The Buzinga Podcast episode 1

01: How To Estimate Your Market Size And Validate Your App Idea

You’ve stumbled upon the very first episode of the Buzinga podcast!

The entire Buzinga squad is so excited to bring this podcast to your earbuds.

I know better than anyone that as an entrepreneur, you might not have the time to regularly sit down to read a 2,000 word blog post (even if it is incredibly juicy like ours always are – humble brag).

That’s why each week we’re bringing our content to you via another channel: So you can ‘read with your ears’.

You’ll be hearing from me and other members of the Buzinga App Development team discuss startups, technology and entrepreneurship, with actionable takeaways and bite-sized insights that you can apply directly to your business.

In this episode…

For this first episode, we begin in the same place most tech startups do – The Idea.

There are many ways to minimise the risk in app development by validating the idea before you even spend any money getting it developed.

This is what we call the ideation phase.

Right now you’ve got a half-baked idea, but you don’t know who it’s really for, exactly what it needs to be able to do, and whether anyone wants this app.

Estimating market size and validating your app idea is crucial for gauging if there is sufficient demand for your product to succeed.

In this episode I cover:

  1. Why you should estimate eventual market size, not current market size, with examples of how Uber and Airbnb did it.
  2. 6 steps you should follow to estimate your Total Available Market (TAM), including free resources and online tools you can use for your research.
  3. 3 cheap activities you can do right now to validate your app idea

Resources mentioned in this episode:

search volume for keyword 'dating apps' increasing year on year

Google Trends search volume data for the keyword ‘dating apps’

 

RSVP.com compared to Dating apps search volume

Google Trends search volume comparison for the keywords ‘RSVP.com’ and ‘dating apps’

Estimated facebook reach for a skiing app idea

Facebook’s post boosting tool shows that the total estimated people in this market is 770,000

Market research and other resources:

Idea Validation:

Hope you enjoy the episode! As always, please tell me what you think in the comments!

I’d also love it if you left us a rating and a review on iTunes :)

The following two tabs change content below.
Logan Merrick is the co-founder and Director of Buzinga, as well as one of Australia's most recognised entrepreneurs, keynote speakers, investors and mentors. His writing on startups, technology and mobile marketing has been featured in The Australian, Business Insider, Startup Smart, Smart Company, and more.
  • Logan Merrick

    Hey Joe, thanks for the feedback! We’re still nutting out some of the technical stuff but the next episode will definitely have better audio quality. Hopefully I can win you back!
    Cheers, Logan

  • Joe Pulcinella

    I love the idea of a podcast and I tried to listen to this one but if I may offer some feedback, the audio quality had some issues. I couldn’t finish it.