GO TO MARKET. Yes, NOW.
Refresh Your B2B Go-To-Market Strategy to Win in Any Market
Since the start of 2022, we have watched the market shift, and it will likely continue to shift. If you listen to the news or talking heads on social media they all have their crystal ball that is giving them speculative information about “the market.” And while the broad national and global markets are seeing a correction, this is a cycle that has repeated for decades on end, which means there’s likely a pattern to see and a strategy that will work when going to market with your product or service in this, or any other market.
You have YOUR MARKET, and as you build out your product and begin to launch into delivering your solution to your prospective channels, it’s critical to focus on YOUR market. There is always “a market” and a way to WIN in the market. The last decade or so gifted many businesses the opportunity to coast. From raising capital to getting a product to market, it seemed that many founders and sales managers could help their teams lean into literally just taking orders. That time is over, and to go to market effectively in a recession, you must form disciplined habits around hunting.
For technical founders, this may be a new skillset. If you have been focused on building out your product and getting your teams to produce — the shift back to your pitch deck to sell into new customers or go and raise in a tighter economic space is an opportunity to build new muscle. The great news is that it’s been done before, and there are a handful of key elements that will set you up for success. In building out a B2B go-to-market playbook for our portfolio companies, I’ve made note of a few key points, and a small handful of resources by way of books that will help you really focus on this now.
Define Your Market (Or redefine it)
The pandemic gave almost every business on earth an opportunity to take a look at its “ideal customer” and redefine or refresh the approach to winning business. It seems like we have barely been able to take a breath, and we are at a point where making sure you have crystal clarity on this is important. Once you know who you’re targeting, and how you can help — be ready to tell your story in a way that meets their needs AND THEIR COMMUNICATION STYLE. Know your “pitch” but HOLD BACK. Get to know the project first and really listen to the things that they are solving for now. It’s likely that they are in cost-cutting mode and so you have to go deep to find their MUST HAVEs and deliver to that, not just tell a story that places you in a “nice to have” bucket. There will be winners in this environment and they will win BIG. It can only be done through doing your homework, knowing your market and how they communicate and approaching them with deep personalization.
A timeless resource on this can be found in Chet Holmes’s “Dream 100” strategy, where he teaches how to build your list of dream clients — 100 of them — and follow a system to win their business. An updated version of his book “Ultimate Sales Machine” has recently been released by Amanda Holmes, CEO of Chet Holmes International — with tons of proven strategies for winning business.
Referrals are DEAD. Long live referrals!!!
Start warm. If you reach out to your VCs, your team, and your network, you will have referrals come in. The challenge is that so many business owners are used to shouldering their entire load and rarely ask for help. Make referrals a team sport in your business. Who has a friend or family member that can make an introduction that could lead to a successful meeting? It’s time to dig in. Your biggest action here is to ASK!!!
Use LinkedIn and scour through your network. For those who you feel might help, ask them for their top 10 connections that they would be willing to make an introduction to, and from that, you will land 3–4 meetings. Do this with 10 people, and that’s 30–40 meetings. Referrals are a numbers game and you have to measure and work your numbers to be successful in going to market in a downturn.
My favorite book on networking and referrals is Keith Ferrazzi’s series “Never Eat Alone” and the follow-up “Who’s got your back”. He shares a tried and true approach to networking, which is essential to a successful referral game. If there is one thing that I would add to the title of “Never Eat Alone”, it’s treat your prospect to the meal.
Win With Empathy
Daniel Pink reminded all of us that “To Sell Is Human” in his book with that very title. Remember there's an element to selling that is deeply about LISTENING. Not just to what the prospect is saying, but also to what they aren’t saying. You have to go deeper. Have your talking points, but ditch the canned pitch. More on that as we close out.
Today, when you land the meeting with the decision maker that you have worked hard to get to you must cut through bullshit. If you can help, be ready to help them see that — and maybe even show them how to anticipate some things you see that they might not. You must be bold in declaring the things you see. Even if they feel you are off, they will appreciate the passion. However, if you can’t help, say so, be thankful and refer to someone who can.
In tough economic times, executives are having to cut and reassess. Plus, their TIME is extremely important. Respect it and make the time with them about THEM — not your deck. Traditionally, business development reps or account executives talked 7–9 out of every 10 seconds on sales calls. Your goal is to reverse that. Let them speak and share, and listen deeply with care and you will find how to be helpful. Slow down. Remember the saying touted by the elite Navy Seal teams… “Slow is smooth, smooth is fast.”
LinkedIn Is Still Your Friend.
Video killed the email star. Personalized video can be sent in the LinkedIn DMs so utilize it! And make Navigator your best friend. Investment in tools that help you get closer to decision-makers is critical. Yes, LinkedIn will police your outreach a bit. Ping 100 people and delete any of your non-response messages before your next batch so you aren’t flagged.
When sharing, make sure you are coming in with a message that includes relevant content so they see who you are. Sharing content from your account also enhances the experience when a prospect does their homework on YOU! When a meeting is booked go deep — Google the role, metrics, and thought leaders in their space. Speak their language in your messages.
Accept The New Playing Field
Let’s face it. As I mentioned, we were blessed with a few years of abundant opportunity in markets and fundraising, and there is still opportunity out here. You just can't sit back and take orders anymore. The hungry who built muscle during the past few years will become stronger when they apply that hunger to this market. Those who coasted in good times now must decide — will you step into a PROFESSIONAL SALES persona or build that out in your organization? In fundraising or going to market, it’s a MUST in tough times. I recently read an article where those who despise “Hustle Culture” were warned… now is not the time to fight that battle. The HUNGRY will be fed in these times.
One way to be sure you come across as passionately hungry but not desperate is to let go of attachment. Be excited about DISCOVERY and less about the close. Truly get to know the customer or investor. Remember that your sales process will be scrutinized through a much more focused lens. Your three-step sales process might become a five-step. That’s OK. In up markets, we get used to straight-line selling. In downturns, we have to learn to rest in the hammock. There will be a DIP in the middle of many conversations where your buyer or investor needs to do more diligence or needs more time. Have a strategy to supply more information, more value, and connect with no asks or pushiness in the hammock. Learn to relax and rest in the hammock, and you will see success on the other side of it. Be attached to discovery and the process, and the outcome will happen.
When you go to market, you need to leverage all of your channels. Here are a few thoughts on the most fruitful ones:
- Phone — You would be surprised who will pick up, so be ready.
- Text — This is a soft approach and often gets a response, especially if there is a warm intro.
- Email — When crafted well, it works. 3-+ emails PLUS these other channels get you the exposure you need.
- Social (YES) — When others do homework, they look for your Twitter handle. Be sure it’s relevant.
- Video — Personalized videos in the LinkedIn DMs are proving very effective.
- Digital Referral — Buy a list or build your warm list by asking for intros.
- Direct Mail / Gift Marketing — Send a POSTCARD!!! It’s so rare that it has become effective again. Personalization is even better. If you kill your wasteful marketing and instead send a birthday cake to your top 20 most desired clients, would that change the way they see you when you reach out again? YES!
We have covered a few main points. The resources are linked, and I hope the thoughts around each leaves you with an idea of things to refresh or strengthen your fundraising or GTM approach. Now, let’s go to market! YOUR Market — and see the success you are looking for in any economic cycle. Your clients need you, and you have to build meaningful businesses that solve tomorrow’s problems today. Practice with your teams, role play, ask your VCs to give you feedback on your refined pitch. Clean up your investor memo and your data room. Practice again, and again. Never practice on top prospects, practice with your team and other founders, and bring your best to your opportunities. It’s time to win, so get out there!
Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in companies reinventing energy, transportation, infrastructure, manufacturing, human augmentation, and agriculture.
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