Track it!

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Market research

Size of target market

Our main target market is: young adults (20 - 40 years old) or any other person that needs to keep track of different aspects in general as well. The population with these age range in Romania is about 40% of the total number, meaning 7.8 millions of people. Among these, about 50% live in the urban area and only 80% have a smartphone, leaving us a total of 3.12 millions of people.

Assuming that only 30% will try the application and that only 40% of them will actually purchase the application after the trial, then the market size is:
(30 / 100) * (40 / 100) * Total number of target market * Price of application

Number of competitors

To make sure we are on the right track it is very important to keep an eye on our competitors. To find them the first step is to do what our potential customers would do to find the perfect product they are looking for:

Our product is better than the rest of them on the market mostly because it takes the best features from each wellness app and incorporates everything in only one app. Our app is also designed to offer the basic needs of each individuals not targeting specific individuals as athletes, fitness enthusiasts or others. Our app it is that kind of app that can improve the overall quality of anybody’s life. After some searching we narrowed down our research to 3 main apps each of them being identified by us as the leader of each segment we want to target:

Competition and possible market share for each competitor

To achieve this goal we focused on our 3 main competitors described in the first milestone. Using a too like semrush.com we managed to collect valuable information about where we are on this market.

Potentian market share over a period of 5 years

A company's market share is its sales measured as a percentage of an industry's total revenues. You can determine a company's market share by dividing its total sales or revenues by the industry's total sales over a fiscal period.

For estimation, we looked at some of our competitors’ revenue in October 2019. We estimated that that is their revenue for every month of this year.

Since the majority of people become more and more focused on time management and self development, we assumed that the revenue will increase over the years.

Year 1: Total sales of the industry: 828k dollars. Our estimated sales: 30k dollars. That means that the market share in our first year is equal to 0.03 or 3%.

Year 2: Total sales of the industry: 900k dollars. Our estimated sales: 80k dollars. That means that the market share in our first year is equal to 0.08 or 8%.

Year 3: Total sales of the industry: 1m dollars. Our estimated sales: 110k dollars. That means that the market share in our first year is equal to 0.11 or 11%.

Year 4: Total sales of the industry: 1.5m dollars. Our estimated sales: 200k dollars. That means that the market share in our first year is equal to 0.13 or 13%.

Year 5: Total sales of the industry: 2m dollars. Our estimated sales: 300k dollars. That means that the market share in our first year is equal to 0.15 or 15%.

Total market value vs Our market share

Year Clients Sales ($) Market share (%) Market value ($)
1 200 000 27 225.45 2.5 19 200.00
2 275 000 72 601.20 8.1 40 500.20
3 320 000 99 826.65 11.3 81 320.00
4 354 000 181 503.00 12.8 140 820.55
5 370 000 272 253.00 14.6 200 711.00

Having the advantage of including multiple tools in a single app, we hope in five years Track it! will gain more popularity over the competition among users that want better time management and overall and improved lifestyle, and hold about 15% of the market share.