Activity – How big is the market?

No Comments Share:

As for the market you need to determine the following.

  1. Is the market big enough to interest you?

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

  1. How rapidly is the market growing?

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

 

  1. What segments are most interesting?

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

 

  1. Is the market profitable enough?

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

………………………………………………………………………………………………………………

In order to determine the market size you can carry out the following activities;

  1. Read through government statistics regarding the sector you are interested in.
  2. Get information from associations that are related to that sector like the private sector alliance.
  3. Search for published sources of data regarding the market from academic research projects.
  4. Carry out interviews with potential customers using social media platforms and telephone calls.
  5. Carryout overview discussions with several suppliers in that sector.
  6. Carry out written surveys using online survey tools and printed questions.

As you discover the market size information it is important to put into consideration the assumptions you have regarding the market so that you can test these assumptions as you go along. You will most certainly form new assumptions as you get a better understanding of the market segment.

Print Friendly
Previous Article

The price to pay as an entrepreneur

Next Article

Do I have what it takes?

You may also like