The role of non-executive directors and Go-To-Market strategies in your company’s success
Influence Of Mentorship
Do you feel confident being your own referee in this game of life, business, and career? Having someone else to ask the questions you’re scared of voicing or to keep you accountable to the goals we’ve set for ourselves. That’s what mentoring really is. And most importantly, with the right mentor, you will have someone to talk to about the burning issues without them being involved. There is nothing more advantageous for your business than objective insight.
Individuals across all industries and walks of life can benefit from having a professional mentor by their side. A good mentor will provide you with the support fitted to your needs, actively engage in conversations that help you achieve your goals and solve the important problems at hand, and potentially advise in the sphere of life you feel you need help in. The best kind of mentor will often be someone experienced in the particular skill or industry you’re aiming to master. Moreover, there are possibilities for your company to gain its own ‘mentors’ in the form of non-executive directors. Let us explore this idea below.
What Makes A Non-Executive Director
Introducing Non-Executive Directors to your business can be highly profitable. Their professional insight and independent view on running the company can help to improve the boardroom best practice. Typically introduced as supervisors, not expected to be actively involved in the day-to-day management, they can deliver objective advice on business performance, structure, and operations.
To find a Non-Executive Director that your enterprise could benefit from, you need to determine the kind of skills and knowledge they should possess. Prominent ‘Non-Execs’ are often volunteers with broad experience in a particular field or industry, who dedicate a fraction of their time each month to monitor the executive board’s performance and advise on succession planning. Their impartiality allows diligent and genuine communication, ‘GTM strategy’ monitoring, and advice.
Before you decide on recruiting Non-Exec Directors or exploring new ways of expanding your business, it is an important and popular practice to develop a Go-To-Market strategy. If you haven’t got it already, it is time to look into the action plan, that will allow you to reach target customers more efficiently and achieve competitive advantage. The sole purpose of a GTM strategy is to create a blueprint for the delivery of the service or a product in the best, most efficient way.
Oftentimes companies decide to dedicate resources and time to developing GTM strategies for particular aspects of their business. Whether it’s a new product launch, rebranding, or expanding onto a new market, GTM strategies can help you achieve your goals more efficiently and take your enterprise to the next level.
Preparing A Go-To-Market Strategy
A good GTM strategy will fit all the stakeholders and establish a workable timeline, which ensures that each stakeholder meets their milestones and outcomes within the designed path to entrepreneurial success. Among the aims of any and every GTM we can underline: clearly defined plan, enhanced ability to react to changes, a plan for management, set path for growth, guaranteed regulatory compliance, and reduced likelihood of unexpected costs.
When developing a GTM strategy, you should approach the task similarly to your initial business plan. First, state the market and define who is the target audience for your product or service. Once you are clear on this, decide what kind of messaging and positioning strategy you’re aiming to develop. What makes your product/service stand out? What is the competitive edge of your business? Answering these kinds of questions will help you in defining your approach. Finally, consider the pricing you wish to adopt. Research the market, perform a cost-benefit analysis and determine your price.
The steps above will allow you to define five components of Go-To-Market strategy: market definition, customer base, distribution model, product messaging and positioning, and price. With these organised and ready, you’re prepared to deliver a thorough GTM.
Go-To-Market Strategy Design
The objectives of a well-designed GTM are as follows: creating product/service awareness, generating leads and converting them into customers, maximising market share by entering new markets, protecting the current market share against the competition, strengthening brand positioning, and reducing costs with optimised profits. To achieve these goals, your GTM should include seven aspects mentioned in the list below.
- Clearly identified buyer personas
- Value matrix created
- Marketing strategy defined
- Buyer’s journey blueprint
- Sales strategy defined
- Success metrics defined
- Budget and resource needs determined
Your Go-To-Market strategy will prove its worth, once ‘the rubber hits the road’. With a well-designed strategy, you will be better prepared for the challenges and unexpected shifts in the marketplace. The best kind of defence is preparation.
Non-Executive Directors And GTM Strategy
Your business deserves the best professionals and the most efficient and ‘all-weather-ready’ strategies. Ultimately, you will be in charge of providing such support to its performance. With the points made above in mind, you are ready to decide whether taking on a non-exec director or designing a GTM strategy is suitable for your company. Consider the advantages those approaches offer and determine your approach.
Start Up Business Advisors Ltd. is here to help you with this and many choices that follow. Our team of experts and highly-qualified mentors is ready to support your venture. We can also assist you in finding the right people for the positions you wish to create within your company’s structure. If there is anything you’re still feeling uncertain of, feel free to book a free consultation call with one of our advisors and gain the insight necessary to make an informed decision. We hope to see your company thrive, one way or the other.