How do you approach pivoting GTM strategy if you're not seeing expected results i.e. pipeline growth, customer momentum,ACV and ARR goals etc.
If you’re not seeing the expected results, do this immediately: dig into why you’re not seeing results. Investigate the data to better understand why your GTM strategy isn’t working. Whatever metric is “down”, you need to know why. Look at the data again, and talk to customers to supplement with qualitative data. Is the problem really with the strategy or is there a misalignment of expectations vs reality? This is a key question to explore with the GTM team (PM+PMM+Sales).
Personal example: I once worked at a small company that was the incumbent in an industry. For years, we were the market leaders. But then things changed. More competitors popped up. We started losing deals. Revenue was slipping. We needed to pivot our GTM strategy. Historically, we relied upon direct selling and selling through consultants. After doing a thorough analysis (leveraging market research, customer research, and sales data), we found that selling through a distribution channel (partners!) would yield greater results. In our case, the market changed (more competition) and previous methods for delivering the product to the world were not working. Once we realized this, here’s how we made the pivot:
Data! Research! Both quantitative and qualitative. We spoke with customers and analysts to better understand customer needs and buying behaviors.
Leadership buy-in! Once we had the analysis, we shared it with our company leaders and stakeholders. We let the analysis lead to an open discussion, centered around our recommendation. A major point to make here is that, while we had an analysis and final recommendation, we made it a discussion so that everyone played a role in finalizing the GTM strategy pivot. This is more likely to lead to buy-in and support.
Socialize! Once everyone was aligned in the new GTM strategy, we followed the same path as before; we socialized the strategy and made it accessible to everyone else who needed to see it.
Pro-tip: Embrace transparency! When something isn’t working and you’re not seeing the results you expected, let your stakeholders know. Your sales and marketing partners will appreciate knowing that you’re keeping a finger on the pulse and that you’re taking action to improve. When the GTM strategy is strong, their work will also be strong. If they know you’re on-it to make the GTM strategy even stronger, it will increase their trust in you.