Comments on: Business Plans – How do I gauge a market? http://madison-niche-marketing.com/business-plans-how-do-i-gauge-a-market/ Creative Internet Marketing Solutions for Entrepreneurs and Business Thu, 09 Sep 2010 07:17:34 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: curious george http://madison-niche-marketing.com/business-plans-how-do-i-gauge-a-market/comment-page-1/#comment-11251 curious george Tue, 02 Mar 2010 03:09:32 +0000 http://madison-niche-marketing.com/?p=21634#comment-11251 I suggest grunt work. Figure out where your target customers are most likely to be at (bars, theater, airport, hotel, etc.) and go there day after day and count how many people use taxis, how many people per taxi, and over what period of time they used taxis (you might find heavy taxi use between a certain time period). Then, after you have several days worth of data, extrapolate. Figure out how much revenue was generated in the days you watched, and calculate how much that is for the whole year (if it was $1,000 in one week then $1,000x52= 52,000 market.) You can also pay for the market information. There are companies out there that collect that kind of data, but it won't be cheap. Best of luck! I suggest grunt work. Figure out where your target customers are most likely to be at (bars, theater, airport, hotel, etc.) and go there day after day and count how many people use taxis, how many people per taxi, and over what period of time they used taxis (you might find heavy taxi use between a certain time period). Then, after you have several days worth of data, extrapolate. Figure out how much revenue was generated in the days you watched, and calculate how much that is for the whole year (if it was $1,000 in one week then $1,000×52= 52,000 market.)

You can also pay for the market information. There are companies out there that collect that kind of data, but it won’t be cheap.

Best of luck!

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