L&D Leaders

As L&D leaders, you would know that a good marketing strategy is a vital aspect of every successful business. On the revenue graph, you cannot reach from point A to B without a proper plan. And Harvard Business Review explains what a thorough marketing strategy entails: “Good marketing management that directs clever strategies toward successful marketplace results.”

Of course, the mantra behind the sustainability of any organization lies in its innovative prowess. When the market is constantly evolving, you need to innovate and improve continually, so that your offerings do not become obsolete. And with each innovation, you need a specific marketing plan.

L&D Leaders

However, when you are launching a new product or service, your marketing plan should be more focused. HOW? Imagine this scenario. You introduce a product/service that is unnecessary. Or, you unveil a solution in a market that’s already saturated with similar offerings. Again, your product is good, but your target audience or the timing is wrong. The result? You end up wasting your resources on something that adds no value to your business.

Then, what’s the answer to this burning question: how do you introduce new products and services in a market at the right time and to the right audience?

Well, the solution lies in creating a go-to-market aka GTM strategy.

Additionally, in the current COVID-19 economy, the market is seeing a transformational shift in customer demands and requirements. In this case, companies need to be more agile, fast, and adaptive when it comes to launching new products. Organizations MUST embrace a go-to-market strategy — faster! How? Let’s first start with the GTM strategy.

What is a Go-to-market Strategy & What’s the Role of L&D Leaders?

A go-to-market strategy is a detailed plan that enables you to address a new market and a new audience. It is inclusive of “a business plan outlining the target audience, marketing plan, and sales strategy. Each product and market are different, therefore each GTM strategy should be thoroughly thought out, mapping a market problem and solution a product offers” — Hubspot.

Pandemic or no pandemic, a GTM strategy reduces your time to market, cuts down costs associated with failed product launches, enhances the ability to adapt to change, minimizes innovation challenges, ensures a seamless customer experience, regulatory compliance, and successful product launch, reduces mistakes, ensures growth, and sets off a clear action plan.

So, how do you, as L&D leaders, contribute in creating the perfect GTM strategy? Here are some tried and tested methods.

Identify Buyer Personas

Start by identifying your target markets as well as the customer base. Now, understand how you can reach your target audience so that you can build a long-term relationship with your buyers.

Create a Value Matrix

A value matrix maps the product or service across different business needs and then defines the metrics on how to evaluate the success of the offering. A value matrix is used to communicate the purpose and benefits of your solution to all related stakeholders.

Define the Marketing Strategy

At this stage, your marketing team will determine the product or service’s place within the market. They also design a plan to permeate product awareness in the target market. This step can include experimenting with different advertising methods and testing various marketing platforms. Your strategy includes branding, lead generation, creating focused content, and designing a marketing website.

Understand the Customer’s Buying Journey

L&D Leaders

When your marketing strategy is in place, the next step is to understand the buyer’s journey — which includes all the stages that eventually result in a customer purchasing your product or service. It comprises the awareness stage, consideration stage, and decision stage.

Create the Sales Strategy

This is the final step when you introduce your offering to the market. In this stage, training forms an important part. You need to train the sales team, so they have adequate knowledge to pitch and sell the product or service confidently. You must equip them with all the required tools and resources to enable them to identify, engage with, and sell to customers.

As L&D Leaders, How Do You Make Your Employees Go-to-market Ready?

Well, these are just some of the go-to-market strategies that you can implement to emerge successful in a changing market. But how do you ensure that your employees are ready to embrace this change — and that too at a fast pace (especially in a pandemic-stricken economy)?

This responsibility lies with the L&D leaders. HR leaders MUST realize the importance of equipping their employees with the necessary know-how of market changes and the detailed features of new products and services. And as we already mentioned, training forms an essential part of creating a sales plan for your GTM strategy.

Now, a comprehensive GTM strategy can take a long time to be formulated and executed. As per Cult Branding, “Successful implementation of a new GTM strategy can take 12 to 36 months.” And this is an insanely long time if you consider the market — especially concerning COVID-19 — which demands results at a faster pace.

So, how do you reduce the aforementioned time frame? Well, one of the go-to answers is coming up with targeted online training modules. Virtual learning introduces flexibility, bite-sized consumption of knowledge, and all-time accessibility. Let’s outline its benefits in details:

Go 100% Digital

L&D Leaders

Just a few years back, the instructor-led classroom training was still the norm. But now, offline learning frameworks have become almost obsolete. With organizations embracing the remote workspace model minus extensive travels, on-site training has become a concept of the past.

Now that companies are quickly embracing virtual platforms, they have started to realize the multiple perks of digital learning methodologies. Online learning does not decrease employee satisfaction or performance. In turn, it enhances knowledge absorption and application by making learning a flexible process. Couple this with the time and monetary savings of eLearning, and you will understand that going digital is now a necessity.

The unprecedented rise in the demand for online training is made evident in this report published by Training Industry: “Trainingindustry.com has seen an 8.6% increase in web traffic over the past few weeks, with an 8,135% increase in topics related to remote learning, virtual instructor-led training (VILT), and leading through adversity and change. Additionally, articles focused on the advantages of eLearning have seen an 88% increase in traffic. Overall, our visitors are staying longer — with a 12% increase in time spent on page — and searching for solutions to their problems.”

Advantages of Online Delivery Models

So, as you can see, as L&D leaders, the time has come to amp up your online training delivery models. eLearning tools such as microlearning and mobile-learning can enable your employees to access information on the go.

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They can easily learn about the new solutions and services that have made an appearance in this changing market. With efficient digital staff training, they can pitch your offerings to the anxious customer. As we already mentioned, detailed explanations are needed to convince the current, uncertain consumer. And online training infuses your workforce with the correct resources and knowledge to coerce your customers into seeking your services.

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Additionally, experts have pointed out that with our natural resources gradually depleting, more global pandemics will strike in the future. Therefore, it is better to expect another economic crisis in the coming years. This translates to companies adopting long-term measures in terms of staff training and employee skilling. In short, the L&D and HR leadership MUST focus on long-term solutions and not quick, temporary fixes.

To buckle up for the future, online corporate training should remain the focus area for L&D leaders.

You must up your efforts in developing and sustaining an ambitious digital learning framework. As per an article by Forbes: “Organizations may want to cut costs and exercise extreme caution in investments not directly related to revenue creation, this is not the time to disinvest in training due to budget restrictions. Investments in training programs with flexible and ready-to-run technologies are crucial to creating adaptive organizations. And if we’ve learned anything this year it’s that adaptable, well-trained people are a driving force behind the businesses that will win in the long run.”

Wrapping it Up

L&D leaders in organizations that can leverage eLearning to build a connection between the market, people, and performance will climb up the ladder of success in the upcoming years. And when you are planning your pathbreaking online corporate training strategy to make your employees market-ready, you can seek the help of PlayAblo — to guide you through this critical journey.

Ad: PlayAblo’s Enterprise-Grade Micro-Learning platform is built for millennial learners. Micro-Learning along with assessments and gamification features ensure learning outcome measurement along with sustained engagement.
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1 Comment

  1. Thankyou for sharing the information with us.

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