Most everyone knows about Product-Market Fit, but have you considered Go-to-Market Fit?
I first heard about this from Tae Hea Nahm, Co-founding MD at Storm Ventures and Co-Author of the great book Survival to Thrival, which goes into depth about this finding GTM fit. Read this first.
As Nahm puts it, when you nail Go-To-Market fit, it’s like you’re “catching a wave”. Until then you are paddling and positioning.
Finding the right Go-To-Market fit is the process of understanding and leveraging customer needs, pain points, and preferences in order to create a strategy that will help you reach your target market efficiently and form your org structure to support that momentum.
Then ride the wave by deploying a repeatable, documented GTM playbook. Just remember, each GTM playbook will be different, depending on the particulars of your market.
When it comes to finding Go-To-Market fit, there are a few key steps to consider:
1. Understand Your Target Market – Research your target market in depth. Consider who they are, their industry, their interests, and their pain points, as this information will be invaluable when creating an effective strategy. Put yourself in their shoes to understand their buying process.
2. Analyze Your Competitors – Once you have a good understanding of your target market’s needs and buying preferences, you can begin analyzing your competitors’ strategies in order to gain insights into what works best for similar audiences. This research will give you an idea of which strategies may work well for your own business as well. While you always want to stand out, you may be able to keep yourself from repeating the mistakes of others as well.
3. Test & Refine – Finally, test out different Go-To-Market fit tactics and track results carefully in order to continually refine your approach until you find the right fit for your company and audience. Don’t be afraid to try something new; even if it doesn’t work out the first time around, you’ll still gain valuable insights that can be used in future efforts. At Tenbound, we use the HEARER/R Method to test and iterate, steal it here.
It’s assumed you already have Product Market Fit. If not, go back, read “The Mom Test” and follow the steps laid out there.
Tenbound helps B2B companies build sales and talent pipelines with expert advisory, training, and coaching services to help you find Go-to-Market Fit. Get in touch today to schedule a consultation.