we evaluate the product is the first in a series of exercises to assess market opportunities. It ensures that we are clear about the value to potential customers before we explore the market in detail.
we do in house research. It is targeted, three step process to assess the market, identify your customer base and size up the competition. It can only provide hypothetical conclusions, which field research will either confirm or change. It will provide us pieces of the market opportunity assessment puzzel but the key is having a framework to discern which of them are edge pieces, centre pieces and corners. A sound approach can do this, allowing insight into how all the pieces fit together.
we distinguish between the addressable and available markets. The addressable market is the total revenue opportunity for the product or service. The available market is the portion of the addressable market for which company can realistically compete. This is based on many factors, including geography, resources, capacity constraints, etc.
Once we are clear about this distinction you can begin to collect data to size the addressable market. Sources include market studies, journals and government reports.
We quantify and segment the market and then to use the collected variables and data to estimate the available market.
we stand out in this area we start by defining the customer types along the value chain in the target markets, from sub-component manufacturers to OEMs to end users. In addition, there can be “indirect” customers who have influence over the adoption of the product. These include industrial design firms and standards bodies as well as companies that offer goods or services that are compatible. Next, name the potential customers and rank them.