Finding a market/audience for paid traffic

[LPPC]

Dear folks,

I'm setting up an eCommerce store combined with paid advertising. How would you go about finding an audience/market that:

- is huge
- is passionate
- has a lot of money to spend (ideally too much money to spend)
- preferably does impulse buying

Are there any methods to do this? Can I find statistics somewhere for example?
I have googled a lot and found some statistics on several websites, but most of them contradicted each other or didn't give sufficient information to find such an audience.

Also, would you rather choose a market where people spend less money but you know the market well and thus are more likely to come up with better products and or ads? Or would you choose a market that spends much more but you don't know the audience well? I guess you can always get to know the market by studying them?

I'm asking because, correct me if I'm wrong, with this business model it is recommended to choose an audience first and then find a product for that audience. So I have to find a profitable audience first.

I can, for example, choose the people interested in office ergonomics market. I know some stuff about it already and I'm the customer myself, because I use ergonomic chars and stuff myself.

Or I could choose to focus on something like middle aged women. I think they spend more money, but I don't know the audience, yet.

Any advice would be greatly appreciated!

 

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[LateStarter]

I'm going to answer your question with a question. Yup, I'm that guy...

How do you expect to sell something to a customer segment that you know nothing about? It sounds like you don't yet have a product in mind either, true? So what value do you hope to provide if you don't know what you're selling and don't know who you're selling to?

You've read the book, right? You know that part that talks about the commandment of Need? Yeah... You have to figure that out. Which means you have to know your customers and the market before you try selling to them. You have to see an opportunity to fulfill a need not being met (ie add value).

Ultimately, it sounds like your mindset isn't right. It sounds like you're in "chasing money mode".

It's great to want to sell something to rich people with tons of money to burn that will impulse buy expensive stuff... But do you know how big that market is (or isn't)? Can you sustain a business on it?

Sent from my ONEPLUS A3000 using Tapatalk

 

[LPPC]

I'm going to answer your question with a question. Yup, I'm that guy...

Thank you for your input my friend!

How do you expect to sell something to a customer segment that you know nothing about? It sounds like you don't yet have a product in mind either, true? So what value do you hope to provide if you don't know what you're selling and don't know who you're selling to?

You've read the book, right? You know that part that talks about the commandment of Need? Yeah... You have to figure that out. Which means you have to know your customers and the market before you try selling to them. You have to see an opportunity to fulfill a need not being met (ie add value).

But we can always learn about the market and the customers, or will this be hard because I'm not like the customer avatar myself?

I don't have a product yet indeed. But the plan was to select an audience first and then dive deep into the market to figure out where there is an unfulfilled need. So it might take a very long time to find a need and I thought it would be better to focus on 1 market instead of 2 markets.
So I thought it would be better to select a market first and then research for this need.

My question was basically, what is a better choice:
A) Choose the market where people are less likely to spend money, but you know the market better because you are part of the market yourself.

or

B) Choose a market where the audience consumes (much) more and thus making it easier to sell the product I have found that fills a need. I might also sell more products.

And yes, I am indeed chasing money and I want to get money by solving a need. That's also possible, no? Not trying to be a smartass here You can not sell to a market that has no money or doesn't buy. I think that should be step 1 in deciding on whether to start a business in that market.

Or should I just keep my eyes open for needs in general, and not for a specific market?

But do you know how big that market is (or isn't)? Can you sustain a business on it?

Sent from my ONEPLUS A3000 using Tapatalk

That's what I'm trying to figure out, how big the market is

Could you elaborate more on whether I can sustain a business on it?

Thanks again!

 

[LateStarter]

My point was, I believe that you're doing it backward. By chasing a customer segment you're looking for people with money first, then hoping to find a need. Look for the opportunity first then figure out who your target customers are that need it and will pay for it.

I'm going to save you a lot of pain, and me a lot of time. Read the book first then come back here and try to be a valuable member of the forum. I say that with all due respect. If you keep making posts like this, you're likely to get flamed hard.

 

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[GastonEE]

I'm going to answer your question with a question. Yup, I'm that guy...

How do you expect to sell something to a customer segment that you know nothing about? It sounds like you don't yet have a product in mind either, true? So what value do you hope to provide if you don't know what you're selling and don't know who you're selling to?

You've read the book, right? You know that part that talks about the commandment of Need? Yeah... You have to figure that out. Which means you have to know your customers and the market before you try selling to them. You have to see an opportunity to fulfill a need not being met (ie add value).

Ultimately, it sounds like your mindset isn't right. It sounds like you're in "chasing money mode".

It's great to want to sell something to rich people with tons of money to burn that will impulse buy expensive stuff... But do you know how big that market is (or isn't)? Can you sustain a business on it?

Sent from my ONEPLUS A3000 using Tapatalk

I agree totally!
You need to work better with your targeted audience. You have a very wide range. Maybe you can sell to all of them, but your offer should be different.
And to make sure that they are interested in your products, find the representatives of each group and sell them. Their reviews will show you a lot of useful information about future strategy.

 

[eliquid]

Dear folks,

I'm setting up an eCommerce store combined with paid advertising. How would you go about finding an audience/market that:

- is huge
- is passionate
- has a lot of money to spend (ideally too much money to spend)
- preferably does impulse buying

This could be any market.

What is huge? How much X is passionate? Whats a lot of money? You haven't defined anything at all except adjectives. Until you define something, you will be going in circles.

I could say smokers are a huge crowd, they love to smoke, they spend lots of money on it and it's pretty much an impulse buy because you don't need it.

There you go, go after smokers.

Or how about kids?

There are lots of kids, they love their junk very much, they have infinite money because mom and dad buy it for them and everything is an impulse buy for them.. so go after kids!

I hope you see where I am going with this.

Are there any methods to do this? Can I find statistics somewhere for example?
I have googled a lot and found some statistics on several websites, but most of them contradicted each other or didn't give sufficient information to find such an audience.

That's because no one that provides those stats knows what they are doing. They actually don't have much or real data to begin with, therefor it's not sufficient and contradicts each other.

Also, would you rather choose a market where people spend less money but you know the market well and thus are more likely to come up with better products and or ads? Or would you choose a market that spends much more but you don't know the audience well? I guess you can always get to know the market by studying them?

Neither. I want a market I can sell value to through their pain point that I have learned about.

I'm asking because, correct me if I'm wrong, with this business model it is recommended to choose an audience first and then find a product for that audience. So I have to find a profitable audience first.

Wrong. Find the right pain point. Even broke people will pay to fix their pain point. A real one that is.

Case in point, I know lots of broke people that can afford their cancer treatment, gas to go to their cancer treatment, etc. I know that's extreme, but to me the pain point outweighs how much money they have in lots of situations. Unless your product costs a ton of money, people can rummage up money if the pain point is high enough.

There are seniors out there that do without their medicine so they can eat. The pain point of eating is higher than their need for their heart pressure meds.

Where does your value rank on these peoples list of needs/pain points?

This is the question you need to be asking.

People's pain points change all the time. If I'm walking down the street and have a heart attack I'm more apt right then and there to hand over my wallet to a veterinarian that is passing by to try to save my life, then to jump into the taxi I was trying to get into. A few moment before, my needs were different and I was trying to hand my wallet to the taxi driver though.

Again, where does your value rank against audience X's pain points? Is it high enough? If so, you will make money with the right value offering.

.

 

[eliquid]

You can not sell to a market that has no money or doesn't buy

This is incorrect. Show me a market that has no money or doesn't buy. I'll exclude the "people in the grave" market.

Even my kids that have no money and no job buy all the time. It's the reason childrens TV is riddled with ads.

My elderly grandmother on limited and defined income buys plenty and always has.

My mother-in-law who has no job and lived off welfare most her life constantly had money to smoke and play bingo 2x a week and buy other things like purses and shoes every 2 weeks without a miss. This woman has had more cars than anyone I know too.

You just need to define and find the right pain point.

 

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[BucketHolly]

I agree with LPPC. I think it's really important to find an audience first before creating a product. According to that book in Breakthrough in Advertising, it is easier to sell a product if there's already a mass desire for something. Hence, a research with Google Adwords can be really helpful.

 

[Dylan_91]

Dear folks,

I'm setting up an eCommerce store combined with paid advertising. How would you go about finding an audience/market that:

- is huge
- is passionate
- has a lot of money to spend (ideally too much money to spend)
- preferably does impulse buying

Are there any methods to do this? Can I find statistics somewhere for example?
I have googled a lot and found some statistics on several websites, but most of them contradicted each other or didn't give sufficient information to find such an audience.

Also, would you rather choose a market where people spend less money but you know the market well and thus are more likely to come up with better products and or ads? Or would you choose a market that spends much more but you don't know the audience well? I guess you can always get to know the market by studying them?

I'm asking because, correct me if I'm wrong, with this business model it is recommended to choose an audience first and then find a product for that audience. So I have to find a profitable audience first.

I can, for example, choose the people interested in office ergonomics market. I know some stuff about it already and I'm the customer myself, because I use ergonomic chars and stuff myself.

Or I could choose to focus on something like middle aged women. I think they spend more money, but I don't know the audience, yet.

Any advice would be greatly appreciated!

Google "Claritas" should be the first link you can view buyer personas and lifestyle/social groups. I like looking at it, gives you a good idea of the different segments in a pleasant experience.

Sounds like older women may be your market. Now what do older women need or want? What kinds of things do they say? KNOW THEM.

 

[LPPC]

This could be any market.

What is huge? How much X is passionate? Whats a lot of money? You haven't defined anything at all except adjectives. Until you define something, you will be going in circles.

I could say smokers are a huge crowd, they love to smoke, they spend lots of money on it and it's pretty much an impulse buy because you don't need it.

There you go, go after smokers.

Or how about kids?

There are lots of kids, they love their junk very much, they have infinite money because mom and dad buy it for them and everything is an impulse buy for them.. so go after kids!

I hope you see where I am going with this.




That's because no one that provides those stats knows what they are doing. They actually don't have much or real data to begin with, therefor it's not sufficient and contradicts each other.



Neither. I want a market I can sell value to through their pain point that I have learned about.



Wrong. Find the right pain point. Even broke people will pay to fix their pain point. A real one that is.

Case in point, I know lots of broke people that can afford their cancer treatment, gas to go to their cancer treatment, etc. I know that's extreme, but to me the pain point outweighs how much money they have in lots of situations. Unless your product costs a ton of money, people can rummage up money if the pain point is high enough.

There are seniors out there that do without their medicine so they can eat. The pain point of eating is higher than their need for their heart pressure meds.

Where does your value rank on these peoples list of needs/pain points?

This is the question you need to be asking.

People's pain points change all the time. If I'm walking down the street and have a heart attack I'm more apt right then and there to hand over my wallet to a veterinarian that is passing by to try to save my life, then to jump into the taxi I was trying to get into. A few moment before, my needs were different and I was trying to hand my wallet to the taxi driver though.

Again, where does your value rank against audience X's pain points? Is it high enough? If so, you will make money with the right value offering.

.

Great post! Its an excellent explanation as to why I should go for products that solve real pain points. Thank you!

 

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[NewManRising]

Sounds like you are chasing money. Instead, think of solving problems and providing value. You can waste a lot of time trying to come up with the million/billion dollar idea. But rarely do people hit a home run on their first try.

 

[ruzara5]

would you rather choose a market where people spend less money but you know the market well and thus are more likely to come up with better products and or ads? Or would you choose a market that spends much more but you don't know the audience well? I

In this case 'marketmind' sense. If you have a small market that is hyper responsive or simply responsive. Getting a survey or a sale. Keep moving with that segment.