The process of identifying and quantifying your Total Relevant Market will be heavily dependent on the team responsible for the strategic planning of your markets, this could include Revenue Operations, Marketing, Product, or Sales. HG Insights and GTM Partners, the Go-to-Market (GTM) analyst firm focused on making go-to-market simple, have released a deep dive guide on the 4 Steps to Identify & Quantify Your Total Relevant Market.
Following the 4 Steps of Identifying your Total Relevant Market will provide many benefits to your organization, but the most important of those is that it is setting the strategic tone for the most fundamental parts of your business: whom can you serve well and how many of those companies are out there and ready to buy.
The project lead will own the collection of data and the final product of your ICP scoring model. However, including your entire GTM leadership team will be extremely beneficial, as it will not only improve the output but also start the process of creating buy-in for the plan.
It is not uncommon for GTM teams to treat ICP assessments as a once-per-year exercise, which usually coincides with yearly planning or a large product launch. However, we would advocate that this exercise be performed each time there is a new product or new market you are assessing for entry.
The Process: Key Players
The following process is a quick exercise that can be done in a few meetings and data pulls. Remember, this is a brief summary, for the in-depth step-by-step plan you’ll need to download our full guide on the 4 Steps to Identify & Quantify Your Total Relevant Market.
Strategic Planning Process
As you work to identify your Total Relevant Market, know that you may be revisiting the steps a few times as a part of your strategic planning process. This means that having an efficient way of executing the 4-steps outlined earlier 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.
Download the Full Guide Now!
Download the full deep dive guide on the 4 Steps to Identify & Quantify Your Total Relevant Market (TRM) here!