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Once you have alignment on the go-to-market strategy, it’s time to build out velocity in your process; go faster. And, develop measurement and optimization strategies to extract market insights.
While working with different clients on how to improve their market strategies, one of the biggest red flags we see is a company having 30 or 50 things that they consider to be “key measurables.” On paper, this may seem like attention to detail. In reality, however, this is more likely a sign that they don’t know what to focus on. In other words, they don’t know how to meaningfully measure their business so they just measure everything. Ideally, you want to get yourself down to around 4 or 5 key KPIs in order to track your progress towards business goals. But where do you start?
Start by focusing on these three performance indicators:
Testing and optimization is the business process that seems to always get left behind. It’s not that organizations don’t see the value most of the time. It’s a matter of priority. If you make the time, the yield will be worth it.
But how do you build out a testing plan to drive market insights? The biggest mistake most organizations make in their testing plan; they only test what they can. They test email subject lines and maybe some copy. This type of testing will yield tactical improvements, which are excellent. But, that’s not driving marketing insights.
To build an optimization strategy to drive market insights, start with what you want to know, and then figure out how to test it. For example, build hypotheses about customer buying behavior or an institutional “belief” that may or may not be accurate. Then determine how to test it. It’s not easy, and it will be uncomfortable. If you embrace the process, the yield will be game-changing.