Here are 3 steps to identify your market and calculate market size
Finding a target market, helps in spending marketing and promotion money efficiently on your ideal customers.
The analysis of data coming from different paths can help you to find out your target customers and increase return on investment.
Find out your top competitors and analyze their value propositions. Knowing about your competitor’s value proposition will help you to find opportunities and threats for your product.
You can do the SWOT (Strength, Weakness, Opportunities and Threats) analysis of your product. Having a very different value proposition will make your product stand at the top level with least competition.
Especially when it comes to decision making, market sizing is a very important factor for your business success. It helps you to find the market trend and required investment for your business
To create a persona, please read my article “ 9 Steps to Make a Simple Marketing Plan”
Case study: (Assuming) We are developing a healthcare software for patients who can get their medical reports via an app. They can upload their diagnostics report or ask a question to doctor through this app. The primary target customers are 66% of U.S population who are using health apps. 
Case study: By doing a general market research, we found that the target customers are 213 million (66% of U.S population) who are using health apps in USA. 
Find total number of potential customer(x)= 213 million
Divide total number of potential customer(x) by the total (y) i.e. 323 million total US population = x/y
= 213/323 (Health App users/total population)
D) Find potential market size (volume and value):
Market volume= penetration rate* # of target customers
=66%* 213 million
Market value= Market volume * Average Value
(Assuming average sale of $10 per user per month)
Original Article Published on LinkedIn- https://www.linkedin.com/pulse/3-steps-identify-your-market-calculate-size-asif-razzaq?trk=v-feed&lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_recent_activity_details_shares%3BWr%2FrlrcvRFucdZHtszZKmQ%3D%3D&trk=v-feed&lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_recent_activity_details_shares%3BUGI6QLVY3vJ1fp9XBk4v4g%3D%3D
Stories by Asif Razzaq