Research conducted by IBM estimates that poor data quality will cost US companies approximately $3.1 trillion each year. That raises an important question, How much revenue are growing businesses losing simply because their data is disconnected, inconsistent, or outdated? Many organizations keep marketing data on one platform and sales notes on another, making it challenging to combine them. However, you can establish a solid GTM (Go-To-Market) data foundation without exceeding your tech budget. Explore how you create one below.
Mapping The Customer Journey
To organize your data, start by understanding your customers’ journey from awareness to purchase and retention. Many companies have data but lack clarity on which points are valuable.
Identify where customers discover you, the engaging content they enjoy, when they become qualified leads, and what drives conversions. Once you outline the customer journey, determine what information you need at each stage. Consider collecting the following data:
- What marketing channels are generating the highest quality leads
- How long it takes to close a deal
- Where in the sales process the buyer tends to lose interest
Collecting the right data enables you to focus on actionable insights. Modern AI GTM strategies can quickly identify buying intent, prioritize opportunities, and enhance forecasting due to their structured and connected data.
Creating Consistent CRM Fields
One of the most common problems encountered when launching a new Go To Market strategy (GTM) is inconsistent CRM data. If all of your salespeople are entering data into the system inconsistently, then you will have unreliable reporting.
A simple solution is to create standardized fields for your CRM system at inception. Use drop-down boxes and pre-defined categories instead of open-ended responses. Standard fields for lead source, company size, industry, and deal stage are crucial for clarity over complexity.
Cleaning and Enriching Your Existing Data
You can have the best reporting capability ever. However, if your underlying data is not organized correctly, it may be worthless. Duplicate contacts, incomplete, or expired records can result in significant issues that compound over time.
Clean your database before launching go-to-market initiatives. Remove duplicates, update contact info, and archive outdated leads. Clean-up efforts improve reporting accuracy and reduce wasted time and resources for the sales team.
Establishing Simple Governance Guidelines
In smaller businesses, data governance doesn’t have to be corporate or hard. A simple way of doing so is by creating a few clear and concise guidelines regarding the management of your business data.
Data ownership and consistency are crucial for a reliable clean system. Team members must agree on managing lead sources, updating pipeline stages, and cleaning inactive records. Establishing simple routines can help prevent bigger issues later on.
Connected Data Creates Faster, Smarter Growth
A solid GTM data foundation focuses on quality, connected, actionable data rather than just volume. The above tips connect your systems and make it much easier to make decisions. Teams can spend less time repairing spreadsheets and more time focusing on growth.
Successful companies that scale are not always technology-rich. They usually have sound data and well-defined processes and workflows in place from the start.
Key Takeaways on Building a GTM Data Foundation
- A strong GTM data foundation helps businesses improve forecasting, sales efficiency, and customer engagement.
- Mapping the customer journey helps identify the most valuable data points to collect.
- Standardized CRM fields reduce reporting inconsistencies and improve data accuracy.
- Cleaning and enriching data improves operational efficiency and forecasting reliability.
FAQs
What does GTM stand for?
GTM stands for Go-To-Market, which is the strategy businesses use to deliver products or services to customers through marketing, sales, and engagement efforts.
Why is a GTM data foundation important?
A solid go-to-market data foundation enables businesses to streamline customer information, enhance reporting accuracy, and make more informed decisions grounded in reliable data.
What are common GTM data problems?
Many common challenges arise from disconnected systems, duplicate records, incomplete customer data, inconsistent entries in the CRM, and outdated lead information.
Can small businesses build a GTM data foundation on a budget?
Absolutely. Small businesses can build a solid GTM data foundation by prioritizing clean data, establishing standardized processes, and opting for cost-effective CRM tools instead of pouring resources into expansive enterprise systems.
