You need accurate, robust, and granular data to Go-To-Market with confidence.
Bringing your product, service, or solution to market is a milestone.
Like most pivotal moments, it can be stressful. You only have one chance to get it right, and it’s important to hit the ground running… so there’s a lot to consider for your Go-To-Market (GTM) strategy in order to have the confidence that you’re doing it right.
The good news: developing a GTM strategy is easier than ever before. Thanks to evolving technology intelligence, now you can have access to troves of data to help you target an Ideal Customer Profile (ICP). And this is important:
Companies that size markets based on ICP have a 68% higher win rate.
The bad news: it’s not straightforward to understand the difference between data sets. “Data” is a word that makes many eyes glaze over, but if you’re not using data to drive your decision making you’re at a competitive disadvantage.
There are many things that good data can do for you, but one of the most important is TAM SAM SOM analysis, a GTM decision-making process that provides insights into your:
- Total Addressable Market (TAM)
- Serviceable Addressable Market (SAM)
- Serviceable Obtainable Market (SOM)
Together, these data sets will give you market intelligence that allows you to:
- Target your ideal customer profile, regardless of geography
- Displace competitors and increase your market share
- Drive faster revenue growth while lowering your outreach costs
Total Addressable Market
TAM is the first step toward increasing your revenue opportunities. TAM answers:
- What is the size of my market globally?
This is the first step to drilling down on your ICP, which then allows your teams to focus their efforts on the prospects with the highest inclination to buy… and prevents them from wasting time and resources.
Without the help of a partner, identifying your TAM isn’t easy. You have to go through all your accounts to create a structure within your CRM that makes it possible to prioritize the accounts with the highest revenue opportunity, all while accounting for:
- Detailed information on the technology products installed by an account
- What an account spends on technology products
- When the technology products contracts are up for renewal
Most of us do not have access to this data. But even if you do, your hands are tied without effective technology intelligence to create more meaningful, targeted segments… that’s why a TAM analysis is just a starting point.
Serviceable Addressable Market
Because it’s impossible to reach out to your entire TAM, you need to home in further. SAM is the segment of the market you can reasonably hope to address within the confines of your team, your business, and your technology.
- If TAM answers: What is the size of my market globally?
- Then SAM answers: What portion of this market can I address?
Like TAM, SAM helps you sharpen your ICP. In fact, TAM analysis evolved into SAM as the sector evolved to provide more detail on market opportunities.
But SAM analysis is no longer enough to give you an unparalleled strategic advantage in today’s marketplaces. If granularity is the key to conversion, then you need data that takes you one step further…
Serviceable Obtainable Market
SOM will take you one step further by identifying your ICP with concise accuracy.
This represents the segment of the market most likely to buy your solution in a format that is approachable and digestible. It is the natural evolution of SAM, and it provides even greater granularity so you can size their market based on your company-specific ICP.
Think about it like this: TAM is old school and SAM is no longer enough detail. SOM is a game-changing analysis that fuels your success with scale and velocity.
These precise insights will enable your sales and marketing teams to prioritize the right markets and accounts that will drive you more revenue, faster.
How You Can Develop Market Intelligence
The key to TAM SAM SOM analysis is distillation—the more granular, the better. Scott Smyth, VP of Global Sales, shares:
Market intelligence is the key to creating a successful Go-To-Market strategy, but insights are useless if they’re not fueled by quality data. That’s where we come in.
HG Insights’ biggest differentiator is the depth and richness of our data—the accuracy, coverage, and granularity—available in both our platform and the insights we tailor to our customers. Innovations in our data-driven insights have set us apart for the last ten years, and built the foundation for what will set us apart for the next ten years.
We bring these insights to you, so you can operationalize them and get the traction you and your team need to get to the next level. This is how you Go-To-Market with confidence, and this is why you need a market intelligence partner that can deliver TAM SAM SOM analyses with industry-leading accuracy.
At this point, you’re probably asking:
- What is my GTM plan?
- How can I make sure this is the most granular ICP?
- How can I act with more precision in my GTM efforts?
The path to these answers is paved with data.
Target your white space and bring your books into the black with HG Insights, your GTM market intelligence partner. Our unparalleled data sets speak for themselves.