Steve Blank - Summary→Market Size

Market research data is great when it comes to the past. As far as the future is concerned, you must have valid input from your customers to get short and medium term key figures.

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We have dealt with the subject of growth and the market in the last few articles. Today, we want to summarize this in a somewhat shorter form.

Talk to your customers

If you don't go out on your own, don't get personal feedback, recognize the "stomach pains" of your customers, you will have a hard time going in the right direction. Talk to your customers, listen to what they have to say and incorporate this priceless and often free feedback into your decisions.

Assessing the market size correctly

An existing market is not really a disadvantage. You can target customers of the competition and understand why they use product A or B and how large their customer base is. Possibly, there is a similar product (to yours) already abroad and you can adapt all the best of it.

 

 

Market research/companies like Forrester and Gartner...

are good, but all analyses are based on the figures of the past. You can only decipher the current market size as well as the completed growth from it. This does not mean that this will be the case in the future. The car industry is going through something like this with e-mobility. Nevertheless, these figures can be very helpful for decision making. With the existing knowledge and the statements of the customers we can draw conclusions for further planning. Which markets are possible and how stable are they?

 

This article is written by our CEO, Bernd Korz. With his experience as an entrepreneur, he shares his vision about the lessons provided by Steve Blank. Join us every week for a new article on Steve Blank’s lectures.

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