Short excerpt from a YouTube video advising video-business entrepreneurs to choose markets where customers experience significant "pain." The speakers argue that the severity of a customer's need determines willingness to pay — if the client will suffer severe consequences without the video (e.g., go out of business), you can charge more. Conversely, even a great offer and sales process will fail in markets with low pain.
So when we're looking for a market to go after in our business, we're looking for a couple of things. We're looking for pain.
The amount of pain that they have dictates how.
Much you can charge.
So if I'm a business and I'm.
Going to go under, or I'm not going to be able to be in business anymore if.
I don't have this.
Specific type of video, that's pretty painful. So you could probably charge a lot for that type of video. If you choose the wrong market, you could have the best offer, the best strategy, be the best at sales, but you're still not going to close anything.
