It always fascinated me how could estimate the market size. Many times, you have this wonderful idea but it turns out that no-one was asking for it. So here I’m going to explain how to estimate the market size using available resources in a very “rule of thumb way”.
So, the reason why I’m using Facebook in this case is because, like it or not everyone is there, and the big brother knows everything about us. Where we live, age, sex, but also what we like, political orientation, and a long etc.
We can start by going to Facebook to create a new marketing campaign. You say you want to create an ad and you want to direct people to your website (traffic).
In here you next select the profile you want to target. Age, sex, location, but the important part are the interests and activities. There are possible elements to select like dancing but also more behavioural such as travellers.
Once you have defined the persona you will be able to see how many people fit those categories and therefore your potential audience. With all of these questions you will have defined the size of your market.