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