What is a GTM Lift Assessment and why is it critical to new product success —and how to do it right!
Too often, companies launch new products without the necessary thought around the effort and commitment required across their GTM teams to make it a success. Regardless of the new product and how different it may be from those you currently have in the market, organisations can fall into the trap of deploying the same resources, processes and tactics that have worked in the past. Whilst this could still garner success, organisations are relying on chance, rather than intentional and well-designed teams, process and activations, to achieve commercial success. There are many signs post-launch that may suggest you failed to appropriately consider and get aligned around the efforts required across GTM teams, including:
Product, marketing and sales all pointing at each other for the lack of success
Product frustrated that marketing and sales are not committing enough time and effort to the product
Pipeline not being built as ineffective activations are being deployed for this type of product
What is “GTM Lift” and why should it be assessed?
Launching a new product isn't just a matter of tweaking existing sales materials or running a few extra marketing campaigns. When a product diverges from your current portfolio or targets a different customer profile, it may require a fundamentally different sales motion. This could mean restructuring sales teams, developing new marketing strategies, or even rethinking your entire GTM approach.
Without early assessment and alignment, businesses risk underestimating the changes required, leading to misallocated resources, inefficient GTM efforts, and likely, an unsuccessful launch. By evaluating your ability to sell early on, you can identify potential roadblocks, secure the necessary resources, set the right KPI’s and ensure that your GTM teams are prepared and aligned long before launch day. It may also even make you question whether spending time developing this specific product is worth it.
Key factors to consider
To accurately gauge how prepared your GTM teams are for selling the new product, you need to evaluate several critical factors, preferably before any product development has started:
How Well Is Our Firm Known for This Type of Product? If your brand is not recognized for this type of product, you may need to invest significantly in building credibility. This could require substantial top of funnel/educational content, new messaging, or partnerships that help position your company as a thought leader and credible player in the space. This may mean you need a longer time horizon to first sale as you build awareness.
How Ingrained Are We with the Target Ideal Customer Profile (ICP) and Specific Buyer? Understanding the ICP and specific buyer for the new product is crucial. If your existing customer base is a good match, your sales teams might need only slight adjustments. However, if the product targets a new market segment or specific buyer within those firms, you might need to invest in enrichment of CRM data, targeted marketing campaigns, tailored sales training or even ringfenced specific sales reps.
How Does This New Product Fit Alongside Our Existing Products? A product that naturally complements your existing offerings will be easier for your sales teams to position and sell. However, if the product requires a different positioning or creates potential conflicts with current products, it may demand significant adjustments in your sales approach and even internal team alignment.
Are Our GTM Teams Familiar with Selling This Type of Product? If your teams have little experience selling this type of product, expect a steep learning curve. I have seen organisations task the same sales reps with selling both transactional SaaS as well as Enterprise solutions; unsurprisingly with poor results. You'll need to invest in extensive training and potentially hire new talent with relevant expertise. Alternatively, consider restructuring teams to include specialists who can lead the charge in this new domain.
How Much Competition Exists? The competitive landscape influences how your sales teams need to position the new product. Entering a crowded market, or one with new competitors, may require a more aggressive strategy, differentiated messaging, and possibly very different sales expertise. On many occasions corporate businesses can have a very small portion of their marketing and sales budgets competing against a company whose entire focus is on this one type of solution.
We created a free GTM Lift assessment tool to help you assess how prepared your GTM teams are to sell the new product. Score each factor on a scale of 1 to 5, with 1 indicating a low score (requiring significant change and investment) and 5 indicating a high score (requiring minimal change). The lower the total score, the more substantial the changes needed in your GTM approach.
Conclusion
Evaluating your ability to sell a new product is just as important as assessing its development costs or market potential, and should be done at the same time. As a business it is critical that you understand what is required to make the new product successful, and determine whether you are still comfortable with this level of investment required across the GTM teams. If you do still want to progress with the product, you now have an understanding and alignment across teams on what is required to be successful, with plenty of time before the official launch date to plan. This proactive assessment is critical to avoid surprises, minimize risks, and maximize the new product's impact in the market.
