Jan 31 • Dream it - Help with the idea
Oil Udder Market Research - Am I close?
What's up inventors!
Looking back on our history launching Oil Udder I found some original work exploring the possible )total addressable market (TAM) for this product. With all market research, it's a guess at best, BUT! It's something...
This, accurate or not, gave us some confidence to continue. All ideas should have this level of evaluation at the MINIMUM!
The real question is... how WRONG am I?
Here is my thought process:
Department of transportation total registered private vehicles (not commercial)
276.1 Million...
Remove leases, motorcycles, vehicles under 3 years old (not changing their own oil)
That removes 49.6%...
That gives me an idea of the total number of vehicles where people are responsible for their own maintenance.
Around 137 Million vehicles...
We conducted a survey and asked those who do their own work if they change their own oil...
That got us to 24.7 Million vehicles
Where someone MIGHT change their own oil. This is the target customer!!
So, if we killed it in sales and got 5% of those to buy it, we'd be looking at 1.2M units +
Something more realistic is 0.5% of that 24.7 Million, which is still around 125K units.
125K units @ $24.99 is $3.1M in total revenue.
See how even small ideas in a country of 320+ Million people could replace your job?
It's possible.
Are we there yet? No, but are we gaining on it ... YES.
Hope this helps.
Kevin
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Oil Udder Market Research - Am I close?
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