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Estimating the market size | MaRS

Estimating the market size | MaRS | marketing tips | Scoop.it

Sizing the market is a necessary task for business and marketing planning, and budgeting for all start-ups, especially those that seek third-party financing such as venture capital. Even though their investment philosophies may differ, most VCs and angel investors would like to know that they are investing in a market with a large potential size (typically, at least $1 billion).

mcgrawmarketing's insight:

A nice introduction and overview of how to estimate the size of a market.  I would add that when you get to setting goals, it is extremely helpful to look at your competitors performance over time.

 

For example, if the market leader currently has 10% of the market and it took them 10 years to get there...you probably shouldn't be projecting 15% share within 5 years for your own business unless you have a solution that will revolutionize the market.

 

 

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Kevin Tu's curator insight, April 9, 2013 5:32 PM

this article suggests that as a marketer, you need to know the size of your market first before you do any plan on it. in my onpion that is very imporant becasue that can help you to budeget your program, Knowning how big is the tartget market so you can know how much money you should spend on per head and to caculate whats the return on investment.

 

mcgrawmarketing's comment, April 9, 2013 9:35 PM
Completely agree Kevin...thanks for sharing!
록시's comment, April 10, 2013 1:52 AM
Good point Kevin. without knowing your market there wont be good business planning including the budgeting.
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SMART Goal Setting a Solid Foundation

SMART Goal Setting a Solid Foundation | marketing tips | Scoop.it

SMART goals can help focus your organization on your vision, improve productivity and efficiency.  Specific.  Measurable.  Attainable.  Relevant.  Timely.

mcgrawmarketing's insight:

Note from Pat: One of the most common challenges I see when working with clients is the lack of goals...no, let me reword that...a lack of SMART goals.  Telling everyone that "...revenue is going to increase 10%" is NOT as useful as "In 2013, revenue will increase 10% from X to Y, thought the launch of new Product A and B."

 

(Then include specific goals for Products  A and B.)

 

Support the goals with a 'waterfall' that shows inquiries, leads, sales ready leads, buyers, average order size, average profit per sale....the key metrics you need to achieve your vision.

 

What have you found works best for your business?  What has been your greatest challenge setting goals?

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