitable to target a large corporation. Your product may be used by hundreds of people, and it guarantees a healthy cash stream right now. But the sales procedure for large businesses is drawn out and challenging. A lengthy hierarchy of decision-makers will need to be dealt with, which may be intimidating for startups. Large businesses often avoid taking risks and use tried-and-true items. Instead, make contact with startups and small enterprises, who are more inclined to choose a new solution. The objective should be to attract early adopters and enhance the product in response to the issues they encounter. Prior to pursuing larger corporations, establish your reputation.
Investigate rivals and outperform them
Your GTM strategy doesn't operate independently. Success often depends on what your rivals are doing and how your methods perform in comparison to theirs. It's critical to monitor the marketing tactics used by your rivals.
Performing a SWOT analysis on their campaign can help you learn more about the channels they are employing and the message approach they are using. Knowing a little bit about your rivals will enable you to complement their advantages and take advantage of their strategy's flaws.
A Conclusion It might be difficult to develop a GTM strategy, especially for B2B SaaS companies. You may create a customized go-to-market plan that helps produce the most engagement with your target audience by putting the strategies we've covered above into practice. Your objective in a competitive setting should be to establish a solid foundation that opens the door for ultimate success.
Growth Natives' team of dynamic designers and marketers has expertise in providing unrivaled outcomes for your marketing campaigns if you want a successful go-to-market plan for your SaaS firm.
Thanks to Taran Nandha at Business 2 Community whose reporting provided the original basis for this story.