The Game with Alex Hormozi I created a $100M empire...using this (TAM) formula | Ep 318
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Jul 20, 2021 Unlock the secrets to business growth! Discover the concept of Total Adjustable Market (TAM) and learn three powerful strategies to expand your market: going upmarket, adjacent, or downmarket. Dive into the significance of strategic evaluation for overcoming customer acquisition hurdles. Explore the challenges of building a vertically integrated business while grasping TAM. Plus, gain access to a free Scaling Roadmap designed to guide entrepreneurs through their growth journeys!
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Expanding Your Market
- Increase your Total Addressable Market (TAM) when your niche business reaches a growth plateau (e.g., $1-10 million).
- Carefully consider the changes in delivery and prospect characteristics before expanding your TAM.
Going Upmarket
- Go upmarket by targeting larger organizations related to your current customer base (e.g., associations, franchises).
- This increases leverage and contract size, but requires demonstrated results and experience.
Going Adjacent
- Expand your market by serving adjacent businesses or offering related products/services.
- Leverage existing expertise while increasing potential customers and revenue.