It’s time I took the “magic” out of determining the “market size” for your product.
Who cares about the market size in some “metrics” report you found online?
It’s silly, in fact, it’s out right ridiculous, to assume you will get 1% or 10% or 50% of some number…
…based on archaic census data used in that report.
Aren’t you still left asking yourself … How will I market (or sell) my product to them?
At most, the number you have is a “guess”.
But look, it’s not your fault…
..There hasn’t been a more accurate, better method, to determine the market size for your product until now.
The “Market Size Method” unveiled.
If you’re selling a product (or service) to a person (or small business), why not just use the largest people database on earth?
Yes, I said Facebook.
Facebook is pretty much the largest database of people on earth, with over 1.86B users to date.
Here is how the “Market Size Method” works:
- Use FaceBook Audience Insights (you may need to create a free business account)
- Enter Your Target Country in the Location box.
- Enter Your product’s market category in the Interest Box. (you may select multiple related categories). If you can’t find an appropriate category, then think about all the competing and complementary products/services people like on Facebook. For example, if your product is a identity theft product then people who like the company Life Lock would be in your market. Include all large competitors & complementary products/services.
- Narrow based on demographics (i.e. can everyone afford your product?)
- Take the number of Monthly Active People
- Market Size (Total Gross Profit) = Monthly Active People X Retail Price of Your product.
- Repeat for every country you’d like.
Why the “Market Size Method” works better than the “traditional method”.
You have just defined a marketable audience on Facebook using current and active data (not old, outdated, consensus data).
Meaning … You can sell your product to these people right now on Facebook (assuming you have the budget).
There’s no guessing. We are using the most accurate and current information available to us today.
What is the market size of your product?
Did the “Market Size Method” work for you? Did it not work?
Please comment below!
If you’d like more helpful insight into developing your product.
Click the image and Grab the Free Report!