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How to Find A Hungry Market
Andrew Rider
The most important skill you can have as an entrepreneur is to know where to find a hungry market
that craves your product. Knowing how to find a “hungry market” is the single most valuable skill you will ever develop. What I am about to reveal to you has been a closely guarded secret by the most
successful people on the planet for centuries.
The secret ..... find a Hungry Market!
The majority of people on the planet are unaware of the secret. Many of them simply jump into any
market they can find. The problem is that when you adopt this approach no one cares what you are selling. Calling on the wrong market is the most common mistake in business and the most overlooked. It is
often the greatest creator of mediocrity in the business world today.
Think about it for a while, why buy sales training to advance your sales people or hire a marketing firm to help you with your
message when you are calling on the wrong market? They think by calling on people in need that they will be catapulted to great success; however that’s a lie that has been told around business campfires
for years. You MUST sell to people who want your product, not merely need your product. You must be able to differentiate between the two.
You can run the best ads and send your trained
salespeople into the field to sell the best possible product in the world but it does not mean a thing if you don't have access to a group of people ready, willing and able to buy what you have to sell –
a “hungry market”.
So, what determines a hungry market from a market that has indigestion?
There are 3 Must Haves for determining a hungry market:
#1. You must be able to identity and easily reach them
#2. They must be hungry [want] for what you have to sell
#3. They must be proven buyers who will pay a premium for what you are selling
Note: Whether you are selling a product or a service, you are really selling the benefits for the prospect
that is packaged in your message (aka Unique Selling Proposition). The USP is crafted from the hunger your market has for a product. In other words you cannot tell your market what it needs; you can only
give it what it wants.
When you hear of someone enjoying spectacular success you're more often than not seeing an example of someone who found a 'hungry' market and worked it intelligently.
Professionals who enjoy this type of spectacular success have shelved the old selling model and learned the ancient secret of the hungry market.
Note: The Old Selling Model is where you build
your product first and then find your market. The New Selling Model is where you find a Hungry Market and then build a product to quash the market’s hunger.
Sure, you can build a business
that's missing one or more of the “3” M’s, but why would you want to kill yourself serving a commodity market when serving a hungry market is so much more lucrative? Why not be a marketing genius who
knows how to find and serve a hungry market? Awareness of hungry [underserved] markets within your existing market can make you rich. And it’s a lot easier than you think.
The Magazine Stand Technique to discover a Hungry Market
Think about it… every year, billions of dollars in sales start between the covers of magazines. The secret of the hungry market is
hidden inside hundreds of special interest magazines that cover practically every subject known to man. These magazines are wildly profitable and have been around for years on subjects such as knitting
or collecting bottle caps and even raising earthworms. None of these topics interest me personally, but it PROVES the existence of a lively, hungry marketplace for these topics.
Regarding the size
of a market .... how big of a niche do you need to sell into? For example there is this software called AutoCAD which is widely used within the engineering and architecture
circles. It’s expensive but it works beautifully. The engineering and architecture circles are not that big compared to other industries but the company which makes AutoCAD know they have a goldmine in their hands. Compared to the rest of the world, their market is small and very niche yet they are making tons of money serving that particular “hungry market”.
Size does NOT matter!!! A market hungry for your products are more motivated than any liberal activist group. They don't just daydream about the things they're passionate about, they take action.
They buy, and then they buy some more in order to appease their hunger and occasionally they will super-size the order.
Here's the take-away lesson from all this:
Keep an eagle eye
out for niches that are hungry and when you find it make sure the people in it can be reached, they are passionate about their interest, and they're buyers. The rest is easy… Go For It!
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