Market Research
Based on the scope of our product, we believe the Total Addressable Market (TAM) can be estimated based on the percentage of the world population that uses social media. Since those users likely have access to a smartphone and are capable of using a mobile app and taking photos, they can be included in the TAM. This number is estimated to be 4.48 billion.
We narrowed down using age (18-34 years old) and geographic location (United States), our Serviceable Available Market (SAM) becomes 63.5 million. See calculations below.
If narrowed down even further, our Serviceable Obtainable Market (SOM) was estimated to be 13.4 million. The target audience for our services is college students who have printed photos. See calculations below.
Calculations
TAM
18-34 years old worldwide, has a smartphone
4.48 billion people currently use social media worldwide https://backlinko.com/social-media-users
SAM
18-34 in the US, uses social media
18-34: 75.6 million (https://www.marketingcharts.com/featured-30401)
Some 84% of adults ages 18 to 29 say they ever use any social media sites
75.6mil * 84% = 63.5 mil
SOM
College student in the US, and possesses printed pictures
15.9 million college students in the US
(https://www.bestcolleges.com/research/college-enrollment-statistics)
89% of millennials aged 25-34 admitted to possessing printed photos. That number dropped slightly in the 18-24 age group, with only 83% (https://www.lifestorage.com/blog/storage/american-sentimentality-research-2018/)
15.9 million * 83% = 13.4 mil
Interviews
Interview #1 | Samantha, 18-year-old college student, avid social media user
Insight 1: Our users may not be our customers
Younger users that we are targeting (teens and university students) may not actually be paying for the service. Parents often pay for subscriptions their children use, so this is one consideration for how we approach marketing the product to our users vs. payers.
Insight 2: On journaling… “I feel that I have to write a lot for the journal to actually mean or be worth something.”
One of the main selling points of an automated scrapbook is that users could incorporate small notes that reference photos within the book. This quote makes us consider the possibility that small notes may not actually make a significant impact. However, we are cognizant that journaling is significantly different from scrapbooking, so this is something we must explore further.
Insight 3: “Life has gotten so busy since I’ve started college, I’m scared I’m going to grow apart from old friends.”
This quote encourages us to consider wider applications for our product. Perhaps friends across long distances may be incentivized to form a group scrapbook to stay physically connected to their friends’ lives.
Interview #2 | Mystic, 51-year-old mother, active user of Facebook/Instagram/Line
Insight 1: When looking at old photos, we don’t necessarily have only happy memories
Photos can make us feel many things, including sadness, happiness, and nostalgia. We must consider the fact that some photos users take may not be something they want physically delivered or to be reminded of. We must include features to address this customizability and be conscious of users’ emotions when using our product.
Insight 2: “Many days often feel the same and it’s hard to keep track of what has happened”
This is encouraging for our product idea, because users may enjoy looking back on a physical scrapbook with notes and memories in both the short- and long-term.
