Total Addressable Market analytics (aka TAM) enable business development and marketing professionals to size and prioritize business opportunities, and understand how to allocate valuable and scarce resources to markets that their company is targeting or expanding in. In today’s global economy, companies are expanding and moving operations overseas at a faster rate than ever before, changes in the regulatory landscapes are shifting the ways in which companies do business, and technological enhancements are allowing businesses to expand and grow their services. Staying up to date with an ever-evolving total addressable market is essential for a company to position itself for profitable growth and to win market share over its competitors.
So how does one define an ever evolving total addressable market? Some general questions you should always be thinking about are: What types of business gain greatest value from my company’s products/services (think industry keywords)? What size of company should I be targeting? What are the geographic areas I should be most focused on? Who are the key decision makers within these organizations that will have the ultimate buying power? And most importantly, how I am getting to these companies/individuals before my competitors? Below are three ways in which you can identify and define new addressable markets.
1. Read the news
Spend 20-30 minutes every morning reading about trends that affect your total addressable market in general. Let’s say you are a marketing manager at a company that sells a compliance solution for traders around the world and have been primarily focused on targeting companies based in the US. You pick up the paper one morning and read that the Australian Securities and Investments Commission have tightened trading regulations. This triggers you to think that Australian traders will need a solution like yours to be in compliance with the new standards. As a result, you and your marketing team develop an outreach campaign to target traders at companies based in Australia. By staying on top of the global trading regulations, this piece of insight has now allowed you to expand your total addressable market.
2. Build rapport with your clients and prospects
Build a relationship with your clients and understand how they are finding your company’s products/services to be useful. Let’s say you are a relationship manager at a leading commercial bank. One of your clients is a national holding company and very happy with the services you have provided to them. On your quarterly check in call, your client informs you that they have recently started making acquisitions in Tennessee (a region you weren’t previously tapped into that you would like to penetrate). Given your strong relationship with your client and the bank’s ability to service companies in Tennessee, you ask your client to make a few introductions to the decision makers at these new subsidiaries. Building strong relationships with clients/prospects will open the door for introductions to new markets and help you expand your total addressable market.
3. Reach out with a steady cadence of emails and phone callsOnce you’ve been able to find a new market opportunity, identifying the companies and people within them is essential to develop your outreach process. Let’s say you run business development for a leading US private equity firm. You have been tasked to identify add-on opportunities for a $600 million manufacturing company based in the Midwest. You do your diligence utilizing RelPro and are able to identify all of the manufacturing companies (and each company’s owners) that would be good add-on opportunities. You then set up a cadence of calls and emails to the owners of these companies to make sure they know who you are and how you can help. Building a steady cadence of outreach to these business owners will allow you to stay top of mind to them when the day comes that they are ready to sell their business. Making sure your total addressable market knows about your company and how your services can help them will allow you to win business over your competition.
Keeping up on industry trends, building strong relationships with your clients and prospects, and making sure you are building awareness around your brand with a steady outreach cadence are three simple strategic ways to identify and build your total addressable market.
RelPro’s Sales Intelligence Platform was built with the knowing that there is no one nirvana source of B2B Company and Decision-Maker data – so why rely on one source of data? RelPro integrates data from best-in-class partners and the web to provide you with a unique Global database of over 7 Million Companies & 150 Million Business Decision-Makers allowing you to easily identify the best prospects and close deals faster. RelPro includes automated Prospect Research to quickly inform your outreach, and powerful Alerts that provide a call-to-action prompting timely outreach to prospects and clients. To learn more about RelPro, visit our website – www.relpro.com, give us a call – (888) 561 7890 or send us an email – firstname.lastname@example.org, or sign up for a free trial now. To learn what our customers are saying about RelPro, read the reviews on G2 Crowd.