Market Sizing Techniques

4 Ways to Supercharge Sales: #1 Discover Your Core Advantage

Posted by admin on April 5, 2012 at 6:00 am

To be wildly successful and THRIVE as a business today, you need to uncover the core bits of information and “gold nuggets” that will make your business stand apart from the pack – you must discover how to be remarkably different. This is known as your “core advantage.” To discover it, determine the strengths and [...]

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10 Questions to ask before conducting a market research study: #10 Have you pre-tested questions?

Posted by admin on February 1, 2012 at 6:06 pm

The question guide should be pre-tested by a few sample people who will be taking the study. Ask them to point out phrases they don’t understand as well as questions that don’t make sense. Minimize abbreviations and try to write for a regular person. Sometimes, you may want to have a sixth grader take the [...]

Market Sizing: Link to another market

Posted by admin on July 18, 2011 at 7:00 am

In the “link to another market” method for market sizing, you will extrapolate your market size from a similar market. Numbers can be used from markets that are directly proportional to the one you are studying. For example, if you know the number of hot dogs being sold, you can make a solid estimate as [...]

Market Sizing: Brainstorming Method

Posted by admin on July 4, 2011 at 7:00 am

If you’ve reviewed the six market sizing techniques I’ve just discussed and not of them seem to fit your example, perhaps brainstorming might be the answer to find out the size of the market in question. Find a couple of colleagues to brainstorm with – or hire a firm like The Resarch Advantage – and [...]

Market Sizing: Survey Method

Posted by admin on June 6, 2011 at 1:00 am

The “survey” method for market sizing can be time consuming. However it can be effective for small, obscure markets for which there is no data for your market, and no related markets for comparison. It is also effective in markets in which there are 50 or fewer manufacturers of the product. In the survey method, [...]

Market Sizing: Similar Market Method

Posted by admin on May 16, 2011 at 7:00 am

In the “similar market” method for market sizing, you will try to size the market for your product by looking at similar markets. The first step is to select a similar market to yours – in size or behavior. For example, the British or Canadian markets might be similar in behavior to the United States; [...]

Market Sizing: Demographics Method

Posted by admin on May 9, 2011 at 1:00 am

When using demographics, find comprehensive data from the country census bureau regarding number of persons, including age and income percentages.   In the United States, census information can be found at http://www.census.gov.   Information can be found for the country as a whole, by state, county and city.  Demograhics include age, income level and a host of [...]

Market Sizing: Players Revenue Method

Posted by admin on May 2, 2011 at 4:32 am

For Players revenue, gather information from articles, annual reports and company documents about the total revenue in a market; add in revenue from major players. For smaller players, extrapolate this from estimating number of employees or yearly sales. You might want to start with Factiva and search for articles regarding an industry; sometimes they will [...]

Market Sizing: Bottom-Up Method

Posted by admin on April 25, 2011 at 6:10 am

In the Bottom-Up method for sizing a market, you will track number of units sold or number of contracts awarded. A few ways to obtain this information include: –  Scan press releases, news articles, blogs , company web sites, and company financial reporting documents for mentions of units sold or produced. This is harder to [...]

Considerations in Sizing a Market

Posted by admin on April 18, 2011 at 5:54 am

Before you begin in calculating a market size, stop to consider what exactly you are trying to measure. How do you define the market? How can you determine market share? What countries to include? How will you measure market size?