How would you approach estimating the total addressable market for a new mobile app in the health and fitness industry?

In my final year of college, I worked on a project where we had to estimate the market for a hypothetical health and fitness app aimed at college students. We started by identifying our target demographic—college students aged 18-24. We researched the total number of college students in our region and used additional data from health-related surveys to understand how many of them actively use fitness apps. We also looked at trends in health consciousness among this age group. By combining these insights with the average spending on fitness apps, we estimated our total addressable market. This hands-on experience taught me the importance of data sources and how to present findings clearly, which I believe is crucial for any market estimation task.

While volunteering at a local gym, I was involved in a project that aimed to promote a new fitness program. Part of my role included gathering feedback from gym members about their app usage. I conducted informal surveys and interviews to understand their preferences and challenges with existing fitness apps. This experience helped me learn how to gather qualitative data and understand user needs, which is essential when estimating a market. By synthesizing this feedback with industry research, we could estimate the number of potential users for our fitness program. This approach highlighted the importance of user insight in market estimation, especially in a competitive industry like health and fitness.

In my first job as a market research intern, I assisted in estimating the TAM for a new health app targeting seniors. Initially, we identified the senior population in our target regions and used demographic data to determine their engagement with technology. I helped gather and analyze data from various sources, including government health statistics and industry reports. We also looked at trends in health issues prevalent among seniors and how many were using health apps. This experience taught me how to integrate quantitative data with qualitative insights, providing a more comprehensive market estimation. It also highlighted the importance of adapting to different demographics, which is vital in the health and fitness industry.