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--- market-potential-analysis [2024/10/21 21:19] – Omnia Sami
+++ market-potential-analysis [2024/10/23 10:37] (current) – [References] Ihab Ahmed
@@ Line 3: / Line 3: @@
 ====== Market Potential Analysis ======
-Understanding your market potential is really important for your business strategy.
+Understanding your market potential is really important for your startup strategy.
 Let’s break down three key ideas:
@@ Line 11: / Line 11: @@
   * Serviceable Obtainable Market (SOM)
+=====  =====
+{{ :tam.svg?350 | Addressable, Available, and Obtainable Market}}
 ===== TAM =====
@@ Line 61: / Line 63: @@
   * **Determine SAM** Look at the specific group of customers your business can realistically reach.
   * **Establish SOM** Estimate the market share you can realistically capture in a certain time period.
+===== Key Considerations for Startups =====
+To get the most out of understanding your market potential, keep these points in mind:
+  * Regularly ask for feedback from potential customers to improve what you offer and meet their needs better.
+  * Look at what your competitors are doing to understand what customers like and what makes your startup stand out.
+  * Stay aware of trends in your industry so you can see how customer needs might change and adjust your plans accordingly.
+=====  =====
+  * Build relationships with other businesses, mentors, or experts in your field to get helpful advice and find ways to work together.
+  * Be open to changing your strategies based on feedback from the market and how well you're doing.
+  * Think about your startup's long-term goals and growth, not just short-term sales.
+  * Use tools and technology that can help you analyze market data more easily and effectively.
 ===== References =====
@@ Line 66: / Line 81: @@
   - Malhotra, N. K. (2010). Marketing research: An applied orientation. Pearson Education.
   - Babbie, E. (2013). The basics of social research. Cengage Learning.
-  - Wikipedia. (n.d.). [[https://en.wikipedia.org/wiki/Market_research|Market research]].
+  - Wikipedia. (n.d.). [[https://en.wikipedia.org/wiki/Market_research|Market research]] [[https://en.wikipedia.org/wiki/Total_addressable_market|Total Addressable Market]].