A critical step for any organization is to accurately size their market but this is most often not done, not done well or not integrated into any other go-to-market activity. There are four foundational building blocks that need to be addressed to set the go-to-market strategy up for succss:
• What specific business problem does the solution solve?
• What functional areas within the organization does the solution solve buinsess problems for and what are the roles/titles of the individuals involved?
• How much economic impact or value does the solution provide to the customer?
• Why does the solution solve the business problem better than any other competitor or in-house solution?
The issue that most companies have is the inability to say no. Many companies convince themselves that they can do whatever a customer wants and that creates long-term issues with the solution's stability, the product roadmap--not to mention the negative hit to the professional services and customer support teams. As a company consciously or unconsciusly alows their sweetspot to broaden, it becomes less and less clear who buys the solution and what the corresponding value message should be as it "all depends" upon each unqiue deal. And, as the business problem varies with each deal, it becomes challenging to have or communicate any unique differentiation. The net, organizations either do not answer the aforementioned questions or fade away from them in an ttempt to justify the next opportunity and as a result weaken themselves.
Peter Buscemi, CMO and founder of VP Marketing on Demand, states that, "Many companies size the market opportunity and create a unique selling proposition only to encounter product roadmap issues, fragmented messaging and a sales pipeline that has weak conversion. The culprit more often than not, is that there are key steps missing in most go-to-market strategies, and more importantly, the steps are not part of an integrated process. The purpose of market sizing is to document the served market and that provides an opportunity for an organization to laser in on the use cases within that market--the sweetspot for your solution. An orgnaization will own a use case when the solution is characterized by unique differentiation and that differentiation will serve to fuel the development of economically charged and motivating value drivers. When this sequence of steps is successfully followed, an organization will have a go-to-market strategy that drives foucs, product direction, compelling messaging and a sales pipeline that converts to revenue."
About VP Marketing On Demand
VP Marketing on Demand was founded by Peter Buscemi, a CMO with 30 years’ experience that spans start-ups and Fortune 500 companies. The sole purpose of VP Marketing On Demand is to provide marketing insights and a huge head start to those developing and executing go to market strategy through managed, repeatable processes. Over decades, in working with various boards and executive management teams (CEO's, COO's, VP's Sales and Development)