- That's a very good question,
how do you find that right product market fit.
Especially maybe this is you first couple businesses
that you're just getting started.
Now the way I like to do it,
not the way that most people like to do it.
I don't actually focus on the product,
I focus on the market first, always.
To me market always comes first and product comes second.
I want to find out what are the needs in the marketplace
that are not being,
that's not being filled.
I want to see what problems are not being solved.
I always say that every problem is a product.
I want to find out where are people frustrated
about a certain thing.
Now of course if you want to create a new category,
you want to be a category king.
You want to be,
tap into a blue ocean.
That's something that no one's ever done.
That's perfectly fine if that's your goal,
but for my perspective,
most people simply don't have that abilities.
Most people they are too green.
It takes some skills to do that.
But if this is your first couple businesses,
you are much safer and wiser
just to see
what's out there right now.
What's already selling?
What are people already searching for.
And let's say if you are selling something online,
what are people searching for and already buying on Amazon?
What are people already buying from other e-commerce sites?
What are people buying in terms of keyword research?
What keywords are they typing into Google.
They can easily go to Google and then the keyword
tool then you can find out,
how much search volume are there,
are people actively looking for solutions
to solve their problems.
You see if you have identified
the needs and the demand already,
now you just need to think about,
"I wonder what product I could create
"to help them solve that particular problem."
Now you have minimized your risk.
Or if there's a huge marketplace out there
that's been created by other people,
a smarter entrepreneur would be thinking,
"How can I kind of ride that wave?
"How can I tap into that?"
Example,
instead of you trying to come up with the next thing
to maybe compete with Apple,
the next iPhone.
You're not Steve Jobs,
I'm not Steve Jobs.
Chances are that's not going to happen.
But you could probably have a very decent
business to sell iPhone cases.
You might have a very decent business to sell
maybe those protective shields that protects people's iPhone.
So you think about because of a company
created such a massive demand for this particular product.
What are some of the complimentary products
that you could sell, right?
It's like you think about in the ocean,
we have the big whale, right?
The big whale that's swimming in the ocean.
You're the little fish that attach yourself
to that big whale, right?
Just the leftover from the big whale alone,
you could have a very very successful
and profitable business.
Without a lot of the risks,
without guessing,
well I guess people want it,
I guess there might be demand for it.
No you know because this is,
this marketplace out there,
there's massive demand that's been created,
you've just got to tap into that.
That is a very very smart way.
I call that chicken entrepreneurship, right?
That you are like,
you're being a little chicken,
you're living afraid, you're being conservative.
Taking not stupid risk but calculated risk,
how can I use the least amount of money
by getting my business going, right?
Then from there once you have accumulated the capital,
once you kind of have some success under your belt,
then you can do bigger things.
Versus,
"I'm going to invent the next thing that's going to be
"the next iPhone, better than the iPhone!"
Well chances are you're not going to do that.
You're not Elon Musk, you're not Steve Jobs, right?
Let's just face it.
It's good to be realistic in that regard.
That would be my recommendation.
Any other marketing questions you have,
I always look forward to some good marketing questions.
Some say I'm one of the greatest marketers
on social media,
I don't know if I am,
but I definitely know a lot about marketing.
And a lot of entrepreneurs and business owners
come to me for marketing help.
So comment below,
if your question is good I will
from time to time pick a good question and answer them,
when I'm on the way doing something.
So until then,
I will see you in my next video.