Defining your market
Before you build your offer or launch your business, you need to understand the market you’re stepping into. This isn’t just about knowing your competitors—it’s about seeing the bigger picture, spotting opportunities, and avoiding costly mistakes.
Let’s break it down.
1. Defining What Market Are You In?
Start with the basics: What industry and category are you operating in?
Markets often have layers. For example:
- Service industry → Financial services → Accountancy
- Beauty industry → Consumer goods → Personal care → Bath & shower products
If you’re still exploring, keep your definition broad. Flexibility is your friend in the early stages.
You might even be entering an emerging market—one that’s not yet industry standard but growing fast. These can be exciting but risky. Think of how Apple redefined mobile phones or how Netflix changed movie consumption. Unless you have proprietary tech or strong market evidence, it’s safer to start with an existing market and pivot later.
Even disruptors need to understand the current landscape before they change it.
2. How Big Is Your Market?
Market size matters. Ask yourself:
- How big is the market globally or in your reachable geography? For example, coaching might be a multi-billion euro industry globally, but if you coach in Hungarian, your market size shrinks.
- Is the market growing? Growth makes it easier to gain traction. Look for volume-driven growth—more consumers, better distribution, or tech-enabled access.
Take online education: once limited to schools and books, it exploded thanks to fast internet and video-capable devices.
But be cautious with forecasts. Understand what drives the growth before you bet on it.
3. What Trends Are Shaping Your Market?
Trends can unlock opportunities. Look out for:
- Technology shifts – like cheaper solar panels or AI tools
- Macro trends – such as sustainability or authenticity
- Global events – like wars or sports tournaments that spike demand
- Demographic changes – aging populations or immigration
- Untapped needs – underserved groups or overlooked use cases
Example: For years, global hair care brands catered mostly to white Caucasian women. The needs of African and Asian hair types were ignored—until local brands stepped in. Or consider Gillette’s razor designed for caregivers shaving someone else—a niche but real need.
But What If You Don’t Have Data?
That’s normal. As a solopreneur, you won’t have access to expensive market reports. But you do have something powerful: AI and desk research.
Spend just 15 minutes using AI tools to explore your market. I’ll share 15 prompts to guide you (coming soon!). With a few hours of focused research, you can even estimate your business potential.
This exercise might give you confidence—or save you from investing in a market that’s too small or already saturated.
Next Step: Understand the Market to Find Your Gap
Once you define your market, the next step is to understand it deeply. Who are you serving? What unmet needs exist?
You can’t serve everyone with the same offer. Nuances matter.
When I started my business, I thought I’d help young marketers. But research showed that non-marketer entrepreneurs struggling with marketing were a much larger group. My expertise fits both—but focusing on the bigger market made more sense.
Final Thought
Defining your market isn’t just a box to tick—it’s the foundation of your strategy. Take the time to explore it. Your future self will thank you.
