It’s important to know your market size (potential customers) and value (what is the total spend per year?) inside and out. Familiarize yourself with 3 terms – TAM = Your Total Available or Addressable Market (everyone in the world who could potentially use your product), SAM = Your Segmented Addressable Market or Served Available Market (Your target market within the TAM), SOM= Your Share of the Market (what chunk of the SAM you will realistically reach within a few years).
