7 Time-Tested Rules for Marketing and Growing Your Business

According to Jay Abraham, also known as the “Billion Dollar Man,” being a true entrepreneur has always been about finding a way to connect with the human spirit and providing value to people’s lives. This may sound easy, but accomplishing it is rare.

5 Strategies to Effectively Determine Your Market Size

Besides developing an exceptional product or hiring the right talent, doing some much-needed market research is the most critical step for any startup. A part of this research should involve market size. Without knowing your market size, you may be conducting business in a market so small, it’s next to impossible to make any money.

Understanding market size helps you distinguish between two categories: the addressable market, which is the total revenue opportunity for your product or service; and the available market, which is the portion of the addressable market for which you can realistically compete. By outlining the difference between these two, you can develop a product offering to tackle that consumer sweet spot.

Without a solid grasp on your market size, you endanger your business’ success in not only the early stages, but also throughout its entire life cycle.