2. What industries can be sold to?
If you have a B2B product, then not accounting for all the industries your product may be of interest to will result in severely underestimating your total addressable market. A lot of times, a product may be developed with one industry in mind, and the creators never stop to examine how much broader the appeal could be. This is bad for TAM calculations, and bad for business.
3. What is the current competitive landscape?
This is important for a couple of reasons. Your total addressable market assumes you have a monopoly, so it isn't a direct part of the calculations. But knowing who else is in the space will help you modify your go-to-market approach and gather data for the calculations, if needed. It will also give you a better idea of how to interpret the TAM. A large, but saturated market might not be a good choice for business. A small, but under-served market segment might be.
4. What are the consumer profiles?
Market research doesn't stop with the size of the market. You also want to know what types of people will be purchasing your product. How much are they willing to pay? What affects that willingness? In the days of big data, you can glean all kinds of useful information to help grow your business by taking an in-depth look at your buyer personas. For the purposes of calculating TAM, knowing what value your target customers place on the types of goods and services you'll be offering can be important, depending on the calculation method you choose.
5. What does long-term market growth look like?
Market growth refers to the rise in demand for a product or service in a specific market. It's important to spend some time assessing your market’s growth potential. And though you can't predict the future, you can use trends in growth to give you some idea of where your total addressable market will be heading. Some indicating DTC trends you can track to gauge your market's growth include year-to-year industry-wide sales, number of customers, and type and size of purchases per customer.