Size IS important!
People often forget to estimate the size of the market they are operating in or hoping to operate in.
Several people I have spoken with recently have done some fantastic work with marketing planning, thinking long and hard about market segments, what appeals the most, what their strengths and USP’s are, along with pricing research, costs to acquire new business, and even gone as far down the line as wonderful logos without even considering the actual size of their target market.
This can be critical in terms of success… just think, how many times have you heard an “I’m out” on Dragons Den purely because of the size of the market?
There are plenty of data sources around, including assistance from the information team at Business Link, but also data bureaus and marketing agencies. Where specialist data is a challenge there are also various methods that can be used for calculations and estimates.
The purpose of this article is just to act as a red flag to remind people not to forget about checking their market size. It could be much bigger or smaller than you think.