Market Sizing | Our Services | Ruby Cha Cha

Market Sizing

Once a business has a concept they think they can make profitably, there is often a belief from the team or further up the line, that suggests there is a large market ready and waiting.
“Build it and they will come!”

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But this is an overambitious misjudgment and it can be a costly mistake.

In any case you need to have clear information on your market to talk to the board, potential partners, financiers, licensing or acquisition partners.

To successfully bring any idea to market, what is required is an estimate of it’s potential market size. Ideas that could only potentially appeal to a small population is a risky investment. Similarly, those that seem to appeal to a mass market, may not, because we may have missed the boat, or gone to market too early.

These days the consumers seem to be leaping ahead in their sophistication and expectations, so at the very least we need to understand the available and potential market prior to shaping or building on the idea.

There are a couple of key questions to answer when thinking of marketing size research:

  1. Is the potential market size big enough to support the risk? Or are you going for a niche that is worth pursuing? You may find there is a greater market potential than originally thought.
  2. Who is your target audience and what is their preference? You need to understand the size, shape and characteristics of your target audience. From spending habits through to desires and needs, and importantly how they appraise value, will all be important to the success and survival of your launch.
Ruby can help you determine the size, shape and nuances of your potential market.
Using a range of data sources from customer surveys through to trade and industry data we can provide everything from a ballpark estimate to volumetric forecasting. We will provide strategic recommendations and clear opinions on the viability of your idea.

Get in touch with Ruby Cha Cha

Get in touch with Ruby Cha Cha