How To Pick The Market For Your Business
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Summary
- I always start by asking if people have the money for what I'm selling. If they can't pay, they can't buy.
- I check if the people I want to reach are easy to find. A hard-to-find audience makes things costly and tricky.
- I prefer to enter markets where demand is greater than supply. More buyers than sellers means more opportunity.
- I choose markets where people have a problem or pain point. Solving a pain makes it easier to sell solutions.
Video
How To Take Action
I would suggest implementing a straightforward approach when thinking about who you want to sell to. First, make sure your potential customers have the money to buy what you’re selling. It sounds simple, but if they can't pay, they won't be buying. This means knowing your audience's financial capability and targeting those who match it.
A good way of doing this is to check how easy it is to find your customers. If it’s tough to track them down, it’ll cost you more time and resources. Instead, target groups that are easier to reach and communicate with. Use social media, online forums, or other spaces where they hang out.
Look for markets where there's a higher demand than supply. If more people want a solution than there are providers, you’ve got a greater chance for success. Research market trends and find out where people are looking for solutions but not finding enough options.
Finally, identify markets where people have a problem or pain point. Solutions sell much easier when they solve real problems or ease annoyances. Think about everyday annoyances or tasks that people don't enjoy doing. Your job is to create an effective, affordable solution for these issues.
By focusing on these points, you align your small business or entrepreneurial efforts with strategic markets that offer better chances for growth and success without spending lots of time and money.
