When navigating the state and local government and education sectors, understanding your target market and where the opportunity lies can help you better align resources and position your solution. Using a combination of quantitative and qualitative analysis, you can build a profile of your target market, their buying behaviors and future areas of growth. This profile is key to crafting a go-to-market plan that best positions your solution to meet your market’s needs and enforces optimal resource allocation.
Building this profile typically starts with a total addressable market (TAM) analysis. It explores the size and breadth of your target market, estimated share of wallet, areas of opportunity and current and future market conditions, enabling you to:
- Identify Growth Opportunities: Pinpoint high-potential areas where your solution might be needed most.
- Understand Market Volatility: Understand trends and drivers of your target market to target accounts and verticals strategically.
- Refine Market Strategy: Assess challenges and entry barriers within your target market to align your go-to-market strategy accordingly, minimizing risks and possible pitfalls.
- Improve Competitive Positioning: Identify top competitors and potential partners in your target market for smarter investment and resource allocation that drives optimal positioning.
Developing a TAM is a collaborative process. It involves leveraging the in-field experiences of your sales and business development teams, combined with an in-depth analysis of the spending and opportunity areas, to build an accurate TAM. Our research team at the Center for Digital Government, a division of e.Republic, will partner with you to develop a TAM that aligns your solutions with the market to strengthen your go-to-market strategy.
View the on-demand recording here to dive deeper into the process of how we analyze and build your TAM.
