Total available market (or TAM) is a phrase used to describe the size of a particular market opportunity. The Fortune 500 has been able to reach and address large segments of a given total available market, particularly in relation to the small business community’s ability to do so. The Fortune 500 are able to do this through a variety of means that have historically been available only to large businesses operating at scale. Some of these advantages include: large sales and marketing operations; extensive geographic reach; the ability to respond to custom requests from customers; and the ability to develop new, but appurtenant products and services.

The small business community, on the other hand, has faced major constraints in its ability to reach large segments of a total available market. Historically, small businesses have lacked the resources, time, and capital required to address large swathes of the market. Now, however, the Internet is making it much more efficient and cost-effective for even the smallest of businesses to reach and address larger segments of a total available market. This Brief looks at some of the tools and techniques that can help small businesses address TAM just like a F500 enterprise would. It’s part of series of Briefs that examine how even the smallest of businesses can build a F500 enterprise from scratch.

Analysis

Here are seven tools that a business of any size can use to address a larger portion of its target market:

Ad networks: There are literally hundreds of ad networks that can help a business reach a more expansive target audience. These networks come in many shapes and sizes and offer advertisers different pricing models (CPM, CPC, CPA, etc.), different forms of ad creative (display, text, video, etc.), and different targeting options (contextual, geographic, target profile, etc.). Most importantly, some of these networks offer every business the opportunity to test small campaigns before buying into large, production level agreements. You can see a list of the top ad networks here: Comscore Top 25 Ad Networks.
Paid search: Paid search is one of the easiest, most effective ways to expand a business’ market reach. Tools such as Google AdWords and Microsoft's Search Advertising allow businesses to reach broad geographic locations, including international markets. Through keyword suggestion tools, paid search can also provide small businesses with insight into adjacent markets by recommending new keywords that buyers may be using to look for your products or services.
Outsourced telemarketing: Telemarketing services have never been easier to leverage when it comes to reaching a new segment of the market. Businesses can now engage with third-party telemarketers in efficient and cost-effective ways. Whether it’s month-to-month contracts, pay-for- performance pricing, or easy set up and training, any size business can now test a telemarketing service with relative ease. Companies like LiveOps are making call center technology and a virtual telemarketing workforce available to everyone.
Online demand channels: There are a range of Web sites that will now promote and sell your product for you. Some, like Alibaba, provide reach into international markets, while others, like eBay Business, provide incremental reach on top of your traditional sales and marketing channels.
Efficient ecommerce: There have been a lot of quiet innovations in the world of ecommerce recently. Some F500 companies are encumbered by complex, legacy ecommerce operations, but small businesses can capitalize on these innovations with relative ease. To see a great example of some of these innovations at work, check out Glyde which has taken frictionless commerce to new levels.
Translation services: Many businesses see a lack of language skills as a major obstacle to entering new, international markets. While this is an area where small businesses should exercise caution (the quality of translation services varies), there are a number of online and offline services available. For example, many professional translators use the Microsoft Translator as backup, while vendors like New Global provide easy-to-consume, personalized translation services.
Web conferencing/telepresence: Online conferencing solutions now provide small businesses with the geographic reach that used to be the exclusive domain of Fortune 500 travel budgets and sales forces. Citrix, WebEx, and Adobe all provide low-cost, enterprise-class options for conducting online meetings with prospects, partners and remote employees.

Conclusion

These are just a few of the tools that a small business can use to replicate the capabilities of a Fortune 500 enterprise. I’m sure there are others, so please feel free to add to this list in the comments.