When looking at a market at this stage, you need to narrow it down and go niche. Using “size of company” as your metric for market definition isn’t good enough. We see this all the time, but SMBs (small and medium businesses) are not a market; the category’s just too broad. Look for important similarities between companies inside of a broadly defined market. Industry is a good place to start. But also consider geography, how they purchase products, what they’ve recently purchased, budgets, industry growth, seasonality, legislative constraints, and decision makers. All of these factors help
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