There are different ways to size up which market to break into.
You could consider the number of potential customers in the market or the potential revenue from the market opportunity. However, a lot more nuance is needed if you wanted to accurately estimate which opportunity a company should go after.
Consider the Nigerian renewable energy market.
Renewable energy startups and companies in Nigeria aren’t like those in developed countries. In Nigeria and other emerging markets, the present appeal for renewable energy tech stems from the lack of stable electricity. But, in developed countries, renewable energy tech is necessary primarily because of climate change and the need to reduce emissions by cutting down on fossil fuels.
There are two major segments in the renewable energy sector—the commercial and industrial segment and the retail segment.
These segments are very different in terms of willingness and ability to pay, requirements for entry and ease of doing business.
Their distinct business models mean that they require different skills, strategies and technologies.
This distinction means our markets and market needs are very different. But we’re focusing on Nigeria today and the two major segments in the country's renewable energy sector.
The first one is the commercial and industrial (C&I) market. This includes companies, estates