July 19, 2018

GreenFig Education Series Sneak Peek Week 3: Putting TAM & ICP Together

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 that she’s 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.

Putting it together: Turn Total Addressable Market into Closed Deals

In part three of our GreenFig Education Series, you will learn more about using your ideal customer profile to determine your true total addressable market and then how to turn that TAM into a targetable list for sales and marketing.

This is the third in a four-part series explaining the concept of total addressable market and providing tips to help you begin identifying, gathering data on, and targeting your company’s total addressable market. Click here to read part one’s overview of total addressable market, or click here to read part two’s tips on defining your ideal customer profile.

Why are these concepts – the notion of distilling your target market down to the granular level – and putting them into practice critical to growing your B2B business? The answer is simple, ROI. Companies who focus their efforts on these initiatives experience a better return on their marketing dollar investment.

Put Sales and Marketing to Work by Turning Total Addressable Market into Targets

Now that you have created your ideal customer profile (ICP) you can accurately determine your total addressable market (TAM). On one hand, TAM is just a number (e.g. you have 2,389 potential targets). On the other hand, TAM is a list of accounts and contacts that gives you access to your entire market. Your TAM is 2,389 account names, addresses, firmographics, and more. Beyond that, it is the thousands of contacts who fit the roles and titles that match your ICP.

As an aside, this is where TAM really helps supercharge other initiatives such as account-based marketing and account-based sales (jointly abbreviated as ABM). It focuses every go-to-market program on precisely the accounts that fit your targeting criteria. Your ICP tells you the attributes of your best targets, TAM tells you who all of those targets are and your sales and marketing teams can then pare that down into a more manageable list of target ABM accounts.

To determine the size and potential of your TAM, you generally need to utilize a third-party data service. Again, more granularity is better and when you begin to identify unique characteristics to define your market it is going to take more than an internet search or a list purchase to find your TAM.

Knowing your full TAM helps you identify and fill the gaps in your current sales and marketing database. Most companies do not have complete coverage of their TAM. What’s missing is called whitespace and it is not just missing accounts, it is the thousands of missing contacts within those accounts and the missing attributes (email address, phone number, etc.) of those individual contacts. Once you identify your whitespace, you can begin importing net new prospects and correcting, cleaning, and adding missing data to your marketing automation and CRM systems.

Now that you have complete coverage, it is up to you to keep that data clean and current. However, simply knowing your TAM puts you far ahead of most competitors.

In the fourth installment, you’ll learn how total addressable market can be used beyond just sales and marketing to justify new investments, identify new markets, and much more.

If you missed the previous installments in this series, you can find them here:

Part 1 Maximize Growth by Targeting Your Total Addressable Market

Part 2 Ideal Customer Profile Brings Total Addressable Market into Focus

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.

Learning and applying industry-current concepts like TAM and ICP in an accelerated format is why GreenFig graduates so effectively add value to their employers and differentiate themselves from their peers.

Paula Sansburn, COO

LATEST FROM BLOG

Related Posts.

Bridging The Skills Gap For Veterans

Our Student Stories blog series highlights the experiences of GreenFig students currently enrolled in our Digital Marketing Science course. Here, we'll introduce you to several current students, find out what drove them to GreenFig, what skills they're developing right now, and what they aim to achieve with their microdegree from GreenFig. Bridging the skills gap for veterans As Renée Hamilton-McNealy began preparing for a career change after nearly two decades in and out of active military service, she knew she didn’t need another college degree. After all, she already holds a bachelor’s in financial services and an MBA in finance, not to mention loads of management and leadership experience as a Master Sergeant in the Army Reserve. Rather, she was looking for a targeted, focused program that could help her develop the up-to-date technology skills she needed to land a marketing position now, but was discouraged by other programs she researched. “I was looking for more specialized education than what a general degree could offer,” explains Renée. “I wanted to prepare myself for life after I completely retire from the military, and to feed my passion for marketing.” Renée discovered GreenFig through The Paradigm Switch, a nonprofit that helps link military veterans and their spouses to prestigious skill-based training programs. “I’m not afraid to start over,” she says. “I wanted to challenge myself.” Renée explains that she wanted to gain skills in marketing analytics, and become proficient with tools that measure the impact of a campaign’s effectiveness. Renée enrolled in GreenFig’s Digital Marketing Science course remotely from the Bay Area, and says that the program offered a healthy, collaborative learning environment where she felt supported. “I learn best in my own environment and in my own space,” she says. “I liked not having to physically commute someplace. With GreenFig, the communications options are endless, and there were always ways to connect inside and out of the classroom.” Looking back, Renée says it was her instructors’ enthusiasm and ability to teach their craft that confirmed she had found the right program. “I just love the fact that the instructors, who are accomplished and experienced, were just as passionate to share their knowledge with us as we were to learn it,” she says. “And they had more than just experience, they also know how to teach. Just because you are a subject matter expert, doesn’t mean that you know how to transfer that knowledge so that someone else can comprehend it.” Renée believes GreenFig’s training courses are ideal for veterans, who are accustomed to targeted, hyper-focused skill development and who thrive in hands-on, real-world environments where those skills can be quickly applied. Applying the digital marketing skills she’s developed over the past 16 weeks to a real-world marketing campaign for a real-world company is an ideal application exercise for veterans like her, says Renée. “In graduate school, I did case studies,” she recalls. “What we’re doing now is benefitting a real company.” Armed with a unique set of skills -- digital marketing, finance and management -- upon graduation, Renée is hoping to join a marketing team where she can specialize in marketing analytics and social media management. “What GreenFig offers is what I needed,” she says. “To challenge me, allow me to get certifications, provide relevant and modern information, and give me the opportunity to immediately apply and exercise this knowledge in the marketplace.” Advance your skills and set your next big challenge at GreenFig. Check us out at www.greenfig.net.

Thursday, July 19, 2018

Contact us

Need a quote.