01: How To Estimate Your Market Size And Validate Your App Idea
You’ve stumbled upon the very first episode of the Buzinga podcast!
The entire Buzinga squad is so excited to bring this podcast to your earbuds.
I know better than anyone that as an entrepreneur, you might not have the time to regularly sit down to read a 2,000 word blog post (even if it is incredibly juicy like ours always are – humble brag).
That’s why each week we’re bringing our content to you via another channel: So you can ‘read with your ears’.
You’ll be hearing from me and other members of the Buzinga App Development team discuss startups, technology and entrepreneurship, with actionable takeaways and bite-sized insights that you can apply directly to your business.
In this episode…
For this first episode, we begin in the same place most tech startups do – The Idea.
There are many ways to minimise the risk in app development by validating the idea before you even spend any money getting it developed.
This is what we call the ideation phase.
Right now you’ve got a half-baked idea, but you don’t know who it’s really for, exactly what it needs to be able to do, and whether anyone wants this app.
Estimating market size and validating your app idea is crucial for gauging if there is sufficient demand for your product to succeed.
In this episode I cover:
- Why you should estimate eventual market size, not current market size, with examples of how Uber and Airbnb did it.
- 6 steps you should follow to estimate your Total Available Market (TAM), including free resources and online tools you can use for your research.
- 3 cheap activities you can do right now to validate your app idea
Resources mentioned in this episode:
- The Startup’s Guide To Estimating Market Size For An App Idea
- Google Trends – For search volume data on your app’s keywords
Google Trends search volume data for the keyword ‘dating apps’
Google Trends search volume comparison for the keywords ‘RSVP.com’ and ‘dating apps’
- Facebook ad campaign tools, or post boosting tools
Facebook’s post boosting tool shows that the total estimated people in this market is 770,000
Market research and other resources:
- Euromonitor Australia
- Passport (Euromonitor International)
- Mintel
- Australian Bureau of Statistics website (ABS)
- Census Data
- IBIS world
Idea Validation:
Hope you enjoy the episode! As always, please tell me what you think in the comments!
I’d also love it if you left us a rating and a review on iTunes :)
Latest posts by Logan Merrick (see all)
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- Latest Data: App Monetisation Trends And Drivers 2015-2020 - November 25, 2016
