The brutal truth of inventing is this:
And it’s even more expensive if you follow the, terribly outdated,
traditional market size computation touted by those “business experts”.
But the fact remains that you need customers – the more customers you have, the more money you make.
That’s why I wanted to show you how Jim (inventor of the Lazy Drinker) used my Market Size Method to discover his product’s $9.75B market potential.
But First, What’s the Market Size Method?
I recently wrote a blog post about why the traditional method for determining your product’s market size is horribly unrealistic and outdated, you can read about it here: The Traditional Business Plan “Market Size” Computation Debunked.
It’s a step-by-step instruction on how to use it. Check it out now, I’ll wait. 🙂
Now that you’re familiar with how the Market Size Method works, let’s talk about on inventor who used this method to generate his very realistic $9.75B market size and how it’s helping him.
Here’s How Jim Beyer Used the Market Size Method To Determine His Product’s Market Massive Market Potential.
Let’s dial this in..
The Market Size Method uses real-time data (from Facebook) to determine your product’s market size. You can then easily start marketing your product using the market size method data.
Well Jim Beyer previously tried to cobble together the market size for the Lazy Drinker using metrics collected from the NCAA and a few colleges providing tailgating statistics, it would take him hours…
From there, like most people, he made some assumptions about what % of the market he could obtain.
Jim still didn’t have enough information to effectively market his product to these people.
Fail. How can you sell your product to people if you can’t reach them?
So what did Jim do?
Jim used what I call the Market Size Method, he determined his market size in about 15 minutes.
And … went on to say “…the Facebook research gives me a target market that I can actually advertise directly to rather than my research is general public that I have to find somehow.”
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