Assessing the size of your future market is an inevitable step during the creation of your company. It is an important phase to start in order to master the competition and have an idea of your turnover. You will then know if there are really people interested in your services or your product. Multiple solutions are offered to you to evaluate the size of your market share, and these with very exorbitant costs. However, they do not allow you to have access to appropriate data. Fortunately, there are solutions on the Internet for cheap market research. Discover in this article some of the opportunities offered by digital tools to access authentic and accurate information.
What are the possible methods?
One of the most reliable and inexpensive methods for calculating the size of a market potential is the use of a search engine. Express your real intention in search engines so that the Internet can help you evaluate the size of your market. If you express your intention in Google for example, you will get reliable answers. Google is a very accurate search engine. It gives precise answers to the intentions of Internet users, which is very beneficial for users. If you would like to have more information about this method, you can have a look at oni.fr/.
Sector studies and local studies
To calculate a potential market, sector studies are also important. These studies are done on the purchasing intentions in each household, the people responsible for the market and the turnover in a specific area. On the Internet, you will find many trends and studies in these different categories to calculate a company’s market share. For example, you will find data from the AFE, which is a much sought-after tool if you want to save time. This tool will provide you with valuable information on different market trends. However, there are some gaps in the information, which you will need to supplement with local data. Therefore, local studies will allow you to have an accurate picture of your market. There are two possibilities. The first allows you to estimate the turnover of the sector through your challengers. To do this, you will only have to study their accounts once they have been published. Take a look at their recent balance sheets once you have identified your most important competitors. You also have the option to view their suppliers’ accounts. This will give you an estimate of the turnover of your potential market. The second option is to assess the market through demand (customers). This possibility intervenes to improve or complete the others in order to validate the figures found previously. You will be able to use the ODIL which is an online tool created by INSEE. It will provide you with precise information (gender, age, purchasing power, marital status, etc.) on your target clientele.
Note that before using all these methods to assess market volume, it must be clearly defined.
How do you define your market?
Before calculating a market share, it is important to define the market. Several criteria are used to define your market. These include its geographical framework, its unit of measurement, its duration over time, its scope of consumption and the different sources used for evaluation. As far as the geographical framework is concerned, it can be a country, a department or a city. As regards the duration over time, it can be a monthly or annual reference period and a date.