👥 The Market Research Doc
From maker Fred Castagnac
Senior Email Marketing Specialist
Use this document to outline key elements of the upcoming Market Research and keep the information updated as the project progresses.
Define your problem statement and the questions you want to answer with this market research.
Definition - What is Market Segmentation?
Market segmentation is the process of defining and subdividing a large homogeneous market into identifiable segments that have similar needs, wants, or demand characteristics. A market segment should be homogeneous, measurable, substantial, accessible, actionable, and responsive.
Definition: What is TAM?
TAM stands for “total addressable market”. It's the total amount of yearly revenue that you could achieve if you manage to reach 100% of the people who could use your product. Too small, and you won't make any money; too big, and you'll struggle to focus.
TAM shows you the size of the universe—from there you need to determine how much of the market you can actually serve, and which market you want to target first.
A Market research needs to follow different stage one after the other. List all the questions you'll try to answer at every stage.
In this stage you want to gather information about your users/customers
Who is using your product today? How do they use your product? Are there any common patterns amongst them?
In this stage you need to define and collect data about your TAM.
What's the size of your product's TAM? Which segment (company size, job roles, ...) should you address and why? Who's using and who's buying softwares in the companies?
With the work done in stage 1 and 2 you'll have a better idea of what your ideal audience look like. The goal is to understand:
Who is your target audience? How do they buy tech products? What's their tech budget? How do they work? What problems are they trying to solve?