Not sure what kind of market you want to start a business in? No worries – you’re not alone. In this episode, we dive into the three main criteria I look at when I evaluate a market – that way you can start a business with confidence in knowing that you have a passionate customer base that is looking to buy. 

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Resources

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Show Value Bombs:

1. Find A Market You Are Passionate About or At Least Interested In – This will allow you have some emotional investment in making sure you succeed rather than just wiping your hands clean.
2. Find A Market That Has History & Longevity – You want something stable where you can analyze the competitors and at how you can differentiate. New markets bring on a higher risk.
3. Make Sure Your Market Has A Passionate User Base – When there are people already passionate about the market you want to enter, that provides you with a ton of leverage – especially with word of mouth marketing.

Show Notes

Today on The OMG! Show: Finding A Fresh Market

01:02 – Oscar talks about the uneasy feelings of choosing a market for your business.                                  

• There’s so many markets out there and for a lot of the time, it can feel like the market is too saturated, right?
• Don’t let those ideas, sink down too deeply to the point where you’re like, never mind, I don’t want to do this.

01:50  Oscar reveals his 1st criteria for choosing a market.                                

• Finding a market that you’re at least interested in or passionate about.
• The emotional attachment is going to allow you to do a lot of really cool things with your business down the road.

02:35 – Oscar reveals his second criteria to choosing a market for your business.                                 

• Now, second thing you got to look for when it comes to choosing a market is making sure that the market has both history, but also longevity.

03:25 – Two examples of markets that you might not want to get into, just yet…                            

• Meaning that it’s been around for a couple of years and more often than not, it’s not going to go anywhere anytime soon.
• So for example, if you wanted to sell CDs, sorry, that market’s not going to help. One the other side of the spectrum you have Bitcoin, a new market that could bring in huge opportunity, but also a lot of risk.
• Look for a market that is a bit more secure.

04:11 – Oscar gives examples of sustainable markets.                              

• Markets such as sports, real estate, health & wellness have been around for such a long time and are not going to go anywhere anytime soon.

05:05  – The benefits of choosing a market that is stable versus a new market that has not been proven.                                

• You want an established market place. That way you’re not the Pathfinder, you’re not starting anything new and taking on all the risks.
• You want to test different things and find your own path in a proven marketplace. You want to have that stability.

05:49 – Oscar talks about the importance of choosing a market that has a passionate customer base.                                

• Find a market that has passionate people
• You want to have a market where there’s tons of people and they’re actively engaging in a community. They’re sharing content, they’re sharing their opinions, they’re debating each other, they’re going back and forth.

07:32 – Oscar shares two examples of markets; one with a passionate customer base and one without.    

• Passionate markets will provide greater opportunity to create “virality” if you just stir the pot a little bit.
• Markets without a passionate customer based will be hard to find success and will push you into constantly changing the game plan that you want to implement.

09:10 – Recapping the benefits of following these three tips in choosing a market.

• Okay. If you can kind of follow these three tips when you’re analyzing where you want to get into, you’re going to some relatively good success.
• Ton of research, which you can use on your copy, on your ads. You’re going to be able to see what your competitors are doing and figure out how you can differentiate yourself and go against the herd.
• Go against the tide if you will. But more often than not, you’re gonna be able to build a stronger community of people because the passion is already there.

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