July 19, 2018

GreenFig Education Series Sneak Peek Week 1: Total Addressable Market (TAM)

Jyothsna Durgados
Written by:

Jyothsna Durgados

Introduction to GreenFig Education Series

As part of GreenFig’s mission to enable lifelong learning and to accelerate skill development for high demand jobs with our microdegrees in applied business science, we are offering you a sneak peek into the GreenFig experience with our four week Education Series.

We provide highlights from the Digital Marketing Science classes taught by Tracy Eiler, CMO of InsideView. She is a marketing pioneer who is passionate about shaping the next generation of marketers. She was recently named a B2B Demand Marketing Game Changer and is ranked among the Top 30 Most Influential Women in B2B Marketing Technology.

Ms. Eiler moonlights as a GreenFig instructor, teaching the same cutting-edge topics she is advancing at InsideView, including how to align sales and marketing, define the total addressable market, and determine ideal customer profiles.

We are excited to offer our blog readers a taste of the job-ready skills our students are gaining this fall to prepare themselves for high-trajectory careers in the digital economy.

To Maximize Growth Potential, Target the Right Prospects

This is the first blog post in a four-part series that will explain the concept of TAM and provide tips to help you identify, gather data on, and target your company’s total addressable market.

Did you know most companies market and sell to the accounts already in their CRM and marketing automation systems? To expand their list of targets they advertise and run marketing campaigns to bring new accounts into their database. But is this really the best approach to finding new customers? No, and we are going to explain why.

As you run campaigns your message tends to hit the same targets again and again. Eventually, your success metrics start to weaken and your target market begins to appear drained. It becomes harder and harder to find new opportunities, but not because you have exhausted your market. More likely, it is because you are not targeting everyone in your market.

Here is a simple example; you open a lemonade stand and pitch your drink to every kid who walks past. You soon sell lemonade to every kid in the neighborhood, then interest (and revenue!) dries up. Your challenge is finding new customers, but who should you target? Well, both kids and adults like lemonade. People outside your neighborhood also like lemonade. Thirsty people, and those in hot climates, really like lemonade. And on and on.

So while your initial target market was “kids in your neighborhood”, it only took a little work to expand that market by thinking about your ideal customer. Without an ideal customer profile (ICP), however, you are casting a net and hoping targets swim into it. But with an ICP, you are better armed to look for and find everyone in your total addressable market

Blog written by Jyothsna Durgados


See Tracy in Action


For more information on GreenFig’s upcoming courses taught by industry pros like Tracy Eiler, contact us.

Paula Sansburn, COO


Related Posts.

CMOs: Striving For Competitive Differentiation? Don’t Overlook Your Number One Marketing Asset

By and large, the strategies of growing a relevant business are the same. Brand growth and awareness, market penetration, product expansion and acquisition. The marketing tactics employed to achieve those goals is what sets the front-runners apart from those playing catch-up. So how do you achieve competitive differentiation? Your people: the individuals responsible for designing and implementing those marketing tactics must rank high on your business-critical scale. Because if you don’t hire and retain top digital marketing talent, your ability to plan, execute, measure, and improve a digital campaign will be limited and impact revenue, the customer experience and brand perception. In other words, you may have the right tools, but you won’t be able to leverage their usefulness as business drivers without skilled marketers running the show. Marketing executives and industry insiders across the country are singing this tune: Better talent = Better business performance. “Talent will drive competitive advantage. Companies that invest in building digital skills in their marketing teams have a huge opportunity to accelerate ahead of their peers.” The Talent Revolution in Digital Marketing, Think with Google, 2015. What does it mean to be a skilled digital marketer in the 21st century? From a global understanding of how to align business, brand and messaging strategies to pay-per-click, SEO, and social analytics and targeting, to name a few, the breadth of skills required to be an effective digital marketer today are innumerous. Combine those skills with hands-on experience -- not just theoretical knowledge -- and the expertise to design, create, implement and analyze a digital campaign, and you’ve got a capable 21st century digital marketer. After all, the ability to harness data-driven insights is how companies gain a competitive advantage. The challenge CMOs everywhere are facing, however, is a pervasive shortage of skilled and experienced digital marketers. Companies that turn to recent college graduates are frustrated by this group’s lack of experience and outdated knowledge (not surprising, slow-to-change university curriculum can’t keep pace marketing’s fast-moving digital evolution). Meanwhile, seasoned marketers don’t possess the technical skills required to execute an effective digital campaign. “Tools and strategies that were cutting-edge just a few years ago are fast becoming obsolete, and new approaches are appearing every day.” The Ultimate Marketing Machine, Harvard Business Review. To solve the problem, marketing departments need to look inward by shoring up the expertise, technical skills and hands-on experience of their existing teams. The benefits of upskilling your staff are many, including:

Thursday, July 19, 2018

Contact us

Need a quote.