Determine success metrics for a GTM strategy
1. Establish initial GTM goals for your product that are aligned with your broader business goals, and are appropriate for the product and industry.
Your goals might include: Building product awareness. Generating leads. Converting leads. Reinforcing brand positioning. Maximizing market share.
2. Evaluate your initial goals and targets in context to industry standards and past performance.
Consider: Reviewing GTM case studies that include comparable products, markets, and industries. Evaluating the results of GTM strategies you have enacted with other products. Assessing GTM strategies competitors are enacting or have recently enacted. Familiarizing yourself with industry-specific GTM best practices. Analyzing current customer and consumer data and market trends.
3. Identify and communicate how the success of this GTM strategy aligns with company goals at every level, and make dependencies clear.
Review your business goals at all levels, including: Corporate goals and objectives. Where does this new product fit into the overall company goals for the year? Is it expected to drive significant revenue? Boost retention of your other products? Division and department-level goals. For example, does this launch support the marketing team’s goal of creating news stories or press releases around product launches?
4. Compile best practices and possible assessment measures for each tactic.
Make sure you understand how to measure the tactics that will be executed as a part of this strategy before you plan how to assess the best measures. For example, the success of a Facebook campaign may include measures of engagement, such as shares, likes, and comments, as well as conversions, among other measures.
5. Identify measurable metrics that support specific business goals to measure your GTM goals and targets.
Your metrics should be: Quantifiable and easily measurable. For example, obtain 5 mentions in industry publications rather than increase brand awareness through our launch. Directly correlated to your desired GTM outcomes and your business goals. For example, contribute to the re-positioning of our brand as enterprise-grade by creating the level of security required by enterprise companies. Comparable to industry or competitor metrics. Research to determine whether your industry or competitors have published data about the scale, speed, or uptake of similar products, then use these as benchmarks to avoid speculation about your metrics. Controllable, or easy to influence. Consider metrics such as an increase of X in our NPS scores, rather than features that are guaranteed to be better than Competitor Y.
6. When you have identified several metrics that fit the above criteria, discuss them with your team.
Make sure they understand: Which metrics will be used to assess each outcome. How each metric effectively measures GTM goal success. How metrics and outcomes are aligned with GTM, corporate, department, division, and SBU goals. How metric assessment measures will be implemented.