Innovation is the name of the game and senior business leaders are on a perpetual quest for Go-To-Market (GTM) strategies that can accelerate growth. Now, you might be thinking, “Business objectives? Isn’t that something that sits in the realm of business planning?”

Yes it is, however it’s imperative to recognize the specific role business objectives play in a strategic GTM framework. After Positioning and Product/Market Fit, this third element in GTM, “Business Objectives,” acts  as a linchpin that aligns diverse stakeholders, such as marketing, product management, sales, pre-sales and service.

Why Business Objectives Matter in GTM:

In the intricate web of GTM, misalignment among functional areas is a common pitfall. Without well-defined business objectives, each department may interpret the overarching goals differently, leading to disjointed efforts and ineffective execution. It’s crucial to differentiate business objectives from Key Performance Indicators (KPIs) in a GTM context. While KPIs focus on measuring performance mostly on an individual level, business objectives sit above KPIs and bridge the gap between vision and execution, promoting cohesion among Marketing, Sales, Product, and Service.

To make this more tangible, here some random examples that will paint the picture.

An objective for marketing could be to reposition the business strategically to counter competitive pressures. This involves a thorough analysis of market trends, competitor positioning, and customer needs. The objective could be qualitative, such as a refreshed brand image or quantitative, like gaining a certain market share. For the sales team, an objective might revolve around securing the first referenceable customer or partner for a new product offering. This not only validates the product’s value but also provides tangible proof points for the repositioning strategy. It’s a collaborative effort involving sales, marketing, and product management.

Service plays a pivotal role in customer satisfaction and loyalty. An objective for the service team could be to achieve a specific Net Promoter Score, reflecting customer sentiment and loyalty. This objective not only ensures customer success but also contributes to the overall brand perception.

The Synergy of Business Objectives:

These objectives, though seemingly department-specific, underscore the interdependence of functional areas in a successful GTM strategy. Sales needs marketing support, marketing needs product insights, and service needs sales to secure positive customer experiences. Business objectives serve as the glue that binds these functions together, eliminating silos and fostering a culture of collaboration.

Execution: From Objectives to Action:

Once the business objectives are defined, the focus shifts to execution. Each objective should have no more than three strategies to achieve it. This streamlined approach ensures clarity and simplicity, making it easier for teams to translate objectives into actionable plans. It sets the stage for detailed execution plans, answering the who, what, and when questions.

Influence on GTM Marketing, Channel Strategy ad Performance Indicators:

Business objectives are not isolated entities; they form the cornerstone of broader GTM strategies. They influence marketing strategies, and then shape downstream sales channel and performance indicators to track towards the shared goal. By aligning all functional areas toward common objectives, GTM leaders create a roadmap that propels the entire organization toward accelerated growth.

Supporting a Culture of Collaboration

Setting well considered business objectives with realistic strategies has also a positive impact on culture. It helps avoid clashes and potential powerplays with responses such as “I can’t help you with this, it’s not my priority, doesn’t help me earn my bonus” or  convenient justifications along the lines of “I couldn’t get it done because I didn’t get the help I needed.” Alignment is a secret sauce of high performance teams.

In conclusion, setting business objectives is not just a routine planning task; in the GTM context it is the linchpin that holds the intricate GTM machinery together. With clear, collaborative objectives, senior business leaders in the IoT and technology space can help their teams to be the best they can.