July 19, 2018

GreenFig Education Series Sneak Peek Week 4: Smarter Business Decisions

Jysothan Durgados
Written by:

Jysothan 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’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

This is the fourth and final post 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 TAM. Do not forget to read part one’s overview of total addressable market, part two’s tips on defining your ideal customer profile, and part three’s tips for turning TAM into your target list.

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

As you look to expand and grow, total addressable market (TAM) is also used to gauge the size of new markets to enter, to justify or expand investments in a current market, or to research new product opportunities. In every case, having an accurate view of your TAM is critical to making the best business decisions. Being able to visualize your market is a bonus that helps with defining and assigning territories, allocating field resources, and focusing marketing efforts.

A good example comes from HgCapital, a private equity investor based in London and Munich, who says that “being able to tell a clear story of what truly defines a company’s addressable market is a great starting point for thinking creatively about where to invest for growth”.

If, for example, your average contract value is expected to be $25,000 and the total number of potential customers in a market is 1,237, then simply multiplying those two values puts the potential market opportunity at roughly $31 million. If your TAM is inaccurate, even by a small margin, you might make the wrong go/no-go decision. Again, having a “clear story” of the TAM is critical to good decision-making, at every level, from an individual marketing campaign to a strategic business-changing initiative.

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

Part 3 Put Sales and Marketing to Work by Turning Total Addressable Market into a Targetable List 

Blog written by Jyothsna Durgados

 

See Tracy in Action

GreenFig students not only learn these business-critical concepts but execute them as well. Our course curriculum includes an Apprentorship, providing each student the opportunity to run a real-world marketing campaign for a real-world company. Upon graduation, GreenFig students are then prepared with the skills and experience to make an immediate impact at work.  

Find out how quickly you can gain the skills needed to thrive in the digital economy. Drop us a line.

Paula Sansburn, COO

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Why GreenFig? The Value of a Microdegree in Applied Business Science

The World Economic Forum cites, “[the digital economy] is disrupting almost every industry in every country. And, these changes herald the transformation of entire systems of production, management, and governance.” Where land, oil, and capital drove the past three Industrial Ages, this new “4th Industrial Age” is powered by “digital oil” – data. Companies are building and deploying systems of intelligence to prospect, discover, and refine the digital oil of the digital economy. And, the miners of this digital oil are “business scientists”. Business scientists must understand how to capture, observe, and utilize customer, financial, market, and product data. They do not necessarily have to be technical – as in know how to code – instead, they must learn how to generate and review business data and use their creative skills to operate business application software. In the US, politicians, academia, and industry leaders are currently placing a tremendous focus on technical training, coding, and other STEM programs. However, the unspoken truth is that many of these positions will eventually be eliminated through advances in artificial intelligence and machine learning. Additionally, many people are simply not interested or well-suited for these technical programs, degrees, and jobs. However, people who are creative and critical thinkers – products of liberal arts programs – are ideally suited to fill the positions of the digital economy. All they need is some additional specialized training and knowledge. Micro Education companies and microdegrees are well-designed to provide such training.

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