Watch This Before Going to Shark Tank [Video]

Today’s Focus Question: How to find Market Size of Your Business?

Shank Tank me jana ho ya marketing start krni ho, dono ki cases me humey Market Size pta hona bohot jaruri hai.

Aur, Market Size nikalne ke liye Market Segment clear krna jaruri hai.

For example: Mobile Covers Business

Now, there are 2 types of approach:
1. Top Bottom Approach
2. Bottom-Up Approach

Let’s first start with:
1) Top Bottom Approach
👉 Google the market size based on your segment (like in this case, it’s Premium Mobile Covers)
👉 Total mobile accessories market is $2238Mn (~₹18,500 Crore)
👉 The mobile cover market is 12% of the mobile accessories market i.e. 12% of $2238Mn, which comes to be $238Mn (~ ₹2000 Crore)
👉 The premium mobile cover market stands for 34% of the mobile cover market i.e. 34% of $238 Mn, which comes to be $91Mn (~ ₹755 Crore)

2) Bottom-Up Approach
👉 It starts with a rough assumption, out of 140 crore Indians only 50 lakh people are interested in premium mobile covers
👉 Now total audience size is 50 Lakh
👉 If a person buys 2 covers in a year with the price of ₹900/cover, they spend a total of ₹1800/year
👉 Now we multiple 50,00000 x 1800 = ₹900Crore

This way we’ve got the range of our market size i.e. between ₹755-900 Crore
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Usually, this number is important to find how much you can get out of that market size or it’s your market size too small or big. If it’s too small investors don’t find it worth investing.

I hope now you can prepare a better pitch and do market to get the most share out of your market.
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#Indianbusinessowners #Indianentreneurs #marketingtips #gotomarketstrategy #startuppitch

(Keywords: Indian Business Owners, Indian MSME, Marketing Tips, Small Business Growth Tips)

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