March Madness Meets GTM Strategies 🏀

March Madness with your GTM Strategies

This time of year is full of upsets for college basketball fans, as 16-seeded teams might upset the number 1 seed. When I think about the "madness" that happens during this time of the year, it reminds me that many GTM strategies could cause just as much "madness" for organizations. As I watched the first few rounds of the tournament and the upsets, I wanted to compare March Madness with GTM Strategies.

During March Madness, there's more for B2B tech founders to glean than the ups and downs of the games. This annual tournament is not just a showcase of athleticism and competition; it's a masterclass in strategy, adaptation, and performance under pressure—themes all too familiar to many founders in the startup world. As college teams compete for glory on the national stage, tech startups compete in the marketplace, aiming to out-execute their rivals and captivate their attention and share of wallet. Let's look at the parallels between the strategies employed in March Madness and those necessary for a successful Go-To-Market (GTM) strategy in the B2B tech sector. As Dick Vitale would say, "Awesome, Baby!!!"

Team Building and Early Stage GTM Planning

In basketball, the journey to March Madness begins long before the tournament starts, with the recruiting and building of a team. Each player's selection is strategic and aimed at creating a versatile, balanced team capable of adapting to the unpredictability of the game. Similarly, the initial phase of GTM planning involves assembling the right team. For B2B tech founders, this means bringing together individuals with diverse skills—product development, sales, marketing, and customer success—to form a unit that can execute the GTM strategy effectively. The goal is to find as many "A" players as possible that can work together.

Practice Makes Perfect

As basketball teams spend countless hours practicing plays, refining skills, and studying opponents, B2B tech startups must refine their products and GTM playbook. This stage is about perfecting your offering and ensuring your sales and marketing teams are fully aligned with the market needs and how best to communicate your product's value proposition. Iteration and feedback are crucial, akin to how teams adjust their strategies based on their performance during the regular season. As you receive feedback from the market, make small incremental changes so that you know which changes make the most significant difference!

Executing Your GTM Strategy

The start of the March Madness tournament is a moment of truth for teams, where strategy, preparation, and determination are put to the test. For B2B tech startups, this mirrors the execution of their GTM strategy. The market is the arena, and competitors are anyone looking to compete with the share of wallet for your prospects. Success requires a superior product and the ability to effectively communicate its value, engage with customers, and quickly adapt to feedback and changing conditions.

Adaptation and Agility

One of the most exciting parts of March Madness is the unpredictability and intensity of the games. Teams must be able to adapt quickly to their opponents' strategies, referee decisions, and game dynamics. Similarly, B2B tech founders must be agile and ready to pivot their GTM approach based on market feedback, competitor moves, and internal performance metrics. This agility can be the difference between success and failure in both arenas - there is a balance of the right amount of time to follow the course and make a pivot.

The Role of Support and Team Depth

In March Madness, a team's strength is not just in its starting five but also in the depth of its bench—players who can step in and perform when needed. In the context of a GTM strategy, this parallels the importance of having a solid support system within the company. Sales enablement tools, customer success teams, and flexible, supportive leadership can help a startup navigate the challenges of market share and scaling. Being an unknown in the market requires a balance of knowledge/expertise and agility of new tactics/processes.

Protecting Your Market Position While Expanding

A balanced approach between offense and defense is key to winning games in basketball. For tech startups, this means aggressively pursuing new opportunities and market segments (offense) and protecting existing market share and customer base (defense) against competitors. This balanced approach includes strategic partnerships, product innovations, and exceptional customer service (remember, NRR or NGR will be the key to growth and obtaining funding)!

Evaluation and Iteration

Just as the conclusion of a March Madness game is not the end but a moment of reflection and learning for the next challenge, the same goes for B2B tech startups post-GTM execution. Analyzing performance, gathering feedback, and iterating on the strategy is crucial. Continuous improvement is vital as the market and competitive landscape constantly evolve.

Conclusion

The parallels between March Madness strategies and the successful execution of a GTM plan for B2B tech startups are at least interesting ;). Both require planning, a deep understanding of the competitive landscape, agility, and the ability to execute under pressure. For tech founders, embracing these principles can lead to success in the marketplace. Like basketball, where every play counts, in the business world, every customer interaction, every product update, and every strategic pivot can make the difference between success and failure. As we revel in the excitement of March Madness, let's draw inspiration and lessons from the hardwood to apply to our entrepreneurial endeavors, pushing towards victory in the competitive world of B2B technology.

Lessons Learned as a Fractional GTM Leader

In this new section, we aim to bring you real-life lessons each week, either from us or from one of the founders we work with.

All names have been changed to protect the identities of others...

We just raised a big seed round, and we have prospects ready to spend $40K/month on our product; this was a conversation I had with a founder. We have several prospects that have signed up to be pilot customers (in other words, they have NO revenue yet):

Me: Excellent, I said. What makes you think they are willing to spend this much on your product?

The founder: A few features were missing from the competitor products, and prospects are telling us they would move to our platform if they had these features.

Me: Interesting. Are these features the market is looking for in this type of product?

The founder: Yes, they have been telling us this is a big issue they have been trying to solve.

Me: Is there any way that I can talk to the prospect and get a better understanding of these requirements?

The founder: Yes, there is a conference in Washington next week, and there are several prospects we have been talking to, including the prospect who is willing to spend $40K/month with us. If you want to go, I can get you a ticket.

Me: Awesome, let's get this together, it would be great to have some conversations.

I reached out to our contact at the prospect, and she said she would be there with the decision maker (whom we had met with in the past). When I attended the event the following week, many prospects should have fit our ICP. I snuck into an exclusive event for the senior leaders at the event and was introduced to our prospect's decision-maker. She looked at me blankly; she knew nothing about the company I was working with!! I realized we had ZERO chance of closing this deal at that moment.

When I spoke to the founder, she made several excuses (I cannot remember them), but she said they needed us and would contact the decision-maker. As time passed, the prospect would not answer any request for a conversation. When I dug deeper, I noticed that the founder had had initial discussions with many companies; however, she could not differentiate between interest and opportunities.

There was no process, and she ran out of runway; creating a robust GTM strategy took more than 30 days and a few interested companies. I recommended reviewing the current pipeline, establishing a process, and building a strong one. The results were not great because the founders' runway was not long enough to make this pivot, and they were running out of cash.

Lesson: Differentiate interest from opportunities; they are not the same, and many founders get "happy ears." Make sure you have checks and balances with what you are hearing and the actions from the prospects.

Content We Can't Get Enough Of

Kyle Asay has some of the best content for sales professionals; he has been there and done that. His advice is concise and can be implemented immediately. We have had Kyle on our podcast, and he has shown how much he cares about the sales craft—he is putting the "Professional" back into sales professional!

Door-to-Door Lipstick Sales to Founder & CEO ft. Alina Vandenberghe | Revenue Reimagined Ep. 036

Here are t͟h͟r͟e͟e͟ actionable takeaways for founders:• 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗲 𝘃𝗮𝗹𝘂𝗲 𝗼𝘃𝗲𝗿 𝗱𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀: Alina believes in offering a transparent pricing structure with no discounts. She argues that this incentivizes value and fosters 🤝 t͟r͟u͟s͟t͟ with the customer. • 𝗕𝘂𝗶𝗹𝗱 𝗮 𝘀𝘁𝗿𝗼𝗻𝗴 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗰𝘂𝗹𝘁𝘂𝗿𝗲: Alina emphasizes the importance of a strong company culture. She highlights remote work policy and decision-making 🔎 t͟r͟a͟n͟s͟p͟a͟r͟e͟n͟c͟y͟ as ways to achieve this. • 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗴𝗿𝗼𝘄𝘁𝗵 𝘄𝗵𝗶𝗹𝗲 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝗶𝗻𝗴 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Alina acknowledges the challenge of balancing 📈She suggests prioritizing long-term health over short-term gains to ensure a successful business. You can check it out here.

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