Warning: Declaration of WPBakeryVisualComposer::addShortCode($shortcode) should be compatible with WPBakeryVisualComposerAbstract::addShortCode($tag, $func) in /home/johnd13/public_html/mercatorlabs.com/wp-content/themes/Supreme_v1.3/supreme/includes/page-builder/composer/lib/composer.php on line 0

Warning: Declaration of DropDown_Nav_Menu::start_lvl(&$output, $depth) should be compatible with Walker_Nav_Menu::start_lvl(&$output, $depth = 0, $args = NULL) in /home/johnd13/public_html/mercatorlabs.com/wp-content/themes/Supreme_v1.3/supreme/includes/plugins/dropdown-menus.php on line 0

Warning: Declaration of DropDown_Nav_Menu::end_lvl(&$output, $depth) should be compatible with Walker_Nav_Menu::end_lvl(&$output, $depth = 0, $args = NULL) in /home/johnd13/public_html/mercatorlabs.com/wp-content/themes/Supreme_v1.3/supreme/includes/plugins/dropdown-menus.php on line 0

Warning: Declaration of DropDown_Nav_Menu::start_el(&$output, $item, $depth, $args) should be compatible with Walker_Nav_Menu::start_el(&$output, $item, $depth = 0, $args = NULL, $id = 0) in /home/johnd13/public_html/mercatorlabs.com/wp-content/themes/Supreme_v1.3/supreme/includes/plugins/dropdown-menus.php on line 0

Warning: Declaration of DropDown_Nav_Menu::end_el(&$output, $item, $depth) should be compatible with Walker_Nav_Menu::end_el(&$output, $item, $depth = 0, $args = NULL) in /home/johnd13/public_html/mercatorlabs.com/wp-content/themes/Supreme_v1.3/supreme/includes/plugins/dropdown-menus.php on line 0
Mercator LabsA Guide To Evaluating Market Size: | Mercator Labs

A Guide To Evaluating Market Size:

evaluating market sizeIn an earlier post on Mercator Labs, we discussed different types of market opportunities as new companies aim to enter existing markets or create entirely new markets. Both of those avenues require significant background research as those companies’ backbone consists of evaluating market size and the potential for growth. This post explores some ways to go about evaluating market size

Market Research: Defining the Space

In a world chalk full of data and research, it becomes a bit daunting on how to attack this topic of defining a market opportunity for any given product or service. First thing’s first: keep it simple, stupid.

Address the questions you are looking to explain in the simplest, clearest terms. Most things can be compartmentalized and when it comes to evaluating market size, this is a good approach:

What business sector/s does my product or service target?

Remember, evaluating market size is an equation: you have a list of variables that we need to unearth in order to solve for. But before we assign rules and restrictions to those variables, we need to be crystal clear about the space we play in. It sounds silly, right? Who knows your product better than the founding team? But remember- you are explaining it to folks that aren’t familiar with your product or service. It’s vital to clearly define the business sectors you will be operating in as well as the specific markets your product or service will offered in.

What is the market size (dollar value) of the opportunity within this business sector?

The top 25 market research firms employ over 100,000 people generating over $15 billion in research-related revenue. There is a multi-billion dollar industry that is built off of market research, some of which could be leveraged to help sell your market sizing opportunity.

If you’re not as familiar with market research reports, read the blog for Nielsen or download some of their free reports.

If you are familiar with these reports, begin honing in on companies that cater to the verticals your product or service are geared towards. They will have more detailed and contextual analysis available for that particular market opportunity.

Alternatively, several startups will use their own data to help build insights and branding. As long as they’re not direct competitors (or maybe that could even work in some instances), it can complement broader market research provided by larger firms.

Who is my target demographic?

While you can paint a fairly clear picture with business sector data, demographic data can help bolster the overall opportunity if your product or service focuses on a particular age or gender. For macro considerations, it’s helpful to turn to the World Bank or the IMF. Urban data is becoming increasingly more popular as several startups are focusing on densely populated urban areas. Quick links for city/urban data include City-Data.com, Census.gov, as well as the World Urbanization Prospects produced by the United Nations. There is complementary data provided by companies such as eMarketer as well.

Understanding how you believe consumers will use your product or service will allow you to target specific data to back up projections.

Who are my direct competitors?

This is a common question you will be asked by a multiple of folks along your journey to building a successful company. Identifying the top players and even smaller niche players that could grow at the same type of projections is key.

It’s imperative to identify the biggest breadth of the market you can that you’re looking to disrupt or develop. That begins the path of creating an ecosystem of companies. Once you have an ecosystem established, you lay out a set of criteria: price, product offering, size, distribution, value proposition etc.

There are plenty of tools to start answering these questions once your ecosystem is established: Compete and Alexa for distribution, Google AdWords Keyword Tracker for size, competitors’ websites for value proposition, price and product offering. Even Google Alerts on specific keywords or companies you wish to track.

Establishing market opportunity and ultimately the size of the prize is both an art and science. You are building multiple concentric ecosystems with specific criteria that fit what your product or service is ultimately addressing. This plan will inevitably change with unexpected twists and turns on adoption, costs and a number of other factors meaning that market opportunity model needs to keep adapting to the changing environment.

0 Comments

  1. PeterAlgor April 15, 2019 Reply
    Your comment is awaiting moderation.

    Superb forum posts. Thank you!
    http://canadianonlinepharmacynnm.com/
    canadian prescription drugs
    north west pharmacy canada
    prescription drugs canada
    online pharmacies of canada

  2. ScottHop April 15, 2019 Reply
    Your comment is awaiting moderation.

    You expressed it wonderfully.
    http://talahicc.com/
    visit poster’s website
    canadian online pharmacies
    meds online
    canada drug

  3. PatrickSix April 15, 2019 Reply
    Your comment is awaiting moderation.

    Really all kinds of fantastic knowledge.
    http://canadianpharmacysilo.com/
    canadian pharmacy reviews
    canadian viagra
    cialis online
    canada drugs online

  4. PeterAlgor April 15, 2019 Reply
    Your comment is awaiting moderation.

    With thanks! Wonderful stuff.
    http://canadianpharmaciescubarx.com/
    northwest pharmacy canada
    canadian pharmacies online
    canadian meds
    aarp approved canadian online pharmacies

  5. ScottHop April 15, 2019 Reply
    Your comment is awaiting moderation.

    You mentioned that terrifically.
    http://canadianonlinepharmacynnm.com/
    online pharmacies
    north west pharmacy canada
    canada drug
    northwest pharmacy

  6. PatrickSix April 15, 2019 Reply
    Your comment is awaiting moderation.

    Kudos, I like this.
    http://talahicc.com/
    canada drugs pharmacy
    canada pharmaceuticals online
    canadian pharmacy viagra brand
    canadian cialis

  7. PeterAlgor April 15, 2019 Reply
    Your comment is awaiting moderation.

    You reported it terrifically.
    http://canadianonlinepharmacynnm.com/
    mexican online pharmacies
    canadian online pharmacies
    canada pharmacies online
    canadian pharmacy online

  8. ScottHop April 15, 2019 Reply
    Your comment is awaiting moderation.

    Thank you. An abundance of info.

    http://canadianpharmaciesnnm.com/
    prescription prices comparison
    london drugs canada
    pharmacy without dr prescriptions
    northwest pharmacy

  9. PatrickSix April 15, 2019 Reply
    Your comment is awaiting moderation.

    Regards, Plenty of info!

    http://canadianonlinepharmacynnm.com/
    my canadian pharmacy
    canada online pharmacies
    canadian pharmacy meds
    mexican pharmacies shipping to usa

  10. PeterAlgor April 15, 2019 Reply
    Your comment is awaiting moderation.

    You stated this wonderfully.
    http://canadianpharmacysilo.com/
    mexican pharmacy online
    canadian pharmacies without an rx
    canadian pharmacies shipping to usa
    online pharmacies canada

  11. ScottHop April 15, 2019 Reply
    Your comment is awaiting moderation.

    Amazing quite a lot of wonderful material!
    http://canadianpharmacysilo.com/
    visit poster’s website
    canadian viagra
    costco pharmacy pricing
    northwestpharmacy

  12. PatrickSix April 15, 2019 Reply
    Your comment is awaiting moderation.

    You actually said that superbly.
    http://www.canadianpharmacymsn.com/
    canadian drugstore reviews
    canada drug
    buy online prescription drugs
    north west pharmacy canada

  13. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    You expressed that terrifically!
    https://nicktambone.com/
    compare prescription prices
    canadian pharmacies-24h
    canadian pharmacies online prescriptions
    canadian pharcharmy

  14. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    Tips nicely taken.!
    http://canadianpharmaciescubarx.com/
    canadian prescriptions
    canadian pharmacy
    best canadian pharmacies
    canadian pharmacies-24h

  15. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Thank you. I appreciate it.
    http://canadianpharmacymim.com/
    trust pharmacy canada
    canadian pharmacies that ship to us
    walgreens pharmacy
    northwestpharmacy

  16. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    Good information. With thanks.
    http://talahicc.com/
    online pharmacy without a prescription
    northwestpharmacy
    onlinecanadianpharmacy.com
    canadian pharmacies online

  17. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    You mentioned this terrifically.
    http://www.canadianpharmacymsn.com/
    rx online
    canadian pharmacy
    canada pharmacies online
    global pharmacy canada

  18. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Awesome postings, Thanks a lot.
    http://canadianpharmaciescubarx.com/
    mexican pharmacies
    mexican pharmacies shipping to usa
    drugstore online
    canadian pharmaceuticals online

  19. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    You definitely made your point.
    http://canadianpharmacyntx.com/
    canadian pharmacy no prescription needed
    trust pharmacy canada
    best online international pharmacies
    canadian online pharmacies

  20. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    Nicely put, Appreciate it!
    http://talahicc.com/
    safe canadian online pharmacies
    north west pharmacy canada
    prescription cost
    canada pharmaceutical online ordering

  21. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Cheers, Plenty of info.

    http://canadianonlinepharmacynnm.com/
    canadian drug store
    canadian pharmacies-24h
    cialis canadian pharmacy
    canada pharmacy online

  22. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    Nicely put. Thank you!
    http://canadianonlinepharmacynnm.com/
    canadian prescriptions
    canadianpharmacy
    discount drugs online pharmacy
    northwestpharmacy

  23. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    You actually revealed this really well!
    https://nicktambone.com/
    mexican pharmacies
    canada online pharmacies
    overseas pharmacies
    canada drug

  24. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Nicely put, Regards!
    http://canadianpharmaciescubarx.com/
    price prescription drugs
    online pharmacies canada
    safeway pharmacy
    trust pharmacy canada

  25. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    Cheers, I like it!
    http://canadianonlinepharmacynnm.com/
    canadian mail order pharmacies
    canada online pharmacies
    best online pharmacy stores
    canadian pharmacies without an rx

  26. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    Many thanks! A good amount of posts!

    http://www.canadianpharmacymsn.com/
    cialis canadian pharmacy
    canadian pharmacy online
    best canadian mail order pharmacies
    north west pharmacy canada

  27. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    You definitely made the point.
    http://canadianpharmacymim.com/
    canadian online pharmacies
    trust pharmacy canada
    prescription drugs online without
    global pharmacy canada

  28. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    Amazing a lot of fantastic material!
    http://canadianonlinepharmacynnm.com/
    prescription drugs without prior prescription
    canadian pharcharmy
    prescription prices comparison
    canadian cialis

  29. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    Many thanks. I enjoy it!
    http://canadianpharmaciescubarx.com/
    pharmacy cost comparison
    global pharmacy canada
    no prescription online pharmacy
    canada pharmaceutical online ordering

  30. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Terrific content. Regards!
    http://www.canadianpharmacymsn.com/
    trust pharmacy canada
    london drugs canada
    drugs online
    canada pharmacy online

  31. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    Many thanks. Awesome stuff!
    http://canadianpharmacysilo.com/
    discount pharmaceuticals
    mexican pharmacies shipping to usa
    online canadian pharmacies
    canadian cialis

  32. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Really lots of beneficial advice!
    http://canadianpharmacysilo.com/
    international pharmacy
    trust pharmacy canada
    pharmacies near me
    canadian online pharmacy

  33. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    Good write ups. Thank you!
    https://nicktambone.com/
    online pharmacies no prescription
    canada pharmaceuticals online
    prescription drugs canada
    canada drugs

  34. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    Wow quite a lot of awesome data!
    https://nicktambone.com/
    online canadian discount pharmacy
    online pharmacies of canada
    prescription drugs online without doctor
    canadian pharcharmy

  35. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Very good postings, Kudos.
    https://nicktambone.com/
    mexican online pharmacies
    north west pharmacy canada
    pharmacy prices
    canadian pharmacies

  36. PeterAlgor April 16, 2019 Reply
    Your comment is awaiting moderation.

    You actually stated that adequately.
    http://canadianpharmaciesnnm.com/
    northwest pharmacy canada
    canadian pharmaceuticals online
    canada pharmacy online orders
    canadian pharcharmy

  37. ScottHop April 16, 2019 Reply
    Your comment is awaiting moderation.

    You reported it terrifically.
    http://canadianpharmacysilo.com/
    get prescription online
    online pharmacies of canada
    canada pharmacy online no script
    canada pharmacy

  38. PatrickSix April 16, 2019 Reply
    Your comment is awaiting moderation.

    Many thanks! Lots of facts!

    http://canadianonlinepharmacynnm.com/
    best online pharmacies canada
    canada drugs
    rx pharmacy
    northwestpharmacy

Leave a reply

Your email address will not be published. Required fields are marked *

*