Market Map Maker by Floresco AI: how it works in 8 steps
Sep 5, 2024
With more opportunity than ever for B2B SMEs, and also more competition, it is essential to have visibility on your potential customers.
Insights from a customer market map can completely overhaul your business' long term business development strategy, highlighting the industries and areas with the most potential for your products and services.
What is a customer market map?
In short, the goal of our map is to identify the SAM for your business, which is your Serviceable Addressable Market. That is the subset of all companies which are in a position to purchase and utilise your services.
With this information, we can derive actionable insights regarding your market coverage, new opportunities, and even isolate the most promising companies in the SAM based on similarities with your existing clients.
Step-by-Step Guide
In the following section we break down our process for creating and displaying a customer market map for small to medium sized companies.
Data Collection
Collating relevant data from each of a company's data sources can be difficult. There are often incompatibilities, missing values, type errors, and bandwidth limitations to contend with.
At Floresco, we know how to get data from various platforms with data pipelines into a secure Microsoft cloud database, which is safely locked down with 2FA.
Data Cleaning
Every business intends to keep their data clean, however, in practice most businesses have poor standardisation, out of date information, and poor data collection.
Before endeavouring to analyse or visualise company data, we must first process it. This involves a series of joins, checks and edits to get the data into a useable state.
Enrichment
To properly gauge the wider market, company data alone is insufficient.
We access company data from proprietary sources to provide a level of breadth and depth that cannot be achieved by manual research. Our data providers keep up to date records of the industries, locations, and financials of every single registered company.
After enriching the database with external data, we can map the added companies to existing clients.
Breakdown Existing Relationships
Now the data is prepared and enriched, we are able to give insightful breakdowns of who you have worked with, their industry, size, location, etc… This will help identify trends and patterns in previous work.
Additionally, if your business has multiple services or products, we can display the cross-selling opportunities that exist with previous clients based on their likelihood of further spend.
Establish Coverage
Using the breakdown from step 4, and our proprietary data on companies, we are able to state a percentage for the coverage of any given industry, location, or size in terms of clients worked with.
This is the stage where we can isolate a company's SAM, which is every potential client matching the business' target criteria.
These insights are crucial in developing a business development strategy and identifying the industries or geographies that your business can pivot towards in order to scale.
Create SOM
We have previously discussed the SAM (serviceable addressable market), however, this large list of companies can not actually be serviced by the company we are mapping.
That's where SOM comes in, the Serviceable Obtainable Market is a sensible, trimmed down list that highlights the absolute best opportunities existing in the SAM.
We can derive the SOM by finding companies the most similar to previous clients in terms of their services, headcount, location, incorporation date, and more. Alternatively, we can derive the SOM by considering a given set of ideal qualities if a company wants a drastic shift in the types of clients it is dealing with.
Forecast and Analysis
The final step is to use all the data at our disposal to give key, actionable and strategic insights to the company.
This could involve growth trends in the wider market, or an estimate for the required leads to reach certain scaling goals.
Visualisation
Brilliant insights are only brilliant if they can be accessed and understood by stakeholders throughout a company.
We strive to produce top-of-the-range business intelligence dashboards which are visually appealing and fully interactive.
In Summary
We have honed our customer market mapping process here at Floresco.AI, and automated where possible. We know what it takes to give SMEs a fighting chance!
If the outcomes from this map would be pivotal for your team, but you do not have the resources to carry it out yourselves, reach out today.
We have an established track record of high quality insights, fill out the contact form on our homepage.
