Enter New Markets. How to Build a GTM Plan with Full Alignment

Below is a business case generated by hands-on experience while working for a SaaS scale-up. I intentionally skipped product market fit, as we have already found it, and the customer target as we leveraged on successful use cases proved in other regions.

Initial Approach: Light Touch and Low Risk

Initially, the executive team desired to pursue a light-touch, low-risk market entry through partners, which was ultimately flawed. This approach:

Lacked dedicated resources and a comprehensive plan

Relied too heavily on existing partners without considering local market dynamics

Underestimated the importance of brand visibility in a new market

Challenges Encountered

Siloed approach lacking credibility with key regional partners

Insufficient resources allocated for sales and marketing

Absence of a formal GTM plan with revenue targets and budget

Key Learnings

Importance of a Comprehensive GTM Strategy

A well-structured GTM plan is crucial when entering a new market, even if it's geographically close to existing operations. This plan should include:

• Clear revenue targets and budget allocation

• Market analysis and competitive landscape assessment

• Tailored value proposition for the Irish market

  
  

Resource Allocation is Critical

Dedicating specific resources to the new market is essential:

• Hiring a local sales executive provides on-the-ground expertise and credibility

• Allocating marketing resources helps build brand awareness and generate leads

• Estimating pre- and post-sales resource needs ensures proper customer support

  
  

Balanced Approach to Channel Partners

While leveraging existing partners can be beneficial, it's important to:

• Develop relationships with local partners who understand the Irish market

• Provide partners with adequate support and resources to succeed

  
  

Marketing's Crucial Role

Marketing plays a vital part in entering a new market:

• Builds brand awareness in a region with low visibility

• Supports lead generation efforts

• Adapts messaging to resonate with the local audience

  
  

Cross-functional Alignment

Breaking down silos between departments is crucial for success:

• Ensure alignment between sales, marketing, channel partners, and product teams

• Establish clear communication channels and regular cross-functional meetings

  
  

Executive Buy-in and Support

Gaining executive support for a more formal approach is crucial:

• Present a clear business case for resource allocation

• Demonstrate the potential ROI of a comprehensive GTM strategy

• Regularly update executives on progress and challenges

  
  

Recommendations for Future Market Expansions

1. Develop a detailed GTM plan before entering a new market, including revenue projections, resource requirements, and marketing strategies.

2. Allocate dedicated resources, including hiring local talent with market expertise.

3. Conduct thorough market research to understand local dynamics, competition, and customer needs

4. Create a balanced mix of direct sales, channel partnerships, and marketing efforts.

5. Establish clear KPIs and regularly review progress, adjusting the strategy as needed.

6. Ensure cross-functional collaboration and alignment throughout the expansion process.

7. Secure executive buy-in and support for the necessary resources and budget allocation.

By implementing these learnings and recommendations, you can increase the chances of success when expanding into new markets, avoiding the initial pitfalls encountered in the Irish expansion.