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How To Pick The Market For Your Business

Name: How To Pick The Market For Your Business
Uploaded: 2024-11-22T15:00:45+00:00
Duration: 35 s
Channel: Shanli Liu, CPA, CTP
Description: In this brief presentation, the speaker outlines a practical framework for selecting a market to enter. He emphasizes four essential characteristics that…

22 Nov 2024 · 1 min

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In this brief presentation, the speaker outlines a practical framework for selecting a market to enter. He emphasizes four essential characteristics that a target market should possess: (1) the customers must have sufficient money to purchase the product or service; (2) the customers should be easy to locate and reach; (3) the market should be growing, indicating demand outpacing supply; and (4) the customers should be experiencing a clear pain point or annoyance that the offering can alleviate. These criteria are presented as a checklist to help entrepreneurs evaluate potential business opportunities and choose markets where success is more likely.

Chapters

So the first thing is money. Do the people that I want to sell my thing have the money for my thing? The second thing, how easy are these people to find? Is it really hard to find this, you know, this particular subset of people? The next thing is I'd rather have the market be growing. Like if I, if I'm about to pick what business I'm going to get into, I'd rather go into one where there's more demand than there is supply. And then the final one, if I had to pick between two things, I'd rather have one where people are in pain. Just the annoyances of taking out the trash every day. It's like it's just the problems or things that people would rather not do. These are kind of the four characteristics of if I'm going to get into a market I want to make sure that they've got the money, they're easy to find, it's growing, and they're in pain.