One of the biggest places founders stumble during the pitch is in establishing the size and scope of their market. They either think too big, or they don’t think big enough. Nailing down the best estimate for the size of an opportunity, and demonstrating that you have what it takes to capture that opportunity, is the cornerstone to building a convincing “go to market” strategy.
In this episode, host and business coach Tom Ryan talks about the common mistakes entrepreneurs make as they determine their potential market size, and their misconceptions about their ability to reach that market. As always, Tom is joined by producer and co-host Jason Pyles.
• Show opening, and recap of the “Power Pitch” series thus far
• Go to market: Who are your customers, and how will you reach them?
• The two big questions: “How big is the actual opportunity you are pursuing?” and “How will you capture enough of that opportunity to be successful?”
• “How big is big?”
• Summarize market research and analysis: Think big, but not too big
• Determining your total addressable market:
- Who needs my product or service?
- Who can afford my product or service?
- Who can actually find my product or service?
- How many buyers are in that marketplace?
- How much does that segment of the market already spend on similar products or services?
- Who else can they buy from?
• Tom’s soccer cleats company example from the EIR program
• Homework: Write down and clearly define your got to market strategy. Share with others, and get feedback to refine your statement.
• Next episode: Competitive strategy
• Sign off, and ways to contact the show
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