Changing Go-To-Market strategies Post Pandemic

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We all know this pandemic has led into many changes which the world has recognised. People have adapted to new ways of survival and ensure the business runs as usual. Companies have adopted remote working for the employees. They are making sure that the employees are supported even if they have to pay for making a small office at their homes and ensure business is carried out. Companies have gone ahead with automation. Retailers who have been running brick mortar stores have got into online presence with website management and ensure they touch base with their target audience. Everyone is going the eCommerce way if they are not there already. Overall you see digital transformation taking the top most priority for every company across the globe. Consumer behaviours & needs have changed with changing times. Redesigning processes , getting AI and ML into the system, Warehouse, Fleet & Field Force hygiene is what everyone is working upon.

With this new change which is continuing, Our GTM ( Go-To-Market) strategies need to be re-looked at. In my view, there are few key areas which need to be worked upon for an effective GTM strategy in this pandemic, so that our businesses grow and we don’t lose any opportunity.

A GTM strategy is the approach you take to bring your products/services to the market. This is with an effective business plan, clear understanding of the target audience, Marketing and Sales strategy. GTM strategy helps you reduce time to market. This would vary from product to product.

Sales Strategy

There are essentially 4 Models. The Models are Self Service Model, Inside Sales Model, Field Sales Model & the Channel Model. The decision makers today are no more sitting in the offices or a particular geography. For example if the majority of the companies which work on Field Sales Model, continue to do so, it may not work. It’s important to change. In my view, a shift to an Inside Sales Model is important in additions to whatever sales strategy model is being followed. Inside sales gives the opportunity for the sales personnel to connect in any part of the world. In this digital transformed world, this inevitable change is required. Companies need to work on Inside Sales. You can find Sales Software which enables

1. Sell Online
2. Help you not lose your personal touch/connections
3. Are user friendly
4. You can schedule personalised emails to your prospects
5. Increases Productivity
6. Video/Zoom meetings-effective way for a face to face meeting and faster conversion
7. Visibility of your customer data

Messaging

Another effective strategy would be to use more and more mass messaging to all your existing customers as well your lost customers. Connect with the customers. Maybe offer something more like may be contact less deliveries, pickups, reverse logistics. Have a clear Value Matrix for ensuring the content is right. This needs to hit the target audience frequently in terms of updates, follow ups,events, incentives,promotions etc. Digital templates/ small 1 minute videos are also very effective to reach your prospects and customers.

Pipeline Management and Conversions

There is a need to work upon the Pipeline management and look for faster conversions of these prospects. Sales teams should be asked to get into more and more online video meetings, do the follow ups digitally and get the conversions happening. More and more leads/ prospects needs to be generated by working online on the suspects and adding them to the funnel. In addition to this, it’s also necessary to work on reducing the sales cycle. One way is to list down the common objections which customers share during the sales discussions. Work on eliminating such issues and shorten the sales cycle.

Customer Service

The traditional way of customer service in this scenario may not be effective. If we don’t change here, we are sure to lose our customers and sales. Apart from the teams handling customer from their remote work areas, it is important that an effective Chat Bot is built in on your websites for handling queries and ensure responses to the customers not only for general requirements, FAQ’s but also general queries which are high in number and is handled by the customer service teams, Effective Chatting is very important and we should ensure this is in place in the least possible time. An effective Chatbot with text and video options can double your inbound traffic. This will not only help you not lose customers but get more business.

Most consumers don’t mind hearing from brands as long as it is a solution,” where we are not trying to sell something, but we are trying to solve something.” Kelly Frederickson — CEO of MullenLowe

Telemarketing

Effective telemarketing is what should be strengthened for increasing good qualified leads. The team should be equipped with data of the relevant potential industries, corporate, competition customers and segments. The team should be provided with more and more data, technology which is user friendly. This will surely increase productivity and help them for better results.

Pricing Strategy

Pricing strategy needs to be studied and reworked upon. In this pandemic costs have gone up, requirements of ensuring better conditions have gone up, transportation of urgent and important materials have gone up. On the other hand as customers are not doing full business, there was a loss of business in the last 4 months. Customers are looking for cutting costs. So, keeping both the sides in mind, the pricing should be reworked upon, so that it’s a win-win to both the parties.

“When we look at the usage of AI and cloud, I think it is especially going to accelerate not just us, but how our clients are going to go on their digital transformations. And I believe this crisis is only going to accelerate that as we go over the next few months.” Arvind Krishna — CEO of IBM

More and more technology advancement and digitisation is the name of the game. Keep enhancing your online presence. Connect and support more and more digitally. This should be part of your GTM strategy too and should be given the Top Most priority.

Get Closer to the customer

Post Pandemic, may be rework on your warehouse models. You may have to go Just- In- Case(JIC) instead of the traditional J-I-T(JIT) models with changing scenarios, geographical restrictions, Just-in-time (JIT) is no longer tenable. It was okay when you wanted to minimise your inventory, GST regime supporting it & you were sure that your supplies would arrive on time .But, in a post-covid world, this will not work. JIC would help you eliminate risk from supply chains, as companies across the world will try to de-risk their operations.

Changes are inevitable and so is above. There is a need of change in business models, strategies in this new world all across. Doing business only on only brick & mortar stores will be a sure shot failure. I am sure with changes implemented, companies get into an effective way of reaching their customers, acquiring new customers and markets for survival and growth.