How Does Your Methodology Determine Market Size?
Typically, before our clients come to us, they already have data about their sales, demographics and who is and isn’t buying their products. What 113 Industries is able to do is help them understand why a certain type of consumer might be buying or staying away from their product. Our methodology’s primary focus is to uncover the unarticulated needs and reasons behind consumer data.
Once we understand which behaviors or characteristics are important to our client’s brand, we can use other methodologies like Prediction Markets for Innovation to get a really good idea of the overall market size. We can also use traditional marketing methods such as surveys and panels.