With my clients, one of the first lessons I have them do for homework is to give me what they think their market size is and to never, ever, believe the “ Experts” because I figured out something a long time ago that is best summed up with this quote.
“Most Expert’s Aren’t” – Andrew Anderson
One of the first things you need to do in your business is to figure out your market, your market size, and then figure out whom is your best fit to buy your product.
The next step is that I have them build several customer avatars describing who the top customers might be. We go into as much detail as possible describing exactly who they are, where they live, how much they weigh, their sex, etc. and the more granular the better to target your message.
Before this begins, you need to figure out just how big your market segment truly is which hardly anyone knows.
One of the first steps with is to figure out how many people can afford to buy your product. The first exercise is to help them get over the bad habit of not doing their own homework is with a simple yet eye-opening exercise. That is figuring out the “real” from their standpoint, unemployment number which is the start of figuring out how big your market segment truly is for your product.
There are only 2 components to this.
How many people are of working age?
How many of those people are actually working?
You can Google these numbers, but I will save you the trouble as I have done it for you.
204,026,415 Total Eligible Workforce In US Source Federal Reserve Bank of St. Louis (this numbers excludes active duty military.
7,904,000 Official Unemployment Number. Source Is Here
94,103,000 Total Number Of People Unable To Find Work After Unemployment benefits run out. After that, you are no longer considered officially unemployed. Source Bureau of Labor Statistics
102,007,000 the total number of people really out of work when you add the official number to the ones they don’t count officially anymore.
The real unemployment number is 49.996% using those numbers.
If we add the 8,909,430 people on disability to that number (Source US Social Security)
We get a real unemployed number of 110,916,430 divided by 204,026,415 and the unemployment percentage is a staggering 54.36%.
So, they get a bit of an eye opener to say the least when they start to figure out the total real market size in the US as far as employed adults.
Here is another quote for you. “To remain ignorant in this day and age, you have to work at it daily.” – Andrew Anderson
Do your own homework on everything because the vast majority of all types of information out there is just plain incorrect. This includes pretty much every statistic concerning business.
And I will leave you with this question that I discuss at length within our high-level client groups. Is your pricing inline now that you know that more than likely, half of your potential market is unemployed if you have a consumer product?