What is Market Sizing and how can Fintalent help you hire the best Market Sizing Consultants?
Market sizing is the process of estimating the size of a market. This might be done to determine whether or not there is sufficient demand to justify further study or business action. A simple type of market sizing is an estimation based on company records. If you’re looking for investment, then it is important that you assess the size of the market for your potential product or service.
To put it simply, market sizing is about estimating how many people may be interested in what you’re offering. It can be an indicator of how big your customer base could turn out to be which means you need to ensure that the numbers are accurate so that you know whether or not there will be sufficient demand to supply. Fintalent, the hiring and collaboration platform for tier-1 M&A and Strategy professionals offers hiring managers a rich pool of experienced freelance market strategy consultants. Fintalent’s invite-only platform ensures that only the most qualified and experienced market sizing experts are made available for hiring managers thereby ensuring value for money for businesses that hire consultants from the platform.
The importance of understanding the size of your target market is twofold: knowing ones target demographic is essential, and if their size can dictate scale. It is important to consider market sizing in business in order to increase the chances of success in your business. Conducting market research is a great way to understand more about your market, and what it entails. You will be able to utilise the information that you have gathered when deciding how to proceed with your idea, whether this is through further research, or by looking at how you can refine your initial plan.
There are only so many resources available for you to carry out research on your target market, so it is important that you allocate proper time and resources in order not only conduct the right research but also implement the findings into actionable results.
How to Conduct Market Sizing.
Qualitative research includes face-to-face interviews with members of your target customer base, as well as also other sources such as smartphone apps and video sites. This type of research gives you the unique advantage to obtain first hand information from all different types of potential customers. You can obtain information regarding their needs, wants and opinions which will give you a more accurate image of what they would be looking for in a product or service.
Quantitative research relies on the use of the internet to collect data from custom surveys. This is useful to scale the market fast and effectively. It is a matter of asking questions that can be answered with a simple ‘yes’ or ‘no’, but the results are more representative rather than defined by personal interpretations.
Comparative analysis provides you with information on how your demographic compares to others. This research helps you find out if your target market stands out in some way from its competition, or whether there are ways in which they are similar.
Actual sales figures provide you with concrete information about the size of your target market, as well as information about your competitors. This shows you whether or not your business will be able to compete in the market, and what you need to do in order to increase its chances. This is highly important when looking at market sizing in business.
Thoroughly completing market research can be difficult due to time constraints, but there are many sources that can help you with this process. The internet is the best source for finding information about your target audience, and it is easily accessible. You can find out information through online searches, social media discussions and forums that people have created on the topic of interest. You can also find relevant information from other businesses that are already established in the market.
If you are looking for a more detailed look at your demographic, then it is important to carry out qualitative research. This will help you get a closer understanding of your target market, and how it works. You will be able to contact potential customers through face-to-face interviews, who will give you honest and true information regarding their needs and wants which you can use to inform scale of operation. This type of research can be costly but there are many tools that allow for this type of research to be conducted effectively.
Why you need Fintalent’s Market Sizing Experts
Market sizing is an estimation process that determines whether or not it makes sense for a company to enter into the market or not based on its sales volume as well as economic potential. In order to assess this, analysts typically use a mix of qualitative and quantitative analysis. Fintalent’s freelance market sizing consultants have experience that cut across various layers of in-depth qualitative and quantitative analysis which when added to their market research knowledge and experience, qualifies them as some of the best market sizing consultants available for hire.
