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And as soon as he switched from selling newspapers to selling masks in manufacturing, he went from a few million dollars a year to a few million dollars a week.

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Welcome to the game where we talk about how to get more customers, how to make more customers, how to keep them longer, and the many failures and lessons we have learned along the way.

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I hope you enjoy and subscribe.

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What's going on everyone, what I want to talk to you about today is a question that I get all the time.

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Which is how do I know I have a good market, right?

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Which is what are the things I should be looking for to know I have a market that I should go after.

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And the first thing I want to address here is, you know, I had this conversation yesterday and someone's like, hey, I'm between dentists and hearing a specialist and pharmacists, right?

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For what market I want to go after and serve, right? And I was like, okay, cool. Well, what are the considerations, right?

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And they didn't know how to actually analyze each of those businesses.

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And so the first rule of thumb that I'll give anyone is, as long as the market is not dying and is either normal or growing, then which of the markets can you provide the most value to?

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All right, so most value. And that's given your skill set.

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So if you have an advantage inherently or you have experience working with people in a specific marketplace, or especially if it's personal experience, then I would usually recommend going after that market first because you know their pains.

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You know what it feels like you will empathize with them and you ultimately create a better product that will provide more value to them and you'll be able to win.

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Now, that's a great scenario, but many people I talk to have basically no experience in any market. And I'm like, okay, well then these are the four things that I look for.

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All right. So there is follows.

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The first thing that I'm going to look for is, is the market in pain? All right. So do they have a desperate need for my product or services, right?

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A nice to have is not something people are going to take their money out and buy, especially in a bad economic condition, right?

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If we're in a good economic time when you're watching this and that's awesome. And if we're in a bad one, then you'll know, right?

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So the first thing I'm looking for is, do they have a desperate need? Are they starving for the thing that I'm looking for, right?

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There are some things that are timeless, right? Health, wealth and relationships are the timeless needs of humanity, right?

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You know, are they sad and lonely? That's relationships. Are they broke? That's always pain and health, are they, are they feel bad about how they look and are they unhealthy?

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And so there's a three big ones, right? But is there key pain that I'm solving? The second is, is the market growing, right?

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So I'll give you an example of this. I think I've told the story of my buddy who on the newspaper company, he could not figure out why his company was not growing.

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And he called me up and I was like, dude, like you're much smarter than I am. It's probably because you're selling the newspapers.

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He's like, no, no, it can't be that. And I was like, no, I think it's that. And as soon as he switched from selling newspapers to selling masks in manufacturing, he went from a few million dollars a year to few million dollars a week, right?

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The same entrepreneur simply applied it to a growing marketplace, all right? The next thing that I'm looking for in terms of marketplace is, are they easy to find?

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And this is important. Because if you're a marketing, and you can't find your prospects, if I'm marketing to plastic surgeons, for example, and the only people seeing my ads or nurses, then I'm not going to be able to get my, my product, my service in front of them or even get my offer to them if they're impossible to find.

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And so whenever I'm picking a market, I'm going to try and find one that I can easily target that has associations, they have groups, they have channels, they all watch, they're all congregated in one place. And so that way I can cast my fishing line there, and then I can hook the clients that can take a step towards me.

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Because if you can't find them, they'll never find you, right?

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Hey guys, real quick, if you're new to the podcast, I have a book on Amazon called 100 million dollar offers that over 8,000 five star reviews and it has almost a perfect score, you can get it for 99 cents on Kindle.

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The reason I bring it up is that I put over a thousand hours into writing that book, and it's my biggest gift to our community, so it's my very shameless way of trying to get you to like me more.

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And ultimately make more dollars to that later on in your business career, I can finish the part with you.

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That's my gift, go check it out, Amazon, and back to the show.

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And so one, they have to be in pain, two, they have to be growing, three, they have to be easy to find.

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Now the fourth one is purchasing power, which is do they have the monies, right?

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Now a quick example of this is that a friend of mine who was looking at this and he was like, dude, I've got the perfect market.

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I'm going after unemployed people and I want to coach someone how to do their resumes, right?

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Tons of pain on not having a job. He said, it's definitely growing because people are coming in out of the market, so there's tons of people that are coming in out, so my ads won't get fatigued.

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And I was like, okay, he's like, they're super easy to find and I was like, that's great.

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But then he's like, no one wants to buy my stuff because they all say they don't have jobs.

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And so he wasn't able to have the purchasing power from this target, right?

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And so let me give you an example of two different ways that you could use this framework, right?

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So let's say if I were a relationship coach, I was somebody who serves couples or I'm good at helping people find love, right?

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Well, I'm going to look for a market that has all four of these things, which means instead of saying I'm going to help college kids, for me, in my service business, find love.

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Instead of having, that's a heart. College kids find love. What I would probably do is instead go after seniors, right, in maybe their second half of life to find their next partner, that would probably be where I'd focusing.

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And what happens there is seniors have tons of pain because they're alone. It's growing because people die and get older every day, right?

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They're easy to find. And I know that senior citizens in general have far more money than college kids do, right?

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And so even though I have the same core value proposition, I'm choosing to serve a better market that I will ultimately probably make more money with, right?

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And so this is kind of the process that I look at is number one, above all else, which market can I provide the most value to?

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If I have personal experience, that's going to trump everything. Now, if I don't have personal experience and I just have a skill of being able to market or sell or whatever, then I'm going to look at my market in this four piece system, whatever you want to say, checklist.

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And the thing is as you can't just have three of them, right? In the newspaper example, they were in tons of pain, they were easy to find, and they had purchasing power.

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The problem is they weren't growing. They were shrinking every year, right? The unemployment example, they were growing, they were in pain, but they didn't have the purchasing power. So that's the problem there.

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The nurses and plastic surgeons example, that would be one where if I can't find them, then I can't display the ads to them. And then obviously if people don't want your product at all, it's just a nice to have, then they will not buy it.

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And so you want to make sure that you do not have one, two, three of these. You want to have all four in any market you pick and ideally pick a market that you already know you can provide value to and solve a problem that meets these four criteria, and you'll have the recipe for success.

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So hope that made sense. That's how I look at markets. That's what I look at when I'm trying to invest in companies. I look at the founder. I see if they already have experience in this, and then I see if the problem that we're solving matches these things. And then at that point, I say, you know what? I think this is a good opportunity.

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Let's do it. Hope you enjoyed that and see you in the next vid.