The SOM is the list of potential customers who have a need or want for your product or service and the ability to pay for it. Building an accurate list of your SOM is crucial in determining the success of your business.
1. A Better understanding of your target market: When you know your SOM, you have a better understanding of who your target market is and what they are looking for. This allows you to create content and marketing strategies that are more likely to resonate with them.
2. Improved focus: Knowing your SOM allows you to laser-focus your content and marketing efforts. This improved focus can lead to better results and a higher ROI for your business.
3. More effective marketing: When you know your SOM, you can create more targeted and effective marketing campaigns. This leads to increased brand awareness and more customers through your doors.
4. Greater customer loyalty: Customers who feel like they are being marketed to in a way that is relevant to them are more likely to be loyal to your brand. This loyalty can lead to repeat business and referrals, both of which are great for your bottom line.
5. Increased profits: When you know your SOM, you can make sure that your marketing and sales efforts are as effective as possible. This can lead to increased profits for your business.
There are four different types of Serviceable Obtainable Market(SOM).
1. Total Addressable Market (TAM): This is the total market for a product or service, including both potential and current customers.
2. Served Available Market (SAM): This is the portion of the total market that is actually being served by a company, either through its own products or through resellers or distributors.
3. Serviceable Obtainable Market (SOM): This is the portion of the served available market that is within a company's reach, taking into account factors such as geographic location, distribution channels, and marketing efforts.
4. Target Market (TM): This is the specific segment of the serviceable obtainable market that a company targets with its marketing efforts. The target market may be defined by demographic characteristics, such as age, gender, income level, or geographic location. Alternatively, it may be defined by product or service needs, or by psychographic or lifestyle characteristics.
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