How To Get a Rough Market Size Estimate for a New Product

Once you have figured out the product idea you want to work on, everything else becomes easier from there on. Now, one of the next things you want to work on to give you a seamless product development experience is to find the market size for your product. This will give you an idea of how many people are interested in your product and how big the demand for it is.

Getting to know the market size is very important to help you create a product that people are willing to purchase. Without it, you would be a business person groping in the dark about people’s perceptive of the product idea you are working on. Thus, this article provides a clear insight into how to go about aggregating the market size for your innovative product.

How to Get the Market Size for Your Product Idea

• Google Trends

Google Trend is a tool by Google to understand customer interactions with certain products and help predict the viability of the product in the market. It also provides access to a largely unfiltered sample of actual search requests made to Google. And it is really beneficial to market and product research, sensation variations based on location, as well as periodic trends.

Thus, with this tool, you can enter a keyword related to your product and see how the search volume has changed over time. This would give you an insight into whether the interest in your product has been increasing or decreasing. And this would in turn help you to know whether to continue with such a product’s development or not.

You can also compare different keywords to determine how well your product is likely to perform when it hits the market. And it could also help you to refine your perspective on the product and the approach to its marketing.

• Keyword Research Tools

Making use of other keyword research tools can also be a great way to aggregate market size. Tools like SEM rush and Mars grant you access to helpful data and actual figures on monthly searches made on Google. And this data would help you to know exactly how many people search for those keywords every month.

Thus, these are useful tools in estimating the potential market size for your products. This is especially if you are at the detailing stage of your idea where you are looking to ascertain its viability in the live market and customers’ interest in it.

• Amazon Reviews

You can also use Amazon reviews to get a rough estimate of how your competitors are doing. A rule of thumb is that each 1 to 20 sales result in one review. That is, a product with 100 reviews was likely sold between a thousand to two thousand times.

Thus, this would help to give you an insight into the magnitude of the market size you are working with. And this would in turn assist you in making an informed decision regarding the type of product idea you are looking to develop.

Hottest Questions on how to get a rough market size estimate for a new product

More questions that would give more insights into quick calculation of product market size.

Final Words

These methods can help you to get a better understanding of the potential market and provide you with a quick estimate of the potential demands that your product idea can generate. But remember that these are quick and rough estimates. And this means that proper market research would be needed down the road in your product development journey

Do you have a viable product idea that needs to be transformed? Are you also looking to create a working prototype of this product?

LA NPDT is a prototyping agency that will help you transform your idea into a marketable product. Our staff is always ready to care for all your product development necessities. You can reach us via our website lanpdt.com or call directly at 318-243-5789 for your concept design services.