Lauren BatemanGuitar Teacher; Founder of the 7 Level Guitar System

Evaluate your market by analyzing the competition and current trends.

23 Dec 2023 · 1 min

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0:48

Lauren Bateman (speaker) offers practical advice for evaluating a market: look for existing competitors who are successfully monetizing (e.g., many YouTube teachers and guitar platforms), assess where consumer attention is moving (currently online), and plan how you will monetize and differentiate yourself to attract attention and make sales. The guidance emphasizes choosing online delivery and finding unique positioning despite competition.

Chapters

When you're trying to evaluate a market, I think you have to look at what's out there. Now, is there someone in your market doing what you're doing that's making a lot of money? So I look online, there's tons of YouTube teachers, there's tons of guitar platforms. I know this is a space that I can make money in. And then it's just coming up with a plan of how are you going to monetize that? How are you going to get the attention? You also have to see the trends of where things are going. Like right now, the trends are that things are going online. So you want to be online. There's certain things. If you're going to open a library today, that might not be the best move. Maybe you're going to do an online library. I don't know. But you have to see where things are going, and everything is going online right now. So that's where everyone's attention is going, and that's where you need to be. I know there's competition, but you got to find a way to make yourself unique, get that attention and get the sales.