Most effective and efficient ways to spot a demand in a market ?

[yagya567]

<div class="bbWrapper">What are the proven ways to determine the demand in any given market ?<br /> would request if both internet and real world instances could be shared ..</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Johnny boy]

<div class="bbWrapper">1. If you need it, somebody else probably needs it<br /> 2. Hearing consistent complaints about the same thing that can be solved with a business (not complaints about the weather or politics, but complaints about finding a good lawn care company or something)<br /> 3. Run ads to something that you haven&#039;t built yet and track the conversion rate, just don&#039;t actually charge their credit cards.<br /> 4. Go build something and get some sales and you&#039;ll find out pretty quick if people give a F*ck or not. <br /> 5. Intuition.</div>

 

[yagya567]

<div class="bbWrapper"><blockquote data-attributes="member: 47954" data-quote="Johnny boy" data-source="post: 999809" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=999809" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-999809">Johnny boy said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> 1. If you need it, somebody else probably needs it<br /> 2. Hearing consistent complaints about the same thing that can be solved with a business (not complaints about the weather or politics, but complaints about finding a good lawn care company or something)<br /> 3. Run ads to something that you haven&#039;t built yet and track the conversion rate, just don&#039;t actually charge their credit cards.<br /> 4. Go build something and get some sales and you&#039;ll find out pretty quick if people give a f*ck or not.<br /> 5. Intuition. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>would keeping a sharp eye daily on business journals or generic newpaper help in spotting pain points &amp; problem areas ? if yes any recommendations ?</div>

 

[Johnny boy]

<div class="bbWrapper"><blockquote data-attributes="member: 107335" data-quote="yagya567" data-source="post: 999810" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=999810" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-999810">yagya567 said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> would keeping a sharp eye daily on business journals or generic newpaper help in spotting pain points &amp; problem areas ? if yes any recommendations ? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>No, too many false positives and false negatives, both are harmful.<br /> <br /> The people writing those journals and newspapers are not actual business people usually.<br /> <br /> Use your own eyes and ears to spot problems. It will bring you 10x the results. Get away from relying on other peoples&#039; opinions when it comes to this type of thinking.</div>

 

[yagya567]

<div class="bbWrapper"><blockquote data-attributes="member: 47954" data-quote="Johnny boy" data-source="post: 999812" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=999812" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-999812">Johnny boy said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> No, too many false positives and false negatives, both are harmful.<br /> <br /> The people writing those journals and newspapers are not actual business people usually.<br /> <br /> Use your own eyes and ears to spot problems. It will bring you 10x the results. Get away from relying on other peoples&#039; opinions when it comes to this type of thinking. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>Thank you Johnny .. I see the action faking hazard here...thanks for warning in advance..</div>

 

[Kevin88660]

<div class="bbWrapper"><blockquote data-attributes="member: 107335" data-quote="yagya567" data-source="post: 999807" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=999807" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-999807">yagya567 said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> What are the proven ways to determine the demand in any given market ?<br /> would request if both internet and real world instances could be shared .. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>The &quot;easiest way&quot; is to go where people are currently making money from it.<br /> <br /> Product market fit already exists, you just focus on doing a better job in some ways than the existing ones.<br /> <br /> So long it is not a fad, as most industries aren&#039;t fad there are massive opportunities. A big enough market can mint numerous millionaires.<br /> <br /> Example SAAS in U.S. market. Some would says maybe the best days are over because many smart people are competing with you now. But it is always better to be in a competitive market with large proven demand than to be in a new market you are not even sure who is going to pay for your service.<br /> <br /> When I was new to business I thought that the lack of competition would make good business ideas. Now I think that was entirely 180 degree wrong. The biggest problem is always lack of demand, and don&#039;t expect hot business demand to come with little competition.<br /> <br /> If you just &quot;blindly&quot; follow the crowd and money and doing the &quot;hot thing&quot;, so long there is a large proven demand with many successful examples (avoid temporary fads), you probably aren&#039;t getting making A+ choices but probably at least a A or A- grade.<br /> <br /> Is it a coincidence that after many years the most successful &quot;made it&quot; examples on fastlane forums remain to be ecommerce related?<br /> <br /> Business is never easy and there is no guarantee even if you make the &quot;right choice&quot;, but at least you aren&#039;t doing business that is destined to fail.</div>

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Andy Black]

<div class="bbWrapper">I like the definition that a market is the people *already* spending money.<br /> <br /> I personally think of marketing as the process of finding out what people want to buy, how to sell it to them profitably, and doing it.<br /> <br /> Starting there, how will you find out what people want to buy, and how to sell it to them profitably?<br /> <br /> My first thought is to look for businesses already making sales. Maybe study businesses running Google Ads and Facebook Ads?</div>

 

[notorious]

<div class="bbWrapper">Watch the videos of Noah Kagan, he goes into this.</div>

 

[yagya567]

<div class="bbWrapper"><blockquote data-attributes="member: 23590" data-quote="Andy Black" data-source="post: 1000164" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=1000164" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-1000164">Andy Black said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> I like the definition that a market is the people *already* spending money.<br /> <br /> I personally think of marketing as the process of finding out what people want to buy, how to sell it to them profitably, and doing it.<br /> <br /> Starting there, how will you find out what people want to buy, and how to sell it to them profitably?<br /> <br /> My first thought is to look for businesses already making sales. Maybe study businesses running Google Ads and Facebook Ads? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>Thank you its well indicated.. I get the hints .. Thank you for making it so simpler )</div>

 

[yagya567]

<div class="bbWrapper"><blockquote data-attributes="member: 64612" data-quote="Kevin88660" data-source="post: 1000160" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=1000160" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-1000160">Kevin88660 said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> The &quot;easiest way&quot; is to go where people are currently making money from it.<br /> <br /> Product market fit already exists, you just focus on doing a better job in some ways than the existing ones.<br /> <br /> So long it is not a fad, as most industries aren&#039;t fad there are massive opportunities. A big enough market can mint numerous millionaires.<br /> <br /> Example SAAS in U.S. market. Some would says maybe the best days are over because many smart people are competing with you now. But it is always better to be in a competitive market with large proven demand than to be in a new market you are not even sure who is going to pay for your service.<br /> <br /> When I was new to business I thought that the lack of competition would make good business ideas. Now I think that was entirely 180 degree wrong. The biggest problem is always lack of demand, and don&#039;t expect hot business demand to come with little competition.<br /> <br /> If you just &quot;blindly&quot; follow the crowd and money and doing the &quot;hot thing&quot;, so long there is a large proven demand with many successful examples (avoid temporary fads), you probably aren&#039;t getting making A+ choices but probably at least a A or A- grade.<br /> <br /> Is it a coincidence that after many years the most successful &quot;made it&quot; examples on fastlane forums remain to be ecommerce related?<br /> <br /> Business is never easy and there is no guarantee even if you make the &quot;right choice&quot;, but at least you aren&#039;t doing business that is destined to fail. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>Thank you Kevin ! its very interestingly answered ) Very valuable )</div>