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 so here's what I
look for whenever I enter into a
marketplace I'm gonna give you some
criteria now these are very very simple
questions but they are not easy to
answer they actually require some
thought you got to think it through
before you answer it okay so the first
question is this before I enter any
marketplace before I enter into any
market I would ask this first question
is there pain sense of urgency or
irrational passion 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 oh I want to
solve the problem by spending this money
is there
urgency right if there's a sense of
urgency that they need this badly they
have to solve this problem there's some
pain great and 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 that
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 the second thing
that I look for is are they actively
looking for solutions I did actively
looking for solutions now the way that I
do it is when it comes to online I want
to see what keywords are people
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 an e but I don't
know where these customers are and
they're not looking 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 bingo 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 right means
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 that 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