Calculate the Total Addressable Market Size for Follow-on Markets
IN THIS STEP, YOU WILL:
- Briefly consider which “follow-on” markets you will expand to after dominating your beachhead market.
- Calculate the size of these follow-on markets.
While maintaining a relentless daily focus on your beachhead market, you should also do some small amount of analysis on what happens if and when you win the beachhead market; from a general standpoint and without a great deal of detail, what do you project will be your next markets and how big will they be?
So far, you have focused on customers in your beachhead market, and rightly so. At this point in the process, though, you will take a step back and briefly and quickly validate the existence and size of other, similar markets (“follow-on markets”) that you will target once you have dominated the beachhead market. This is a check to make sure you are heading in the right direction to build a scalable business and also a reminder of the ...