Integrate & Eliminate Data Silos
Across your Enterprise
Master Data Management
Growing businesses today need a core data management process to manage, centralize, classify, localize, integrate and enhance customer data for making smarter decisions faster. Master Data Management (MDM) is the answer to this need which allows businesses to get a single authoritative view of customer information and eliminates issues caused by data silos.
With our MDM services, we enhance your core data capabilities to connect and provide customer information across the enterprise. By delivering a 360° view of your customers through data spread across multiple systems, including CRM, ERP, e-commerce and more, we amplify the value of your analytics and the quality of your data.
Complete data visibility and insights
Total Addressable Market (TAM)
Discover the Untapped Market Opportunity
Assess and estimate the precise total market demand for your products and services.
The Total Addressable Market also called Total Market Available or Total Market Demand, which is 100% in terms of overall revenue, that a company or companies operating in the same segment, will achieve by selling its product or service in that market. TAM should not be confused with Total Serviceable Market which is the realistic reach or actual opportunity that companies can tap using sales and marketing channels.
TAM serves as a guideline for start-ups or companies looking to launch new products or services in untapped markets. Sales and marketing executives can use TAM for opportunity analysis, market sizing and estimate the resources and budgets needed to identify the ideal customer profile / segments. Largely there are 3 approaches to arriving at TAM as below.
Top Down Approach
The Top-Down approach relies heavily on the secondary research and market intelligence to derive a segment of customers unique to a particular characteristic/s. To arrive at TAM with this approach, you can start with a universe and narrow it down with filters / criteria / characteristics that define your intended segment. For example, if you are a car insurance provider, you should find out a country’s population, then arrive to a population that drives cars and are active user. Although this method uses certain hypotheses, it’s a good idea to validate the numbers and the contact details of the intended audiences.
Bottom Up Approach
A more ideal and accurate way could be to conduct a bottom-up approach, where you determine the current market size for your services and use available data, intelligence and history to extrapolate a wider population. Bottom-up analyses provide you more accurate results since your ground works is based on proven data points that could be highly accurate. For example, you should start with existing ideal profile of customers using firmographic, demographic, sociographic, psychographic details and expand the audience segment by retro fitting it to the existing customers profiles. We call it the Mirror-Mirror approach. It’s a great approach to magnify your intended TAM population.
Value Based Hypothesis
Determining TAM with this method is based on hypothesis and slightly wild card approach. A value based TAM relies on a guesstimate of:
All these are multiplied to the total number of possible customers who would perceive this value and adopt it.
Ideal Customer Profile (ICP)
Driving focus on the BEST-FIT
Define and target the best-fit prospects for your products based on firmographic, demographic and behavioral attributes
Creating an ideal customer profile (acronym ICP) is an organizational decision influencing downstream sales and marketing efforts. An impactful ICP needs close discussion with key stakeholders, cautious analysis of data and attentive implementation. It is a subdivision of TAM (Target Addressable Market) that allows focusing only on those who would be best to sell to and not everyone to whom you could sell to. A company cannot build a Buyer Persona until it develops a broader understanding of who the ideal customers are.
A well-crafted ideal customer profile outlines the customer data model, sales and marketing teams can refer to identify and approach the best-fit prospects and accordingly personalize their communication with them. ICP empowers ABM (Account-Based Marketing) campaigns by enabling them to focus on the top accounts that suit the company.
How DBSL Helps to Build Ideal Customers Profile?
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