How do you approach top-down vs. bottoms-up market sizing?

Using any company as an example, how do you approach for new products?

For top-down, I was thinking like: population > penetration % > market share % > total serviceable market. 

Not sure what to do for bottoms-up, unless you already have an existing customer base to use as your basis (assuming it's another product line or offering and you're assuming how many of your existing companies will utilize the new service).

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