Determining the Market Size of a Product

The two quickest and most common ways entrepreneurs use to determine the market size are the top-down and the bottom-up approaches.

One of the most important things to know before you even think about turning an idea into a product is the size of the market you’re going to be targeting.

You might have a great product, a cutting edge website, a well-trained and enthusiastic team, and customers who love your product, but your company might still run at a loss if there aren’t enough customers in the market to support the business

To avoid such a situation, professional entrepreneurs and investors conduct market sizing exercises before investing in a new business.

Don’t find customers for your product, find product for your customers- Seth Godin
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