How To Strategically Approach Scoring Your Total Addressable Market (TAM)
Introduction:
In today's competitive business landscape, understanding and effectively targeting your Total Addressable Market (TAM) is essential for driving growth and success. However, the sheer volume of data available can be overwhelming, making it challenging to identify and prioritize the most promising opportunities. This is where Total Addressable Market Scoring comes into play. At Targeted Prospect Solutions, we specialize in providing custom TAM scoring tailored to your exact specifications, empowering you to unlock the full potential of your market.
What is TAM Scoring?
TAM Scoring is the process of evaluating and ranking your entire Total Addressable Market based on specific criteria, insights and other data points. TPS TAM scoring analyzes factors way beyond the commodity data provider, to identify the most relevant and high-value prospects for your organization. By scoring your TAM, you gain valuable insights into which prospects are most likely to convert, allowing you to prioritize your sales and marketing efforts more effectively.
Why is TAM Scoring Important?
Scoring your Total Addressable Market offers a multitude of benefits for your business:
Precision Targeting: By scoring your TAM, you can pinpoint the most promising prospects that align closely with your ideal customer profile. This precision targeting ensures that your sales and marketing efforts are directed towards prospects with the highest likelihood of conversion, maximizing your return on investment.
Efficient Resource Allocation: TAM scoring enables you to allocate your resources more efficiently by focusing on prospects with the greatest revenue potential. Instead of wasting time and resources on low-value leads, you can prioritize your efforts where they will have the most significant impact, driving faster results and revenue growth.
Strategic and Streamlined Messaging: Scoring your TAM can also help you decide which messaging goes to which targets. You can divide up the TAM for separate outbound campaigns.
The Outdated Way of Scoring Your TAM
The limited capabilities and generic filters of database data providers have impacted how companies view their total addressable market. These tools have shaped how we think and limited our view of what is possible at scale. With these database data providers, companies view their TAM in terms of high-level filters such as industry, location and employee size. They then either reach out to these companies with no deeper insights and generic messaging or their sales team manually researches the individual prospects by finding missing information needed on other websites. This approach used to work when prospects were not being inundated with messaging, but no longer does. In order to stand out from your competition, you need to have deeper insights on your target audience at scale, and there is now a better way.
How to Strategically Score Your TAM with TPS
TPS has the capability of researching and scoring your TAM with deeper insights available than ever before. TPS can automate manual prospect research at scale for your entire TAM. Because of this, you can now approach scoring your TAM in a more strategic way.
In order to properly score your TAM, we first recommend that you take a step back from immediately doing outreach and first get a very deep understanding of your target audience. To do this properly, it can take up to nine months.
At a high level, the keys to this process are:
Interviewing Your Existing Customers: We first recommend that you interview your existing customers. There is no better place to turn to than your existing customers for why people are choosing your product/service. Put together a questionaire and ask questions like
Why did you choose our company?
Why did you choose it over our competitors?
What pains are we solving for your company?
What made the timing right to start working with us?
Interviewing Your Founder: Next, we recommend getting insights about your target audience from the founder of your company (if you are not the founder), as the founder usually has deep insights and holds the vision.
Interviewing Your Top Sales Reps: Third, we recommend interviewing your top sales team reps in order to figure out why companies have decided to meet with them and further move forward. Try to get as much data as possible on what insights they found on the target audiences that led them to meet, and also more importantly, what type of companies decided to move forward. Try to recognize patterns write them down.
Testing: After you have gained a deep insight into your target audience, TPS can take these insights and research your entire TAM at scale in order to score it. We always ask our clients, “if you had unlimited time to research your target companies and contacts at scale, what golden information would you want to find?” None of these insights typically exist within a generic database.
Conclusion:
In today's data-driven and message inundated world, simply what targeting, messaging and offer works best is not enough. Leveraging the power of Total Addressable Market scoring is crucial for driving growth and staying ahead of the competition. With Targeted Prospect Solutions, you can take your TAM scoring efforts to the next level with our custom data capabilities. You can now deliver quality messages at scale, like the prospects were manually researched and the messages were manually written.
Contact us today at: jeremy@targetedprospectsolutions.com to unlock the full potential of your market and accelerate your business growth.
