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Market Sizing Checklist

 

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Market Sizing Checklist Market size is a measurement of the total potential volume of a given market for an organization in terms of target customers, competitiveness, and available finances. Read this Market Sizing Checklist to find out what steps can be taken to determine size of the market your business operates in.


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Define Target Audience.

  • Identify people for whom your product/service solves a specific problem
  • Analyze the needs and demands of those people
  • Determine their age, average income, education, location, habits,
  • Understand how your prospects make their decisions regarding purchase
  • Use all this data to profile your potential buyers and have a detailed description of your target audience
  • Estimate the total number of your target customers in the marketplace
  • Try to understand what improvements can be made to the product/service in order to make it closer to your customers

Calculate Market Penetration Rate.

  • Estimate the total number of prospective customers available in your market
  • Review your sales statistics over the last several months
  • Determine the total number of customers who have actually purchased your product/service
  • Calculate your market penetration rate by dividing the total number of your actual customers by the total number of prospects
  • Manage your product/service sales through regulation and research if the penetration rate appears to be high
  • Consider making some serious changes (e.g. redesign) to your product/service sales if the penetration rate is low
  • Consider using various penetration methods (e.g. direct sales, licensing, joint venture) to increase the rate

Explore Market Potential (Volume and Value).

  • Calculate market volume by multiplying the number of your target customers by the penetration rate
  • Estimate average value of your product/service (in terms of price, expectations, quality, demand, etc.)
  • Calculate market value by multiplying market volume by your average value
  • Explore market potential by summarizing market volume and market value
  • Estimate time your company will need to exploit the potential
  • Estimate maximum sales revenue to be generated over that period

Determine Market Size.

  • Understand the competitive advantages of your business in the marketplace
  • Carry out a competitor analysis to understand your chances to overcome the competition
  • Figure out what amount of financial resources you are ready to invest in improving your competitiveness
  • Estimate the total volume of sales you can reach with the current level of competitiveness
  • Explore whether you are able to meet the demands of your target audience with the current level of competitiveness
  • Determine the size of your market......


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