The market in 2023 has changed. The run-of-the-mill strategies won’t work with the new-age customers. The change is the market calls for a revamped GTM strategy.
You might think it’s the same as before but your customers beg to differ. Most companies didn’t realize this and paid their price. Look at these stats:
We were no exception. After a horrible quarter, endless brainstorming meetings, and a hundred cups of coffee, we realized our mistake.
Being a B2B SaaS agency, we have an open window into the market and its changing trends.
We took this opportunity to research the “do’s” and “don’ts” of the very few top-performing companies. With a new pair of eyes, we created a strategy to thrive in the new market. It worked for us!
Along the way, we realized that the only way to stand strong amidst the market storm is to realign our efforts to what this new market demands. With this blog, we lay down the exact steps that helped us navigate the market.
Spend a week figuring out if your ICP definition needs to be changed. Instead of taking a plunge at once, start from here:
On the right, you have the list of companies. On the left, you have data on each of these companies. All you’ve to do is find trends or patterns that are common among these companies.
Instead of creating a new ICP definition from scratch, just answer these 3 questions and you’ll know where to pivot to:
You might notice that customers belonging to certain market segments are churning faster than others. This is an indication to pivot your ICP to a new market.
2. Which types of prospects have the highest and the lowest sales close rates?
While evaluating the list of companies that have high sales rates, you might come across regions that are performing well. So, you’ll know where to spend more time and effort.
3. Who are you delivering the most value to?
You might observe that companies with a specific employee size benefit more from your product than others.
This data indicates the attributes of prospects you should prioritize. Through this activity, you carve out a new ICP definition from the existing one.
Now that you know your ICP better, create sub-personas to tailor your communication. Take out the big guns and divide your business into different segments depending on:
You’ll realize how different the challenges, solutions, behavior, and workflows of a Series B startup are than those of a Series D.
This activity throws light on the different sub-personas you need to tailor your strategies to. Each will view you differently. In turn, you will have to keep these differences in mind to develop GTM strategies that resonate with each sub-persona.
So far, you’ve identified ideal customer profiles and sub-personas for your business. With positioning, you’ll get the right eyes and leads. Good positioning helps you gain a competitive advantage, attract customers, build a strong brand, and achieve sustainable growth.
Here are a few things you need to keep in mind while positioning yourself:
Outbound calls are a tough nut to crack. But we’ve mapped out a process that’s led us to a whopping 5-10% call booking rate. We disrupted the so-called good outbound flow which is:
This flow is time-consuming and ineffective. Try this instead:
This simple change will increase your call booking rates manifold. You’re only reaching out to the people who have a need. Moving triggers to the top is true personalization, unlike the façade of adding a simple name and job title.
Inbound calls can save you from a bad quarter. It’s the quickest way to close deals. But how can you get more queries for your software?
We often forget that customers are distant influencers in more deals than we know about. Let’s look at ways to provide immediate value to your customers. Just ask your customer-facing teams and you’ll get many ideas on how to improve the life of your customers.
Here are 5 such examples:
While changes are scary, that’s how good companies are formed. Following these seven steps increased our revenue and we hope it does the same for you. You might be thinking, “It looks simple from afar but each of the steps is multi-layered.” You aren’t wrong,
It takes time and commitment to follow through and enter a new market. You might have other priorities and deadlines beaming over your head. That’s why we’re offering a helping hand. From inbound strategies to tweaking your existing ICP definition, we can help you navigate unchartered territories.
We’re a B2B SaaS agency that has gone through similar problems. But we re-entered the market with a bang! If you liked reading this blog, you’ll love talking to Spear Growth’s founder, Ishaan Shakunt. Book a 30-minute free slot before it’s too late.