market-research, target-market, market-sizeI hope that this isn’t a naive question, is there a way to get the following info if a pre-start up doesn’t have any funds to pay D&B for it?
Market Size
Segments of the market
Market segmentation on a geographical basis (US, Europe, Canada, etc.)
Estimated Market Volume for the product? How many units are sold yearly? US and Global? How much money is spent yearly? For example, Home Appliances, Laundry, Dry-Cleaning, Hardware, etc.
Future Forecast and Potential for the product? (financial)
The answer to that question would change based on the sector and product type. If there is a market for the product already, you can get some idea by combining info from government databases and the public parts of research firms’ reports.
If a readily available market doesn’t exist for your product, you can extrapolate from similar products. To be as correct as possible, I advise you to have a casual poll: you should go talk to the customers of that product and try to understand what percent of them would transfer to yours.
You can always try to understand the size of your market by deciding who your customer is and following the leads of others who target the same customer base.
For example, if I had an idea for an e-mail app, I’d start with global e-mail users and then start eliminating the parts of the market that I can’t readily serve. A quick google search would give me data about global market size and the percentage of business email. Since outlook dominates business email market, I can easily cut them off. I don’t think that people who are using their emails casually would pay for a mail application so I can drop them too. The best market for my email app seems like freelancers, and small businesses that can’t afford Microsoft’s licensing fees so I can start thinking what percentage of the general population is freelancers or employees of small businesses. Then I can do simple math on the data I have and try to understand if my reasoning is sound.
Then I can go to potential customers and talk to them about their solutions for email and try to understand if my assumption is true. Then I would correct the data as needed.
If I was creating something niche like a machine for plastic bag makers, I would go talk to the manufacturers directly and talk to them in the first place. My reason for that is, the manufacturers would know each other and they would be a small community and talking with a few of them will be enough to understand the market.
If you explain what your product is about we could think specifically about your product.
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