Most businesses can have multiple ideal customer profiles (icp). To be successful they will need to focus on each icp individually, rather than trying to sell a generic solution. The total number of icps they can target is their TAM.
It will be easier to explain what i do if i walk you through it and give you an example.
In this example lets say the business provides AI products.
1. Define an icp and build a database of decision makers.
Lets say the icp is sme medical practices in the usa, the decision maker is the practice manager and the total size of the database is 15000. That is your SAM for this icp.
2. Ask the decision maker would they be interested in a free subscription to a newsletter of product + icp. In this example the newsletter would be AI for medical practices.
3. Those that say yes become the obtainable market for this icp. That is your SOM. The newsletter is so niche and relevant to them, in my experience most sign up.
Enough sign up and you use the newsletter to test for AI product ideas and position yourself as an expert, then push product ideas. Those that resonate you can build. You can even monetize the free newsletter itself with ads etc.
If they dont sign up, you are unlikely to have success selling into this niche as they appear to be uniterested in AI, you should move on to another icp and dont even bother with the newsletter, let alone developing a product.
4. Repeat 1-3 for each icp.
This newsletter approach is the cheapest way i know to build highly targeted b2b leads and get market validation for product ideas before you even bother developing a product, as once signed up it is $0 cost to reach out to them.
