How did you choose your market?

[AndrewNC]

So I'm talking to a few people from this forum on Skype right now who are having trouble choosing what verticle/niche/market to go into, and it's been a major holdup for them.

How did you choose what market to get into?

With me, I am building into a market that:

1. Is a multi-billion dollar per year market..and if someone else can make in there, I know I can, and
2. I have a digital audience of over 100,000 people that I could reach (via an existing product I own) which I have been using as leverage.

..not really the most elaborate way of choosing the market.

What about you?

 

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[parkerscott]

I usually dont choose the market I get into. The market usually comes to me through the idea.

Its really hard to force an idea, although I have done it.

 

[throttleforward]

My amazon "business" (I use the term loosely) I sort of backed into, borne from the failure of my ecommerce store and some guidance from an Amazon millionaire who told me "sell this one thing on Amazon, forget the rest." I've done decently with that as some side income. I have a plan to grow that business into something that will replace my day job income.

The other stuff I'm working on relates to my life directly:

-I invented a product to make my life as a parent easier. It just so happens that catering to new parents is one of the most lucrative and sought-after niches in retail.

-I experienced a massive weight gain in college, followed by weight loss (and completing a marathon in under 4 hours), followed by malaise, lack of motivation, and weight creep. I'm creating a system that helps people keep the weight off. My market testing has determined that this is a severely undeserved market - there is a ton of money and focus on weight loss, but almost nothing on long-term weight maintenance. My service takes you from reaching your goal to keeping you there, and my initial test shows that the market craves a solution in this area (which I knew going in, because I personally experienced the loneliness, monotony and difficulty of trying to maintain weight loss).

 

[Kyle Tully]

One was chosen because I kept getting asked questions about how I was doing X.

Another was chosen because of a personal need that no one else was satisfying.

And the other purely because of a big opportunity I see on the horizon.

 

[GuestUser116]

My service takes you from reaching your goal to keeping you there

Amazon eBook or blogging?

 

[throttleforward]

Amazon eBook or blogging?

Neither. It's an interactive accountability and real-world rewards system based on individual and team fitness/weight maintenance accomplishments.

 

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[RoadTrip]

I'm following JackEdwards recommendation and approach business owners by asking them about their challenges. Since I have a 9-5 job it does take way too long to find a good amount of ideas unfortunately...

I try forcing ideas as well but haven't had any good luck with it yet.

 

[teabag]

If you do have a 9-5 job, think of things that would make your job more efficient and cheaper for your boss.

Quit your 9-5 job and sell it to the man.

 

[RoadTrip]

If you do have a 9-5 job, think of things that would make your job more efficient and cheaper for your boss.

I love your suggestion and have thought about it already. Actually I'm still thinking about solutions every day. The problem is I'm working as a consultant for a large IT company (fortune 500) which mainly develops systems internally and does not really like buying from external providers.

Since I'm idle for a project at the moment I do face a problem every day. I have thought of a solution which I believe helps me, my manager and other idle employees but since the company is so big with lots of bureaucracy it seems almost impossible to convince them.

I have also found that another big IT company implemented a solution internally 6 years ago already.

Any thoughts on this?

 

[teabag]

I love your suggestion and have thought about it already. Actually I'm still thinking about solutions every day. The problem is I'm working as a consultant for a large IT company (fortune 500) which mainly develops systems internally and does not really like buying from external providers.

Since I'm idle for a project at the moment I do face a problem every day. I have thought of a solution which I believe helps me, my manager and other idle employees but since the company is so big with lots of bureaucracy it seems almost impossible to convince them.

I have also found that another big IT company implemented a solution internally 6 years ago already.

Any thoughts on this?

Well, you are a consultant. Maybe they need to hear you out.

This solution, can it be implemented to any industry? Or is it specific to your environment alone?

 

[Stuart Jason]

For my start up business I have chosen the B2B portals(http://qualitytrade.com/) to check for the actual buyers of the products I manufacture. And I use the social media market free channels to help me convert potential buyers to actual buyers.

 

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[sle3pyguii]

Im in the process of making a prototype for my current venture. Its a huge industry, good competition but not dominated by any brands.

Honestly...i dont even know how I found this...I wish i could tell you but all i know is that one day i just thought "hey...i wonder who makes this?" How i got to that initial thought though is beyond me...

 

[RogueInnovation]

Reduce irritation or internal resistance against different business markets

Study different business models and familiarise yourself with strategies and reasoning

Observe advantages and disadvantages close up in many models and investigate

Look at what you like the most, things you feel are the most free/easy choices to make

Have an open mind to ideas in all your favorite markets and models

When you get ideas create a basic business model and test it

 

[SJMM]

I had trouble choosing my market too. But I just sat down and started thinking of products I use or things I have trouble with.

Just be aware of what you do around the house. when you go to work. When you are talking to family and friends or what people around you are talking about. Eavesdrop and listen to what they are saying.

I am sure you will find something that clicks in your mind and then take it from there.

hope this helps

 

[BeingChewsie]

Our 2 most recent businesses came from exposure to the industries, and listening. Our K-12 education company came about because I was a homeschooling mom and was active on homeschool forums and kept hearing the same problems discussed over and over. I went back years on those forums and it was a consistent drum beat. There are over 2 million homeschool families just in the US. I went to my husband and said essentially "Look at this, can we fix this?" ...It was finding a problem and creating the solution where I had been planted.

We have a new business that came up after 300+ phonecalls, over 70+ recorded skype interviews (and growing), and more emails than you can imagine. I think one of the best ways to find problems to solve and markets to serve is to just pick up the phone and start talking to people.

I would tell those people who are struggling to start right where you are, where you hang out, where you work, industries you are familiar with to start and CALL People on the phone. Ask them. If you really feel you need to get into a new industry, pick up the phone and call people again, read trade publications with an open mind focusing on helping and giving, attend industry conferences and so forth. Are there any problems you can solve for marginalized, disenfranchised, underserved groups? Read the newspaper, watch for new laws, regulations, verdicts in Supreme court cases and so forth too. Any of those could offer dozens of problems needing solutions.

I'd ask people here what other opportunities/problems have they seen in their industries. I can tell you in the education sector...anything that helps with engagement, retention, tracking, and data collection/analysis, common core issues, online classes for homeschoolers (super hot right now), badging, and AP courses online.

Hope that helps someone that is struggling. Just don't give up.

 

[Gale4rc]

All of the best ideas i've ever seen are from when people pull ideas from their own experiences/industrys.

 

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