ABOUT THIS

DOCUMENT

NOTES

PREPARED BY:

This document presents a framework for a grounds-up market-sizing of

your company's opportunity in a nascent market.
Each section in the Market Size Overview tab represents a segment of
those markets in which your product provides value. A separate
worksheet tab exists for each of these segments. To calculate your
market size, do the following for every segment.
1) Define average-sized opportunity sizes for large (A), medium (B),
and small (C) deals - these are known as classes
2) List every customer you can find in a segment
3) Run through the list and quickly classify each firm as a size A, B, or
C opportunity
4) Sum the total opportunity sizes for each class of opportunity in that
segment.
Firms can also be classified as "untargeted," meaning that firm doesn't
contribute to the market size. This is appropriate if, for example, a firm is
out of your company's geographic target, or if the firm isn't a potential
purchaser of your or any product.
The total market size for your company is the aggregate amount across
all these sub-segments.

Use tabs in the back of this workbook (after the "Backup Tabs" sheet) for
additional sources and raw lists of data. It's a useful way to keep track of
what is going into the segment analysis tabs.

Brian Gladstein
Explorics Consulting
http://www.explorics.com
@explorics
617-758-8998

About
About Explorics
Explorics
Explorics
Explorics is
is aa strategic
strategic consulting
consulting firm
firm
based
based outside
outside of
of Boston,
Boston, MA
MA that
that
specializes
specializes in
in customer-centric
customer-centric demand
demand
generation.
We
generation. We help
help technology
technology
companies
companies validate
validate and
and scale
scale their
their
markets,
product
lines,
and
businesses.
markets, product lines, and businesses.
The
The key
key to
to scaling
scaling is
is knowing
knowing where
where and
and
how
to
focus,
and
then
building
how to focus, and then building
repeatable
repeatable demand
demand generation
generation engines
engines
that
that target
target new
new segments
segments of
of customers
customers in
in
new
channels.
new channels.
We
We work
work with
with our
our clients
clients tailor
tailor customercustomerdriven,
content-based
market
programs
driven, content-based market programs
that
that scale
scale and
and directly
directly fuel
fuel growth.
growth. Our
Our
rapid,
rapid, iterative
iterative approach,
approach, combined
combined with
with
the
innovative
ways
we
reach
new
the innovative ways we reach new
buyers,
buyers, lets
lets us
us quickly
quickly discover
discover programs
programs
that
are
proven
to
work.
that are proven to work.

Market Size Overview

This document calculates Target Addressable Market, which is defined as the potential total revenu
who would theoretically buy a product or service in this category. Note that exercise does not seek
market size," which would be the total size of all transactions expected to take place in a given yea

For more instructions about using this document, terminology, and other notes, please see the "Ab

Target Addressable Market (TAM)

$106,000,000

Subsegment

Firms

Class

Subsegment A

Total Firms
Targeted Firms
Market Size

23
14
$56,000,000

A
B
C

Subsegment B

Total Firms
Targeted Firms
Market Size

23
18
$15,000,000

A
B
C

Subsegment C

Total Firms
Targeted Firms
Market Size

23
8
$17,000,000

A
B
C

Subsegment D

Total Firms
Targeted Firms
Market Size

23
13
$18,000,000

A
B
C

These fields are all

filled in from the
individual Segment
tabs (with the
exception of the
sample firms).

These fields are all

filled in from the
individual Segment
tabs (with the
exception of the
sample firms).

filled in from the

individual Segment
tabs (with the
exception of the
sample firms).

as the potential total revenue across all customers

hat exercise does not seek to predict "actual
o take place in a given year.
notes, please see the "About This Document" tab

all

ent

The final market

size is presented
here.
Sample Firms

ASP

# of Firms

Class TAM

$10,000,000
$3,500,000
$500,000

2
10
2

$20,000,000
$35,000,000
$1,000,000

JPMorgan Asset Mgmt

Allston Trading
Amplitude Capital

$3,500,000
$500,000
$0

2
16
0

$7,000,000
$8,000,000
$0

ABN Amro
Raymond James Financial
1st Discount Brokerage, Inc.

$3,500,000
$750,000
$0

4
4
0

$14,000,000
$3,000,000
$0

NYSE
Australian Securities Exchange
Bendigo Stock Exchange (BSX)

$3,500,000
$1,000,000
$0

2
11
0

$7,000,000
$11,000,000
$0

Bank of America
ING Group
Bank of Montreal

all

ent

ent

Segment A: Investment Banks

This
overview is
automatica
lly
calculated.

Segment Overview
Total Firms
Targeted Firms

23
14
2
10
2
56,000,000

A
B
C
Market Size
Firm

City

Country

Region

ABN Amro
Access Partners
Allen & Company
Arma Partners
Banco Santander
Bank of America - Merrill Lynch
Bank of Montreal (BMO Capital Markets)
Barclays Capital
BB&T (BB&T Capital Markets)
BBH (Brown Brothers Harriman)
BBVA
BBY Ltd
Blackstone Group
BNP Paribas
BOC International Holdings
Brewin Dolphin
Bryant Park Capital
C.W. Downer & Co.
Canadian Imperial Bank of Commerce (CIBC)
Catalyst Corporate Finance
Centerview Partners
CIMB Group
Citigroup

Amsterdam
Stockholm

Netherlands
Sweden

EMEA
EMEA

New York, NY
New York, NY
Toronto, ON
New York, NY
Salem, NC
New York, NY
Madrid

USA
USA
Canada
USA
USA
USA
Spain

NA
NA
NA
NA
NA
NA
EMEA

New York, NY
New York, NY

USA
USA

NA
NA

Toronto, ON

Canada

NA

New York, NY
New York, NY

USA
USA

NA
NA

Fill out this list with firms

from this segment. The
more the merrier!

Class
A
B
C

These fields are

supplementary and
provide context to the
list.

Opp Size
$10,000,000
$3,500,000
$500,000

Category

Class

Financial Conglomerate
Independent I-bank
Independent I-bank
Financial Conglomerate
Full-service I-Bank
Financial Conglomerate
Full-service I-Bank
Financial Conglomerate
Financial Conglomerate
Financial Conglomerate
Independent I-bank
Independent I-bank
Full-service I-Bank
Independent I-bank
Independent I-bank
Independent I-bank
Independent I-bank
Financial Conglomerate
Independent I-bank
Independent I-bank
Full-service I-Bank

s are
ary and
text to the

B
B
B
B
B
A
B
B
B
C
C
B
B
B
B
B
B
B
B
B
B
B
A

Define your classes of

opportunity size -- an
average-sized large,
medium, and small
opportunity. Then assign
Target
each Opp'y
firmSize
in the list to the
Y
3,500,000
appropriate
class.
Y
N
N
Y
Y
Y
Y
Y
Y
Y
N
Y
Y
N
N
N
N
Y
N
N
Y
Y

3,500,000
0
0
3,500,000
10,000,000
3,500,000
3,500,000
3,500,000
500,000
500,000
0
3,500,000
3,500,000
0
0
0
0
3,500,000
0
0
3,500,000
10,000,000

This field
Choose
is
which
calculated.
class
each firm
"Y" will
belongs include the
to
firm in the
analysis, "N"
will exclude it

ur classes of
ty size -- an
sized large,
and small
ty. Then assign
in the list to the
te class.

his field

alculated.

Segment B: Alternative Trading & Hedge Funds

Segment Overview
Total Firms
Targeted Firms

23
18
2
16
0
15,000,000

A
B
C
Market Size

Class
A
B
C

Firm

City

Country

Abraham Trading Co
Adage Capital Management
Advantage Futures
Aker Asset Mgmt
Alaron Trading
Alerus Securities
Allston Trading
Alternative and Quantitative Investments (UBS)
Altis Partners (Jersey)
Altrion Trading
Amplitude Capital
Anchorage Advisors
Angelo Gordon & Co.
Angle Group
Appaloosa Management
AQR Capital Management
Aqua Securities L.P.
ArcaEdge
Archelon Group
Argnonaut Capital Mgmt
Argo Traders
Assent ATS
Automated Equity Finance Markets, Inc.

Canadian, TX
Boston, MA
USA
Chicago, IL
USA
Oslo
Chicago, IL
USA
Grand Forks, ND USA
Chicago, IL
USA
Stamford, CT
USA
Channel Islands, UK
San Francisco, C USA
Zug, Switzerland
New York, NY
USA
New York, NY
USA
New York, NY
USA
Chatham, NJ
USA
Greenwich, CT USA
New York, NY
USA
Chicago, IL
USA
Chicago, IL
USA
New York
Buffalo Grove, IL USA
Hoboken, NJ
USA
New York, NY
USA

Region

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA

Opp Size
$3,500,000
$500,000
$0

Category

Hedge Fund
Hedge Fund
Proprietary Trading
Hedge Fund
Proprietary Trading
Alternative Trading
Proprietary Trading
Hedge Fund
Hedge Fund
Proprietary Trading
Hedge Fund
Hedge Fund
Hedge Fund
Proprietary Trading
Hedge Fund
Hedge Fund
Alternative Trading
Alternative Trading
Proprietary Trading
Hedge Fund
Proprietary Trading
Alternative Trading
Alternative Trading

Class

C
B
B
B
B
B
B
B
B
B
C
B
A
B
A
B
B
B
B
C
B
B
B

Target

N
Y
Y
N
Y
Y
Y
Y
N
Y
N
Y
Y
Y
Y
Y
Y
Y
Y
N
Y
Y
Y

Opp'y Size

0
500,000
500,000
0
500,000
500,000
500,000
500,000
0
500,000
0
500,000
3,500,000
500,000
3,500,000
500,000
500,000
500,000
500,000
0
500,000
500,000
500,000

Segment C: Brokerages
Segment Overview
Total Firms
Targeted Firms

23
8
4
4
0
17,000,000

A
B
C
Market Size
Firm

1st Discount Brokerage, Inc.

4XDirect
4xFindMe
A.B. Watley Group, Inc.
ABN Amro
ActivTrades
ADM Investor Services
Advanced Currency Markets SA
Advanced Equities Financial Corporation
Aforge Finance
Akin Bay Company
Akmos Trade
Alaris Trading
Altegris Investments
Alter Forex Management
Ambrian
American Option Services
Ameriprise Financial, Inc.
Ameritrade, Inc.
ApexForex.com
Astaire Group Plc
Avista Partners
Banca Leonardo

Class
A
B
C

City

Country

Region

Amsterdam

Netherlands

EMEA

Geneva
Chicago, IL
Paris

Switzerland
USA
France

EMEA
NA
EMEA

Jersey City, NJ

USA

NA

Minneapolis, MN USA
Bellevue, NE
USA

NA
NA

Milan

NA

Italy

Opp Size
$3,500,000
$750,000
$0

Category

Retail Brokerages
Foreign Exchange Broker
Foreign Exchange Broker
Retail Brokerages
Financial Conglomerate
Retail Brokerages
Prime Brokerage
Foreign Exchange Broker
Retail Brokerages
Broker-dealer
Broker-dealer
Foreign Exchange Broker
Prime Brokerage
Prime Brokerage
Foreign Exchange Broker
Broker-dealer
Retail Brokerages
Retail Brokerages
Retail Brokerages
Foreign Exchange Broker
Retail Brokerages
Broker-dealer
Broker-dealer

Class

A
B
B
B
B

A
A

Target

N
N
N
N
Y
N
N
Y
Y
Y
N
N
Y
N
N
N
N
Y
Y
N
N
N
Y

Opp'y Size

0
0
0
0
3,500,000
0
0
750,000
750,000
750,000
0
0
750,000
0
0
0
0
3,500,000
3,500,000
0
0
0
3,500,000

Segment D: International Stock Exchanges

Segment Overview
Total Firms
Targeted Firms

23
13
2
11
0
18,000,000

A
B
C
Market Size
Exchange

City

Class
A
B
C

Country

Region

Agricultural Futures Exchange of Thailand (AFET)

Thailand
Ankara Ticaret Borsasi (Ankara Commodity Exchange)
Turkey
Armenian Stock Exchange(Armex)
Armenia
Athens Exchange (ATHEX)
Athens
Greece
EMEA
Australian Securities Exchange (ASX)
Sydney
Australia
APAC
Baku Interbank Currency Exchange
Azerbaijan
Baku Stock Exchange (BSE)
Azerbaijan
Baltic Exchange (source of maritime market information for the tradingUnited
and settlement
Kingdom of physical and derivative contracts)
Banja Luka Stock Exchange
Bosnia and Herzegovina
BATS Trading
Kansas City, MO USA
NA
Belarusian Currency and Stock Exchange
Belarus
Belgrade Stock Exchange
Serbia
Australia
Bendigo Stock Exchange (BSX)
Bloomberg Tradebook (BTRD)
New York, NY
USA
NA
BM&F Bovespa
Sao Paulo
Brazil
SA
Boerse Stuttgart (Stuttgart Exchange)
Stuttgart
Germany
EMEA
Bolsas y Mercados Espanoles (BME) (consolidates Madrid
Madrid Stock Exchange,
Spain Barcelona Stock
EMEAExchange, Bilbao Stock Exchan
Bombay Stock Exchange
Bombay
India
APAC
Borsa Italiana (Italian Stock Exchange, acquired by Milan
the London Stock Italy
Exchange)
EMEA
Brse Berlin Equiduct Trading(owner Berlin Stock Berlin
Germany
EMEA
Brse Dsseldorf (Dsseldorf Exchange)
Dusseldorf
Germany
EMEA
Brse Mnchen (Munich Exchange)
Munich
Germany
EMEA
Brsen AG (consolidates Hamburg and Hannover Stock
Hamburg
Exchanges) Germany
EMEA

Opp Size
$3,500,000
$1,000,000
$0

Category

Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Electronic Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Electronic Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange
Stock Exchange

Class

B
B

A
B
B
B
B
B
B
B
B
B

Target

N
N
N
Y
Y
N
N
N
N
Y
N
N
N
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

Opp'y Size

0
0
0
1,000,000
1,000,000
0
0
0
0
3,500,000
0
0
0
3,500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000

All Tabs after this page are backup

Place any backup

research in separate
tabs following this one.

are backup