Expanding Your Total Addressable Market (TAM)
In the B2B world, it's easy to fall into the trap of thinking your business can only serve a very specific type of clients. For example, you might focus on nothing but supplement Shopify stores making that are $150k per month and based in the USA. This approach significantly limits your Total Addressable Market (TAM).
Why Limit Yourself?
Limiting your business to such a narrow market isn't always necessary unless your product or service genuinely doesn't work outside of that niche. Expanding your TAM means considering other types of companies that might also benefit from what you offer. Why not work with any Shopify store making $150k per month or even $50k per month? Is servicing a supplement Shopify store really that different from other stores?
Realistic Expectations
Before restricting yourself, ask these questions:
Have you consistently closed deals with your specific target (e.g., supplement Shopify stores doing $150k/m in the USA) through cold outreach?
Do you believe that specifying 'supplement Shopify stores' on your landing page will drastically increase client sign-ups compared to just 'Shopify stores'?
If your answer is "no" to either of these, you might be unnecessarily limiting your potential.
While running a specific campaign targeted at your ideal market is fine, don't limit your entire business to this one area. Broader campaigns can reach more potential clients and increase your chances of success. This approach both outbound, and business perspective as a whole.
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