HG Insights and GTM Partners, the Go-to-Market (GTM) analyst firm focused on making go-to-market simple, have released the definitive guide on the 4 Steps to Identify & Quantify Your Total Relevant Market.
Determining which businesses you will market your products and services to requires you to understand the market potential and then define who your best-fit customers will be. Best fit customers can be determined by firmographic, behavioral, or technographic characteristics we can observe. If you have Technology Intelligence from HG Insights, you’ll get to your best fit even faster!
While high-level ideal customer profile (ICP) definitions can be helpful for communicating your value prop, going a layer deeper and focusing on the variables that define your best customers will help you come to a data-based conclusion on the potential of a specific market and prepare you for the strategic planning needed to activate your teams.
4 Steps: Total Relevant Market Definition
As you work to identify your Total Relevant Market, know that you may be revisiting the model a few times as a part of your strategic planning process. This means that having an efficient way of executing the 4-steps below will allow you the flexibility you need to test and adjust without creating confusion in your GTM teams.
Finally, if you are serving multiple distinct markets, you may find that you have multiple ICPs, and multiple GTM types (e.g. Inbound, PLG). Therefore it is critical that you have an efficient way of tracking your GTM activities against each respective market segment.
This process will be heavily dependent on the team responsible for the strategic planning of your markets, this could include Revenue Operations, Marketing, Product, or Sales. Next time, we’ll discuss why including your entire GTM leadership team is extremely beneficial, as it will not only improve the output but also start the process of creating buy-in for identifying & quantifying your Total Relevant Market.
Why wait for our next report on the importance of defining your Total Relevant Market? You can download the deep dive guide on the 4 Steps to Identify & Quantify Your Total Relevant Market (TRM) right here!
