There are 4.2 billion Internet users, and 3.4 billion of them are active on social media. All of those people are using social networks to communicate with each other but also to engage with brands. With this context in mind, clearly social media is an unavoidable tool for companies to grow their businesses. If you’re looking to find the best ways to use social media to expand your total addressable market, you’re in the right place.
What is Total Addressable Market (TAM)?
Total addressable market (also called the global market) is the whole revenue opportunity foreseen or available for a specific product or service. Assessing TAM is essential for startups as well as existing companies because it enables them to prioritize the available customer segments, markets, business opportunities, and products by comparing the potential for profits and revenue generation.
If you’re wondering how you can determine your addressable market size, there are a few steps that you should follow through.
- Define your market subsegment. No company has a 100% market share. Focus on your initial group of customers first. Make sure you’re handling this group before expanding.
- Top-down market sizing. First, look at the total market for your offering, and then estimate for your share of the market.
- Bottom-up analysis. Next, you should focus on how an individual enterprise in a sector in performing (compared to other specific enterprises within that sector.)
- Analyze the competition. How many companies are fighting for the market share? How many significant competitors are there? It will show you the portion of the market share you can achieve.
Expanding Your Total Addressable Market with Social Media
You find that the market segment you currently address is not large enough for your company to sustain its desired growth rate. That’s why you’re thinking about expanding your reach to other markets. There are many ways to do it, but today we will focus on social media. It is one of the most cost-effective and easy ways to do it. The social media realm is enormous, but also multi-faceted when it comes to means of reaching new market segments. With their advanced targeting systems, you can choose who you want to achieve according to age, location, interests, and other details.
Today’s tips will help you understand what it means to boost visibility and engagement to spread on your social networks of choice.
- Identify Obstacles on the Road to Expansion
If you don’t know whether a problem exists, you can’t solve it. Assess your current challenges and efforts, audience, and goals. You will probably find areas that are ready for an overhaul. It can be everything from low image quality to inconsistent posting to a lack of audience engagement.
- Get to Know Your Audience through Research
If you don’t know who your followers are, you won’t know the best way to engage them. You should research on which social platforms they use the most as well as what their motivations are. Pay attention to your competitors’ following to find whether there’s a market segment that you’re not addressing. Next, use the platform which that specific demographic uses. Then dig deeper to learn everything you can about them.
- Adjust Approaches for Different Segments
Once you get to know your new audience segments, you should determine what type of approach and content engages each one. To ensure that you’re providing the right kind and amount of material, create a comprehensive publishing schedule. When it comes to social media, one size doesn’t fit all. You’ll need to segment channel-specific and segment-specific strategies to expand your total addressable market.
- Be Consistent
When it comes to social campaigns, consistency is of the utmost importance. Make sure to create a comprehensive publishing schedule. It should include platforms you’re using, links you’re sharing, times and dates you’re posting, and audiences you’re targeting.
- Provide Valuable and Quality Content
Your audience needs to get something in exchange for the attention they give you. It’s a two-way street. So, it’s essential to provide relevant content that’s worth their time. By “relevant,” we mean the material that is educational, knowledgeable, informative, entertaining, and valuable in any way. Also, variety matters a lot. Post various types of content, like articles, blogs, posts, infographics, videos, as well as contests, sales, and special deals. Measure the success of each piece of content to find out what resonates the best with a particular segment. That’s essential if you want to expand your total addressable market.
- Monitor and Analyze Social Activity
By using the above strategies, you’ll be able to increase engagement by honing in on what resonates with your audience. By closely monitoring each social channel, you will maintain and increase participation. Just stay on top of every interaction and make sure to respond appropriately and quickly. Creating and engaging in social conversations is essential. Also, analyze and generate reportsto see what’s working and what’s not. It will help you tweak your social media strategy to perfection.
Without a quality social media marketing tool, you can’t maximize the effectiveness of your social campaigns. eClincher is a social media management tool with a unified dashboard so that you can connect and manage all your social profiles from one place. Also, it enables you to stay on top of all your social media interactions – with unified inbox as well as comments and mentions. Use it to track and measure the success of your social campaigns and produce customized reports. All your social interactions should be personalized and come directly from you, so over-relying on social media management tools would be a mistake. However, tools like eClincher are invaluable when it comes to gathering information and making sure that none of your interactions remains unanswered.
To grow your business by leveraging the power of social media, aim to expand your social reach to expand your total addressable market. By increasing your social reach, you will build online authority, reach specific audiences, and grow your business.