Total market size can be calculated or estimated using data provided by governments, industry groups or market research firms.
In many cases, the revenue of your competitors is available in their public financial disclosures and press releases.
You can usually achieve market penetration in four ways.
You can: You can also segment your customers to identify a new demographic for your product, eg a different age group.
You may need to use different strategies to achieve and sustain growth.
Read about other business growth strategies, including: Understanding your market penetration can help you measure how your product is doing in the market, and how customers view it in comparison to a competing product or service.
Businesses often rely on advertising and marketing to attract and sell to specific demographic groups in their markets.
If your market is saturated, you may need to find another approach to drive out competitors.
A Japanese beverage company launches a line of non-alcoholic beers with sales of million.
They estimate the total market size of non-alcoholic beers in Japan at 0 million by looking at the earnings of their major competitors. For example, a streaming media service might benchmark its 10 million active users against the 90 million people in the United States who subscribe to a similar service.