Developing a new product for launch involves a lot of effort and expense. To maximize your return, it’s important to know 1.) the size of the market for your offering to determine your potential return and 2.) how to prioritize your target customers for a successful launch to build momentum. From your addressable market, how do you find the early adopters?
I had a fun conversation with Mehdi Farzanehpour, CEO of Scitodate, about this topic, which he refers to as central market intelligence.
Typically one would do a lot of research to determine the size of your market. Reports are available, but they are rarely an exact fit. If your product is truly new, how could they be? So there is a bit of estimation and interpretation involved.
Lucky for you, the the interwebs contain all kinds of information available about who is doing what, how much money they have, when they will get more, who do they collaborate with and how long they have been using their current products.
If you are dealing with millions, like if you're selling shoes or Nike shoes, 2% is a very good conversion. But now the question is how can I get start getting 35% conversion? That I can just talk to the right people? I know what they're doing. So now the question is, who can I talk to? What their problems are? What is their need? How can I address that need?
That data can be helpful not only in evaluating the size of the market, but also in discovering the likely early adopters. Which researchers are working at the edge capability of their current technology? Those are your first customers.
We covered a lot of ground in this episode from maximizing lead generation to optimizing for conversion and how to help a sales team be relevant and helpful to their prospects.
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The Strategy of Your Addressable Market