Global Market Size Definition
What is the overall size of the market in which you do business? What are the direct and indirect elements that characterize your market? For example, the women's clothing market can be subdivided into different kinds of categories (ready-towear, underwear, seasonal, shoes, accessories, jewelry etc.) and different target segments (children, teenagers, adults, senior citizens).
In order to determine the size of any given market as precisely as possible, Indicia has developed a research methodology that requires the cross tabulation of at least three independent data sources. Once the data analysis and interpretation is complete, it's vital that all the sources converge upon a market value that will generate a consensus that unites both your team and Indicia's professionals.
It's a well-known fact that the most complete and reliable sources of information are the US Census Bureau and Statistics Canada. Numerous reports and databases are available from these agencies. As well as analyzing these sources, Indicia makes use of various other specialized publications and magazines, company directories, excepts from diverse web sites and several other sources.
Depending upon the context, it might even be relevant for analytical purposes to compare the Canadian and American market to markets in other industrialized countries to ensure that the ratios make sense. For example, the ratio between the Canadian and American population hovers around 1:9.5. Most of the time, this ratio holds for most current consumption products. This last stage enables us to validate our hypotheses and circumscribe the market as accurately as possible.
Definitively quantifying your market in this manner is crucially important and lays the foundation for the analytical methodology developed by Indicia.