Once you have an idea of what the product is, who the prospective customers are, which market you want to enter, and competitors’ market share, you can start calculating TAM, SAM, and SOMs. This data provides early go/no-go signal on whether a solution is worth pursuing and further investing in.

Market sizing allows you to estimate the size of the market and determine whether you think there are an adequate number of customers you can sell to.

Government census data, industry association data, and industry trend reports are great resources to get early reliable data on a market.]