Take market from your competition: you typically have an insight or an advantage over your competition that you know about.
Define your own market: The need, of course, existed long before. A need becomes a market upon declaration. Which brings us to the main point of thinking about Market. You can only define your market as well as you understand your customer and their needs.
- How many people actually have this problem and care about solving it?
- How well am I solving this problem?
But understanding the problem (and therefore the market) well is much, much more important than the solution.
How would you feel if you could no longer use our product? - Very disappointed - Somewhat disappointed - Not disappointed (it really isn’t that useful)
You have sufficient fit only if over 40% of customers reply ‘Very disappointed’.