Could a hot dog be a hot market?
You’re having a shower or driving to work and all of a sudden... BANG... out of the blue
you have an idea for a great new product. You know instantly that your new product
will be an instant success. You’re actually amazed that nobody has ever thought of it
before. You smile secretively to yourself and start thinking about how you are going to
spend all the money that you are now destined to make.
Being the type of person that follows through on your ideas, you then spend every
minute of your spare time bringing your idea to fruition. It’s not easy, but after months
of hard work, your product becomes a reality. You give yourself a pat on the back and
prepare for the deluge of money that you’re sure is just around the corner.
But there is just one problem...
No one else seems to share your passion and enthusiasm for your new product. You
contact one company after another only to find that no one is interested.
You find it incomprehensible that people cannot appreciate the true value of your
product.
You continue to look for support but eventually, you have to face the harsh reality that
your product is not the world-beater that you thought it was. After all the blood, sweat,
tears and money that you have poured into your project you decide to throw in the
towel and return to your safe, predictable job.
This scenario plays itself out over and over again as people around the world get
caught in the great Entrepreneurial trap.
The first and most important thing that you must learn about starting a business is this:
“Just because you think something is a great idea does not mean it will be successful.”
The most common mistake people make is to create a product and then go looking for someone to buy. This is the wrong way to start a business and a good way to waste a lot of time and money. So, does this mean that all entrepreneurial dreams are doomed to failure?
Of course not. You just have to learn the right way to go about starting your business.
The Simplest But Most Powerful Formula For Success.
Often the most profound things in life are simple. Please don’t make the mistake of
underestimating the importance of what you are about to read. This simple formula has made more money for individuals than any other strategy or complex business plan.
• Step #1: Find A HOT Market
• Step #2: Ask your market what they want
• Step #3: Give it to them
As you can see, the first step here is NOT to create a product. The first step is to find a
MARKET.
A market is a group of people who share a passionate interest in a particular topic.
Now, maybe you’re thinking that this formula is a bit simplistic and could never work in
real life. Well, let’s have a look at an example that you may find familiar.
Example
Imagine for a moment, two record companies competing in the cutthroat world
of music publishing. Let’s call the first company ‘Try Hard Records’ and the second
company ‘Market Savvy Records.’
Try Hard Records has run into financial difficulties and desperately needs a big hit. They
send out talent scouts to all the local bars and hotels in an effort to uncover a great
hidden talent. Then one day they stumble across John Eseer playing blues guitar in a
smoky jazz venue.
The CEO of Try Hard Records likes what he hears and immediately signs John Eseer
to the label. Everyone in the company agrees that John is sure to be the next big
thing. Try Hard Records spends thousands of dollars to create John Esser’s first CD
and DVD. They then organize a national promotional tour to introduce their new
talent to the world...
Unfortunately, the world isn’t interested...
The market does not respond...
John’s record is a flop...
Try Hard Records loses hundreds of thousands of dollars and goes out of business.
Meanwhile, the Market Savvy Record Company is also trying to get ahead in the world
of music publishing, but they decide to take a different approach.
The CEO of Market Savvy Records understands how the world of marketing works. He
therefore organizes a nationwide singing competition in collaboration with a prime
time television network.
The competition starts with thousands of hopeful singers auditioning across the
country. Market Savvy Records hires a group of music industry specialists to audition
the singers and select a group of 35 talented individuals with a range of styles and
appearances.
The next step is to organize a weekly singing competition that is televised across the
country. Using the telecommunications network, Market Savvy Records then asks the
public to vote for their favorite performer.
Over a number of weeks, the interest in the competition grows into a frenzy. Everyone is talking about who should win. Competition is one of the prime topics of discussion on talkback radio and in the average workplace and family home.
At the conclusion of the competition, Market Savvy Records announces the winner of
the competition with great fanfare. Within a matter of weeks, Market Savvy Records
releases a CD and DVD featuring the competition winner.
The result is that Market Savvy Records has an instant number-one hit on its hands.
Why?
1. Because they found a hot market
2. They asked the market what it wanted
3. They gave it to them
So hopefully you now understand the true power of this simple formula. It is this
the formula that forms the foundation of the Underachiever Method.
How To Find A Hot Market
Finding a hot market is a little bit like being a detective. The characteristics of a hot
market are as follows:
• It contains a large number of people
• These people are irrationally passionate
• They have disposable income
• They have their own jargon
• They have their own magazines
• They may hold their own conferences and events
• They have their own celebrities
In other words, you are looking for a group of people who have their own subculture.
Some examples include:
• Fishing Enthusiasts
• Golfers
• Brides
• Massage Therapists
• Bodybuilders
• Scrapbook Enthusiasts
Finding these subcultures is actually quite easy. In fact, once you get started you
will find niche markets everywhere. It’s a little bit like what happens when you are
thinking of buying a particular kind of car. All of a sudden you start to see those cars
all over the place. In actual fact, this happens because your brain has tuned in to
take notice of these cars. In a similar way, you have to learn to use your ‘Market Radar’ and tune into the niche markets that are all around us.
Some of the best ways to discover niche markets are:
1. Checking Out Magazine Racks: By their very nature magazines cater for
different niche markets. In fact, magazines can only continue to exist if there is
a large group of people (a market) who will buy them regularly. Additionally, magazines generate revenue through advertising. Naturally, advertisers will only pay for ads if they see a return on their investment. Therefore magazines are an excellent indicator that you can use to find niche markets.
2. Visiting Bookstores: Another good place to hunt for niche markets is a large
bookstore such as Borders. Next time you visit a Border’s store take notice of
the labels on the shelves and the ways in which the books are categorized.
The other good thing about going to a large bookstore like Borders is that they
usually have a comprehensive magazine area as well.
3. Going to www.Magazines.com: If getting off the couch and going to Borders
all sounds too hard then log on to www.Magazines.com. This website is a
a great resource for finding niche markets. The magazines are broken down into
different categories and are even ranked by popularity.
4. Going to www.Amazon.com: Amazon.com is the Underachiever’s Secret
Weapon. This website lists over 80,000 magazine titles!
You can browse by subject, conduct a detailed search and even analyze trends
with their ‘Movers and Shakers’ facility. Amazon.com also updates the top
selling magazines daily.
5. Going to www.ClickBank.com: ClickBank.com is the number one
digital product retailer in the world, and also the home of thousands of
Underachievers. You can search through their marketplace and see hundreds
of existing Underachiever products and get great ideas of hot markets that
other people are already using it online!
6. Talking to Passionate People: Have you ever spoken to someone and been
amazed by the passion they demonstrated for a particular topic? Genuine
passion is unmistakable and it is often a great indicator of a potential niche
market. If you find yourself talking to someone who is passionate about a
particular subject makes sure you ask them the following questions:
-- Do a lot of other people share your passion?
-- Are there magazines relating to this subject?
-- Do they attend conferences or events relating to the subject?
7. Listening to People’s Problems: People spend a lot of time talking about
their problems. While this can sometimes get tiring, it can also be a great
way to discover profitable niche markets. If someone has a problem there is a
good chance that many other people share that problem. Think of it this way:
wherever there’s a problem there is an opportunity.
8. Watching TV: Television is a trend-driven medium. What this means is that
news and current affairs programs often report on emerging trends. These
general interest stories can be a great resource for identifying potential
niche markets.
While these eight market sources are a great place to start your search for niche
markets, the real trick is to learn to keep your marketing radar on 24 hours a day,
seven days a week because you never know where or when that profitable niche
the market will appear.
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