We don’t always have time to do a full market research study and purchasing them of the shelf can be expensive. In early stages, the internet is often sufficient to get a basic understanding of what market your product would be facing.
// This does not replace a full market opportunity analysis. Market opportunity analysis is a complex analysis that takes the full product development cycle into consideration. A products market opportunity is the % of your ADDRESSABLE market that you can reach (i.e. the market you CAN reach and who ARE interested and can afford your solution]. It is not just the projected market size, or the total projected installed base of an industry. //
- Understand which vertical(s) of industry your product would be competing in.
- Understand the vertical/industry(ies); prospects and growth, future size of industry.
- Identify the market / industry verticals the product will be competing in. Understand the known external factors that will impact your product, now and in the future.