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KPIs

We regularly update and add features to the Latana dashboard, and we collect all learning materials in this organized database.

KPIs

Market sizing

Market Sizing KPI measures the share of potential buyers or users of your industry within a chosen market.

This KPI is not specifically tied to any brand but provides a key metric to understanding the potential growth opportunity of your audience and of your market. The audience insight on this KPI is strongly tied to demographics. The question itself is already identifying your target audience, so drilling this down further by age or gender can reveal your potential future audience opportunity.

This KPI can greatly identify where and when to place marketing spend. For example, if you see a strong decline in your industry’s Market Size within an annual period then it is safe to assume that your marketing spend may not see the normal expected returns on other KPIs such as Brand Consideration or Brand Preference. Alternatively, if you see your Market Size greatly increase within an annual period, this might provide you with the desired proof needed to persuade a push in brand messaging and marketing to better compete with players in your industry to stay ahead of the curve.

How do we ask it?

Variations of question text depend on the purchase frequency in a given industry and kind of an industry in general, but the idea is the same: to capture people who are considering buying a product/service.

Possible variations of wording:

  • "Are you considering using/buying {product/service} in the next {time} months?"

  • "Are you considering buying {product} on your next visit to supermarket?"

Respondents then have an option to provide a single answer from the following options: No, Not sure, Yes.

Here is an ⚠️ example of how it can look like:

What do you see in the app?

Market sizing KPI is delivered as a single estimate that can be converted into population units when displayed on general population segmentation.

Latana's recommendations

In order to gain a fuller picture of your industry, we recommend at least two core KPIs to be measured alongside Market Sizing:

  1. Purchase drivers will add the essential insight of revealing what these potential buyers/users prioritise most from brands within the industry when making crucial purchase decisions.

  2. Brand awareness, measured on a wide set of industry brands, provides insights into the competition of the industry and reveals your brand positioning amongst it.