Crafting a Go-To-Market Strategy for Enterprise Product Management
In this article, Ketaki Vaidya and Aqsa Fulara delve into various strategies to navigate the complex world of Enterprise product management. They focus on the unique challenges and essential strategies for successful Go-to-Market (GTM) planning in the enterprise domain.
Aqsa Fulara is an experienced product manager and AI thought leader at Google with expertise in machine learning, recommendations, business intelligence, and data analytics. She has successfully led product strategies and implementations across various domains and enjoys speaking at conferences and mentoring others in the field. Currently based in Los Angeles, she loves spending time at the beach and learning new languages.
Ketaki Vaidya, AI Product Manager at Oracle, specializes in creating AI solutions for hotel operations and distribution platforms. She hosts a podcast on career development and actively works towards creating an inclusive space for women in tech. Ketaki has been recognized for her efforts and enjoys mentoring aspiring professionals in tech and product management.
The article explores the distinct challenges and key strategies for a successful GTM approach in enterprise product management. It begins by showcasing the uniqueness of enterprise product management compared to regular product management, emphasizing the crucial role of distribution in the product process. By highlighting the complex buying journey in enterprises that involves various stakeholders beyond the end-users, it outlines the essential components of a GTM strategy in this domain.
Key facets covered include understanding customer segmentation, deploying diverse account acquisition strategies (sales-led, product-led, and hybrid approaches), and utilizing partners like Systems Integrators and Independent Software Vendors for expanding customer reach. The article also emphasizes the importance of product packaging, positioning, messaging, and content creation in differentiating enterprise products in the market. It underscores the vital role of internal and external training, customer advisory boards, and generating crucial content like case studies to support the customer lifecycle phases.
In summary, this comprehensive guide equips Enterprise Product Managers (EPMs) with the tools and insights to craft and execute effective GTM strategies, navigating the complexities of enterprise-level product management and the diverse roles within the enterprise buying process.
Enterprise product management is distinct from regular product management, particularly when it comes to addressing expansive organizational needs. Enterprise Product Managers (EPMs) must customize products for complex workflows, focusing on aspects like scalability, security, regulatory compliance, and tailored integrations. Unlike regular product managers who primarily oversee consumer products, EPMs must proactively design products to meet stringent regulatory standards from the outset.
Distribution is crucial for enterprise product adoption because enterprises involve multiple stages and various departments in the discovery and purchase process. EPMs must understand the needs and motivations of all participants in the buying journey, embedding distribution into product strategy from the beginning. Focusing on distribution ensures that products meet the comprehensive needs of every persona involved, smoothing the path to adoption and usage.
A robust GTM strategy considers all customer touchpoints from initial interaction to post-sale relationship management. Essential components include:
1. Customer Segmentation: Define ideal customer and buyer personas to understand their traits and behaviors. This knowledge supports product enhancement and tailored content, enabling more meaningful sales interactions and targeted leads.
2. Account Acquisition Strategies: Employ sales-led, product-led, or hybrid approaches based on the target market. Sales-led strategies work for large deals, product-led approaches cater to digital transformations, and hybrid models blend both for broader coverage.
3. Packaging, Positioning, and Messaging: Distinguish your product by clearly communicating its unique value proposition. Effective positioning answers why enterprises should choose your product over competitors. Experimentation and testing are key to refining these elements.
4. Content, Training, and Customer Boards: Provide more than demos; offer best practice guides, case studies, and thought leadership. Continuous training for internal teams and leveraging feedback loops are crucial. Externally, customer advisory boards help gather feedback and strengthen product strategies.
By understanding these principles, EPMs can create GTM strategies that address the intricacies of enterprise-level product management and the diverse roles involved in the enterprise purchasing process.