How would you approach estimating the total addressable market for a new mobile app targeting millennials?

In college, I worked on a project where we had to estimate the market for a campus-specific app targeting students. We began by defining our target audience: students aged 18-24. Next, we researched the total number of students enrolled in our university and similar institutions. We also conducted surveys to understand their app usage habits and preferences. By combining this data, we estimated that around 10,000 students would be potential users of our app. This experience taught me the importance of demographic analysis and user feedback in estimating market size.

While volunteering at a community center, I helped organize events for young adults. To gauge interest and potential attendees, we conducted a survey among local millennials. We identified that there were about 20,000 young adults in our area who were interested in events like ours. This experience highlighted how critical it is to engage directly with your target audience and gather real-time data to inform your market estimations. It reinforced my belief that understanding user needs is key to successful market planning.

In my first job at a startup, I assisted in estimating the total addressable market for a new app aimed at millennials. We started by analyzing industry reports and demographic data to understand how many millennials were using similar apps. We segmented the market by features and price points, which helped us estimate our potential user base. Although I had limited experience, I learned how to leverage existing data and collaborate with the team to refine our estimates, providing valuable insights for our business strategy.