I interviewed one person in our target market and one person outside of it. The first one is my friend who’s an avid journaler; she fits a lot of the interests/qualities that match the audience of our product. However, one thing that was pretty interesting is that she hates the BeReal-ified element and “will never be a part of that crowd”. The other person I interviewed was my mom, who is outside of the age group of our audience. She’s pretty active on social media and, despite not being in the target group, liked the general product idea so far.
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
