I have learned some things about selecting a market or niche that I wanted to share with you all here, because I see a lot of people going about it WRONG.
A market is, simply put, a group of people with similar NEEDS, DESIRES, or GOALS, that have a problem that you can solve, who are willing to pay for that solution.
I've seen quite a few people choosing markets that are missing all or some of those factors above. This is a bad idea.
Different needs, desires, or goals? Everyone will want different solutions. No problem? No solution. Can't solve the problem? What are you going to sell to them then? Not willing to pay? You don't have a business.
These factors are important.
And this is why you should analyze a market BEFORE you start a business.
There are a couple benchmarks that can help you chose a good market.
1. Common goals.
2. Common fears.
3. Solvable problem.
4. Emotional motivation.
So, some good markets could be making money or being healthy. These people have similar goals (freedom, respect), and fears (being broke, not in control, disease). There is definitely an emotional motivation. People get SUPER emotional about their fitness. The amount of money they're making.
Markets that are bad or simply more difficult to succeed in are entertainment (often no common goals or fears, no solutions) or politics (common fears/goals, but you can't offer them a solution).
You also have to look at competition - competition is GOOD. It means money is flowing, that there is a market in the first place. But, you have to be unique as well. Otherwise you're just one of the crowd. Differentiate yourself.
Lastly, what interests you is important as well. We always hear about how "people don't care about your passion". That's true. HOWEVER, you have to care about what you are doing if you are to succeed. You have to be at least interested. You customers can see disinterest. You are less likely to follow through if you don't care about the product or market.
When things get difficult, if your only motivation is making money, you are likely to quit and find something 'easier'. Because it's hard to succeed at something when you have no interest in it at all.
With customers that care so much about their topic, you have to care too. You have to want to give them a solution. You have to be interested enough about the topic to learn all you can about it, to look for problems and solutions, to be able to write and talk about it constantly.
Because, losing interest in a market is often a DEATHBLOW to your business. You lose motivation. You stop caring about your products. The focus becomes making money, not making a difference, or truly helping others.
A market is, simply put, a group of people with similar NEEDS, DESIRES, or GOALS, that have a problem that you can solve, who are willing to pay for that solution.
I've seen quite a few people choosing markets that are missing all or some of those factors above. This is a bad idea.
Different needs, desires, or goals? Everyone will want different solutions. No problem? No solution. Can't solve the problem? What are you going to sell to them then? Not willing to pay? You don't have a business.
These factors are important.
And this is why you should analyze a market BEFORE you start a business.
There are a couple benchmarks that can help you chose a good market.
1. Common goals.
2. Common fears.
3. Solvable problem.
4. Emotional motivation.
So, some good markets could be making money or being healthy. These people have similar goals (freedom, respect), and fears (being broke, not in control, disease). There is definitely an emotional motivation. People get SUPER emotional about their fitness. The amount of money they're making.
Markets that are bad or simply more difficult to succeed in are entertainment (often no common goals or fears, no solutions) or politics (common fears/goals, but you can't offer them a solution).
You also have to look at competition - competition is GOOD. It means money is flowing, that there is a market in the first place. But, you have to be unique as well. Otherwise you're just one of the crowd. Differentiate yourself.
Lastly, what interests you is important as well. We always hear about how "people don't care about your passion". That's true. HOWEVER, you have to care about what you are doing if you are to succeed. You have to be at least interested. You customers can see disinterest. You are less likely to follow through if you don't care about the product or market.
When things get difficult, if your only motivation is making money, you are likely to quit and find something 'easier'. Because it's hard to succeed at something when you have no interest in it at all.
With customers that care so much about their topic, you have to care too. You have to want to give them a solution. You have to be interested enough about the topic to learn all you can about it, to look for problems and solutions, to be able to write and talk about it constantly.
Because, losing interest in a market is often a DEATHBLOW to your business. You lose motivation. You stop caring about your products. The focus becomes making money, not making a difference, or truly helping others.
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