Have you ever wondered the next step after you came up with an interesting and unique idea of application?
You must first estimate the size of the market because it is critical to measure whether there is enough demand on your product to achieve this success.
This is the beginning entrepreneurs need in terms of doing preliminary research on whether the inspired idea will really be profitable.
It’s an initial step to validate the idea and what you need from the target market when building your application.
Why is estimating the size of the market difficult for emerging technology projects?
Competitors must first be studied if new applications are created on the market, and the technology is inherently revolutionary, meaning there may not be an existing market for their application, but often emerging applications can create success in the marketplace.
Applications like Airbnb are examples of successful projects that, if considered from the outset, are the size of the market they are seeking and were afraid to take off for their current position in the market.
Market size at the end> Current market size
It is great to have an existing market for your product. This makes your idea a lot easier, especially if you are looking for finance or investors. However, the key to attracting investors to your application is not the current market size, but the size of the market to be achieved.
Your idea will not affect users if there is no market to ask for, which will increase revenue in the next five to ten years at least.
We’ll show you a set of steps to estimate the current and future size of your app market.
Step 1: Be critical of your idea
– Is your idea profitable?
– Does your application solve problems that people usually complain about? (Daily)
– Think of some applications you can not do without; What do you can not let them?
Try to be as objective as possible, ask your closest friends if they would be interested in using an app with these features, always review the performance of mobile apps and ask friends and family (and strangers) whether they would pay product.
Read more: Seven Questions You Must Ask Before Creating a Mobile App
Step 2: Use Google Trends from
Google Trends will show you whether the search volume associated with your app’s keywords is increasing or decreasing. This is a good initial way of looking at the target market in general if the target market is increasing.
One of the biggest features of Google’s indicators is the ability to access the latest and most popular topics within the search every day across the country, because the feature of this feature is updated every hour. The most common searches accurately reflect the most important topics being negotiated, as well as the things that many are looking for in detail, regardless of common non-new topics.
Step 3: Searching deeper
We hope that Google’s metrics have proven that your domain has a high search rate or that customer complaints are a point of appreciation and interest and a great deal of time to research and find useful statistics about the entered.
Google indexes also divide the search volume by location and related search operations, and you can also see the change of interest by region over time using the scroll bar.
Step Four: Ads on
Facebook Ads on Facebook will show the estimated accessibility of your idea (assuming the target market is on Facebook)
The Facebook advertising tool is very useful because you can easily choose the target segment of your audience in terms of shared behaviors, interests and interests (demographic information).
For example, you can get an idea of the application and the target group is male between 20 and 40 years and has common interests in football.
Facebook can reach those interested in football.
– Facebook requires you to set the budget first, but you should consider the estimated total of individuals in your market according to Facebook data.
If the estimated size of your market is lower than you would expect, this would be a sign that you should consider diversifying your offer of used products or sites.
Step 5: Research government data and market research reports
These features can show you important numbers about your market performance and analyze the performance of your mobile applications, companies that have market share, and what opportunities are available for investment.
In addition, the percentage of the population consists of people in the demographic data you have identified (in terms of age, gender, and educational qualification) and whether they are interested in your area of application.
Step 6: Evaluate customer value
After proving that your idea is profitable and there is a good base of customers interested in using your application and paying for the services you offer, the next step will be to evaluate the value of the customer used for application.
During application development, this is often referred to as the “lifetime value of the customer” and is intended to increase the continuity of interaction through subscription, in which the application provides continuous services and provides excellent customer service.
The anticipated thinking of developing your application can save you lost resources in the long run. For example, if you create a product that you find in the middle of the development process, the target market should offer your customers an unbelievable price.
How can you monetize the value of the customer?
The simplest way to do this is to find out how much your customer is currently spending and find a solution to their problem, which will show itself in different ways depending on your industry, target market and the problem itself.
You may not be able to bet on 100% market penetration (owning each customer in the target market is a long-term dream). But at this initial thinking stage, your idea can be well diversified to serve different customer segments, which will again increase the global market available.
Additional information to verify that mobile apps are successful
These six steps were about estimating the size of the market, which is basically a set of steps to help you get some directions to discover the potential of your idea.
Now you know there is a market for your application, but you do not know if people in this market are really interested in using your app, so we give it to you
Some highways to see this:
1. Create emails for interested people: You’ll also need to set up a free Google Analytics account to track the basic statistics on your page, where visitors come from, how many traffics you get at different times, and so on.
2. Activate an ad campaign through a network like AdWords: Use keywords for competitors that provide services similar to your site, and see how much traffic you receive.
You can analyze the performance of mobile apps to see if your app is able to keep up with other competitors, and the goal is to show strong evidence that your idea has the potential to make a profit; investors like these statistics