How to Create a Hot Market in today's times?

Could a hot-dog be a hot market?


You’re having a shower or driving to work and all of a sudden... BANG... out of the blue

you have an idea for a great new product. You know instantly that your new product

will be an instant success. You’re actually amazed that nobody has ever thought of it

before. You smile secretively to yourself and start thinking about how you are going to

spend all the money that you are now destined to make.

Being the type of person that follows through on your ideas, you then spend every

minute of your spare time bringing your idea to fruition. It’s not easy, but after months

of hard work, your product becomes a reality. You give yourself a pat on the back and

prepare for the deluge of money that you’re sure is just around the corner.

But there is just one problem...

No one else seems to share your passion and enthusiasm for your new product. You

contact one company after another only to find that no one is interested.

You find it incomprehensible that people cannot appreciate the true value of your

product.

You continue to look for support but eventually you have to face the harsh reality that

your product is not the world-beater that you though it was. After all the blood, sweat,

tears and money that you have poured into your project you decide to throw in the

towel and return to your safe, predictable job.

This scenario plays itself out over and over again as people around the world get

caught in the great Entrepreneurial trap.

The first and most important thing that you must learn about starting a business is this:

“Just because you think something is a great idea does not mean it will be successful.”

The most common mistake people make is to create a product and then go looking for someone to buy. This is the wrong way to start a business and a good way to waste a lot of time and money. So, does this mean that all entrepreneurial dreams are doomed to failure?

Of course not. You just have to learn the right way to go about starting your business.

The Simplest But Most Powerful Formula For Success.

Often the most profound things in life are simple. Please don’t make the mistake of

underestimating the importance of what you are about to read. This simple formula has made more money for individuals than any other strategy or complex business plan.

• Step #1: Find A HOT Market

• Step #2: Ask your market what they want

• Step #3: Give it to them

As you can see, the first step here is NOT to create a product. The first step is to find a

MARKET.

A market is a group of people who share a passionate interest in a particular topic.

Now, maybe you’re thinking that this formula is a bit simplistic and could never work in

real life. Well, let’s have a look at an example that you may find familiar.

Example

Imagine for a moment, two record companies competing in the cutthroat world

of music publishing. Let’s call the first company ‘Try Hard Records’ and the second

company ‘Market Savvy Records.’

Try Hard Records has run into financial difficulties and desperately needs a big hit. They

send out talent scouts to all the local bars and hotels in an effort to uncover a great

hidden talent. Then one day they stumble across John Eseer playing blues guitar in a

smoky jazz venue.

The CEO of Try Hard Records likes what he hears and immediately signs John Eseer

to the label. Everyone in the company agrees that John is sure to be the next big

thing. Try Hard Records spends thousands of dollars to create John Esser’s first CD

and DVD. They then organize a national promotional tour to introduce their new

talent to the world...

Unfortunately the world isn’t interested...

The market does not respond...

John’s record is a flop...

Try Hard Records loses hundreds of thousands of dollars and goes out of business.

Meanwhile, the Market Savvy Record Company is also trying to get ahead in the world

of music publishing, but they decide to take a different approach.

The CEO of Market Savvy Records understands how the world of marketing works. He

therefore organizes a nationwide singing competition in collaboration with a prime

time television network.

The competition starts with thousands of hopeful singers auditioning across the

country. Market Savvy Records hires a group of music industry specialists to audition

the singers and select a group of 35 talented individuals with a range of styles and

appearances.

The next step is to organize a weekly singing competition that is televised across the

country. Using the telecommunications network, Market Savvy Records then asks the

public to vote for their favorite performer.

Over a number of weeks, the interest in the competition grows into a frenzy. Everyone is talking about who should win. The competition is one of the prime topics of discussion on talk back radio and in the average workplace and family home.

At the conclusion of the competition, Market Savvy Records announces the winner of

the competition with great fanfare. Within a matter of weeks, Market Savvy Records

releases a CD and DVD featuring the competition winner.

The result is that Market Savvy Records has an instant number one hit on their hands.

Why?

1. Because they found a hot market

2. They asked the market what it wanted

3. They gave it to them

So hopefully you now understand the true power of this simple formula. It is this

formula that forms the foundation of the Underachiever Method.

How To Find A Hot Market


Finding a hot market is a little bit like being a detective. The characteristics of a hot

market are as follows:

• It contains a large number of people

• These people are irrationally passionate

• They have disposable income

• They have their own jargon

• They have their own magazines

• They may hold their own conferences and events

• They have their own celebrities

In other words, you are looking for a group of people who have their own subculture.

Some examples include:

• Fishing Enthusiasts

• Golfers

• Brides

• Massage Therapists

• Bodybuilders

• Scrapbook Enthusiasts

Finding these subcultures is actually quite easy. In fact, once you get started you

will find niche markets everywhere. It’s a little bit like what happens when you are

thinking of buying a particular kind of car. All of a sudden you start to see those cars

all over the place. In actual fact, this happens because your brain has tuned in to

take notice of these cars. In a similar way, you have to learn to use your ‘Market Radar’ and tune into the niche markets that are all around us.

Some of the best ways to discover niche markets are:

1. Checking Out Magazine Racks: By their very nature magazines cater for

different niche markets. In fact, magazines can only continue to exist if there is

a large group of people (a market) who will buy them regularly. Additionally, magazines generate revenue through advertising. Naturally advertisers will only pay for ads if they see a return on their investment. Therefore magazines are an excellent indicator that you can use to find niche markets.

2. Visiting Bookstores: Another good place to hunt for niche markets is a large

bookstore such as Borders. Next time you visit a Border’s store take notice of

the labels on the shelves and the ways in which the books are categorized.

The other good thing about going to a large book store like Borders is that they

usually have a comprehensive magazine area as well.

3. Going to www.Magazines.com: If getting off the couch and going to Borders

all sounds too hard then logon to www.Magazines.com. This website is a

great resource for finding niche markets. The magazines are broken down into

different categories and are even ranked by popularity.

4. Going to www.Amazon.com: Amazon.com is the Underachiever’s Secret

Weapon. This web site lists over 80,000 magazine titles!

You can browse by subject, conduct a detailed search and even analyze trends

with their ‘Movers and Shakers’ facility. Amazon.com also updates the top

selling magazines daily.

5. Going to www.ClickBank.com: ClickBank.com is the number one

digital product retailer in the world, and also the home of thousands of

Underachievers. You can search through their marketplace and see hundreds

of existing Underachiever products and get great ideas of hot markets that

other people are already using online!

6. Talking to Passionate People: Have you ever spoken to someone and been

amazed by the passion they demonstrated for a particular topic? Genuine

passion is unmistakable and it is often a great indicator of a potential niche

market. If you find yourself talking to someone who is passionate about a

particular subject make sure you ask them the following questions:

-- Do a lot of other people share your passion?

-- Are there magazines relating to this subject?

-- Do they attend conferences or events relating to the subject?

7. Listening to People’s Problems: People spend a lot of time talking about

their problems. While this can sometimes get tiring, it can also be a great

way to discover profitable niche markets. If someone has a problem there is a

good chance that many other people share that problem. Think of it this way:

wherever there’s a problem there is an opportunity.

8. Watching TV: Television is a trend driven medium. What this means is that

news and current affair programs often report on emerging trends. These

general interest stories can be a great resource for identifying potential

niche markets.

While these eight market sources are a great place to start your search for niche

markets, the real trick is to learn to keep your marketing radar on 24 hours a day,

seven days a week because you never know where or when that profitable niche

market will appear.


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