Assuming you have an idea, and you have a product or service that you want to get out in the marketplace, how do you know you are selling to the right market? Because the last thing you want to do is you spend a lot of time and money and effort starting a business, taking your idea to the marketplace, and then find out actually no one wants to buy your stuff, that becomes a problem. That’s a very costly mistake.
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So here’s what I look for whenever I enter into a marketplace, I’m going to give you some criteria. Now these are very, very simple questions, but they are not easy to answer. They actually require some thoughts. You’ve got to think through before you answer it. Okay.
So the first question is this before I enter any marketplace, I would ask this first question
is there pain, sense of urgency or irrational passion? What I am looking for are not just rational needs, not just logical needs, I’m looking for emotional needs. If there’s pain. In other words, I much prefer to sell painkiller than vitamins. I want to sell cure to a problem. I don’t want to sell prevention, ideally, because people are always more willing to pay for painkiller versus vitamins. This is a fact when there’s a problem, I want to solve the problem by spending this money
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is their urgency? If there’s a sense of urgency that they need this badly, they have to solve this problem. There’s some pain greater than they’re more willing to spend money as well.
Third, irrational passion. I’ll give you an example, golfers. golfers are very, very passionate about golfing, they buy a lot of golf stuff, right. So if you’re selling to that market, a niche like that, that is not that versus you sell to a market dead, they don’t have a lot of pain, they don’t have a lot of urgency, it is not a whole lot of passion, you’re gonna have problem asking for money, and also charging for what you’ re worth. Does that make sense?
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The second thing that I look for is, are they actively looking for solutions? Now the way that I do it is when it comes to online, I want to see what keywords people are searching for online, maybe through Google, are they actively searching for solutions on the internet? Because if they are, then I know I could put my message my story, my ads in front of them. Right? If I know there’s a need, but I don’t know where these customers are. And they’re not actively looking for solutions on the internet, then I’ll have challenges scaling the business versus if I go online and millions and millions of searches every month, people are searching for this particular solution. then, this is awesome.
Third, is there a lot of competition. Now this would be dictated by whatever that you’re selling, if there’s no competition Now, that may or may not be a good idea, because maybe chances are whatever you’re thinking is not new. it means that maybe there may not be money in that market.
If you have too many competition, then you have problem trying to stand out right trying to cut through the noise. Unless you have a new technology a new breakthrough or something from a new angle that you’re entering the marketplace with. There’s something different right? But sometimes that’s not easy.
So those are the three things that I look for whenever I enter into a marketplace, you should spend a lot of time thinking about what market you want to serve. Instead of spending all your time focusing on the product, the service, whatever it is that you want to sell, that is secondary. The market always comes first. Don’t ever forget that.