The old “Back of the Envelope” calculation is the gut check that can either validate your next strategic move, or it can give you pause for concern. It is the culmination of knowledge, experience, data and intuition. It is not a guess.
Key to doing a gut check calculation is the availability of data on hand.
You can buy industry reports from a seemingly infinite number of sources. Many of them are very good, But what if you want to independently verify existing market data, trends and/or drill down to achieve greater understanding of your desired segment? What options are available?
You would be surprised at what you can do given a few hours and a zero dollar budget. There are a number of free data sources that will often shed light on almost any market.
One source available to anyone who can punch a key board is the US government. It is amazing how much data the US government collects and makes available free of charge. Many of the Launch Advisory Team clients are in the life science industries. They are often interested in demand curves based on medical procedural statistics.
We often get great data by simply searching through the following government agency web sites.
- US Government Census www.census.gov
- US FDA www.fda.gov
- US Department of Labor www.dol.gov
- CDC www.cdc.gov
- NIOSH www.cdc.gov/niosh
- OSHA www.osha.gov
Other sources of free information include the many and varied professional websites. Simply search the professional segments that you are interested in learning about. These sites may have the most up-to-date information regarding best practices, quantitative facts, trends and technologies.
Let’s say you need to get a few quick statistics regarding US Hospitals? Check out www.aha.org/research/rc/stat-studies/fast-facts.shtml. Or, perhaps you are interested in the number and types of plastic surgeries. Go to www.cosmeticplasticsurgerystatistics.com/statistics.html.
Professional websites may have links to professional peer reviewed publications that can provide all sorts of relevant information used for market sizing, segmentation, and obtaining specific focused data of interest. Publication references may lead you to data that might be extremely helpful.
Getting the data for your gut check may not be as time consuming as you think, especially if you have a little time and/or an intern who knows how to search the internet.
But, what if you have neither the time nor the intern? That’s where we come in! We are Launch Advisory Team . . . we’ll get you the data and do the analysis.