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Determine the potential size of your customer base with our market sizing template.
Attest takes the guesswork of launching in a new market, with a smart survey tool:
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Our intuitive platform makes it easy to ask the questions you need answering on your target market or category.
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We’ve got a free market sizing template that can help you understand the size of your target market, perform competitor analysis, uncover how to attract potential customers to your brand, and more.
Are you developing a new product, service or even an entirely new business? How exciting! But also: how scary—especially if you don’t know if there’s a customer base for it, or how big that market is.
Entering new markets should be done with care—and solid data!
Every business plan should include an analysis of the amount of potential customers, their budget and the complete revenue opportunity of that market.
If you’re entering a new market, your hope is that you win over customers from your competitors, but how likely are they to switch? Measuring consumer loyalty to a specific brand is one of the important metrics in market analysis.
The sole purpose of doing research into the potential size of a market, is to determine whether it’s worthwhile to launch your product or service in that market. Will you be able to make enough money to earn back your investments?
Not conducting a market sizing analysis before jumping into a new territory is like jumping in the ocean without knowing how deep it is.
If a market isn’t big enough for another brand, or if customers are too loyal to their current suppliers to make a switch, you’ll be entering without having people to sell to.
Conducting analysis into your market’s sizing is therefore crucial before you start investing a lot of money in expansion, new product development or marketing activities.
Market size is also a vital part of any pitch to investors or stakeholders. They’ll need to know what the odds are of your product to become a success. The more hard data you have, the easier it will be to secure that next round of investments.
A market sizing analysis is of course not a guarantee of how much you’ll sell or how much money you will make, but it can give you an all-important indication.
Conducting research into the size of your market is important before you commit to investing time and money into launching because it can help you determine if there is even a big enough market for your product. It’ll help you find out if your product can be profitable in that market. A market analysis survey can help you make decisions about whether to move forward with your expansion and how much money to invest, or whether it’s best to shift your focus towards something else.
The size of your target market is determined by how many customers, potential or current, there are, multiplied by how much the average consumer is willing to spend on a product or service. You can also look at the current total addressable market, which is made up by the total sales of businesses selling a certain product. You can measure market size by combining your own fresh market analysis research with historical market data and sales numbers.Depending on the questions you ask, you can find out what your expected share of the market is—A.K.A. your serviceable obtainable market, how big the total addressable market is right now, and how big the potential market opportunity is.
A market sizing analysis is the process of estimating the potential size of a market for a product or service. This is done by looking at how many consumers in the target market are interested in the product or service and how much they’re willing to spend on it. The purpose of this analysis is to help you determine if the market is big enough to launch into, market to and sell your product in.
You can use the total addressable market model, perform a bottom up analysis or top down analysis, or even look at data of multiple markets or adjacent markets that are strongly related to the market you’re trying to analyze. You can also use the historical size of a market over time to see how it could evolve over time.
Our research experts have created free survey templates to get you started. To use our market sizing template, all you need to do is sign up for an account.
You can launch your market analysis survey in minutes! Simply sign up and start customising the template to make it right for your research needs, select the audience and watch the results come in on your dashboard.
If you’re in the process of developing a new product, there are likely some other surveys you need to run. Luckily, we’ve got that covered too. Check out our competitive pricing analysis template, to find the right price point for your awesome new product.
Attest is a consumer research platform that enables brands to make consumer understanding a competitive advantage via continuous insights.
We help you launch high-quality surveys and uncover important data from your market. You can reach 125 million people in 59 and we triple-check your data to make sure your insights are high quality.
And our in-house team of research experts is on hand to help you make the most of your market analysis project.