Total Addressable Market + Fleet Data = “Fleet Addressable Market”
Have you ever acquired a prospecting list and found many of the companies don’t have the fleets you serve?
If so, after overcoming the frustration, you know why “Fleet Addressable Market” (FAM) matters …
What is FAM and how to measure it
Fleet Addressable Market is a well-defined set of companies with fleets that your product can serve effectively.
The criteria must include at a minimum:
- Total fleet size
- Duty (light, medium, heavy) and/or Class (1 to 8) that you serve
- Key industries based on accepted (consensus) definitions
- Geographic constraints
Depending on what you sell, your fleet market might need additional criteria such as vehicle type, fuel type, brand, insurance details.
Gather accurate, precise data — don’t make guesses or assumptions of FAM.
How FAM can help you make investments
Many of your customers should already be in your FAM “sweet spot.” Which means your playbook is scalable.
But the market is not infinite. As you acquire data, avoid essentially defining your market based on factors like “this list source has emails” or “this fleet data is inexpensive.”
Because this can take you off the path from reaching who you wish to serve. If you do this, you wind up shrinking the data in your addressable market that’s available to you … for reasons that have nothing to do with the criteria that your FAM accounts should be based on.
When you find fleet data that delivers the accounts in your Fleet Addressable Market, acquire that account data. There are many sources of contact, email, and phone data available, all with their own strengths and weaknesses, so you can multi-source to fill holes in contact data. But fleet data is not available everywhere, and finding a data match to your full FAM can be rare.
#1: Ensure you have the accounts in your market.
Keeping FAM relevant quarter to quarter
Good news: fleet data typically does not change rapidly, unlike contact data.
But not to be lulled, total company vehicle count changes can be abrupt for individual accounts in your data because of fast growth, bankruptcies or acquisitions.
Fleet change provides important signals to your business like increased leasing, and evolving vehicle class composition that you have to react quickly to.
It is critical to review fleet data across your accounts quarterly, or semi-annual at the least.
Now you don’t have to guess (or be frustrated) again!
If you need help identifying your Fleet Addressable Market, contact us about our database of trucking fleets and other companies with fleet vehicles called ProsperFleet.
President & CEO at Valgen
Rainmaker extraordinaire for our clients. Turns databases into gold. Analytics executive and entrepreneur with a track record of producing significant and sustained revenue gains for sales teams in fleet, transportation, high tech & financial services.