Hey everyone, this is David Chua. Welcome to this training video.
In this training video, I’m gonna be teaching you what I call, “The Three Musts of a Market.”
This is nothing new. It is basically the three things you need to know to decide whether your market is worth targeting online or offline.
So this is the easiest thing, but also very foundational thing, when it comes to finding, or defining, your target audience.
Because a lot of people, we have different products, or niches, for different kind of people.
But you need to be able to justify if that group of people is worth selling to.
So this is what I’m gonna be teaching you in this video.
Okay? So just to give you a quick rundown, the three musts of a market, when it comes to marketing to your target audience, a lot of people say, they usually go, “I’m marketing to people above 18 to 55, and they’re all male.”
That’s not marketing. That’s not even a target audience.
That’s not defined enough. The best way you can define someone is by their interest, preferably.
I’m going to review to you these three things that you need to take note of when you do your next marketing campaign, or when you’re trying to define your target market.
So I’m going to review the first one now.
The first one of the three musts of a market,
the first one is, you need to find people who are irrationally passionate.
What does that mean?
You need to find people who are irrationally passionate about something. For example, let’s say we want to find people who
are interested in golf.
When you talk about golf, there are people who are very passionate about golf.
When you want to sell football, for example, you want to target the people who are very passionate around football.
There are also people who are very passionate about building a business. If you’re watching this video, there are people who are very passionate about building passive income.
If you’re doing MLM, or any kind of stuff like that.
So, the first thing is, you need to find people who are irrationally passionate.
The second thing is, the numbers need to be high.
That means the numbers must be able to justify that, if you’re selling to this demographic, or this target market, the numbers need to be able to justify that you can go into this market and dominate it.
So what do I mean by numbers?
The numbers basically means, specifically, it’s all about when you do a targeting, you need to find out how many people there are.
For example, let’s say if I do golf in Singapore, if I were to use the Facebook search engine, or Google analytics, the numbers would be ranging around about 100,000 to 200,000 people in Singapore who like to play golf, and they are irrationally passionate about golf.
But, I remember I had this client, this is pretty funny, she used to sell beaver, you know the beaver? Teeth.
What it does is basically teeth that cracks nuts.
That kind of product, just by listening, you go like, “Uh, okay. Well how does that apply to me?”
The thing is, yes, there are people who want nutcrackers, for example, but it’s a small niche.
The numbers cannot justify them.
So if you want to sell something to a market, you need to make sure your clients are irrationally passionate, and there must be at least a number to justify them.
Just to give you a range, there at least needs to be at least 10,000 plus people who are interested in this product or market that you are selling.
When you have a really low number, what happens is someone would have done the same thing as you, and you’re competing.
And out of that 5,000 people, not everyone will buy from you. So what happens is, your market potential is very small, and after a while your business will face a lot of plateau growth, or even decline.
What happens is your business just doesn’t grow anymore, because you don’t have anyone else to buy from you.
The people who bought from you already have bought from you.
That’s the second thing.
Your numbers need to be high.
Here’s the third thing.
Your customers need to be easy to find.
What does that mean? You need to be able to easily find them online, or offline.
You need to be able to know where they hangout, where they spend most of their time in, what apps do they mostly use, and you need to be able to target them via where they hang around in.
For example, golf. If I want to do golf, I could easily find them on Facebook, on Google, or if I’m doing offline marketing, I can go to golf clubs or golf shops.
These are where people hang around, and people who play golf, this is where they hang around in.
Compared to, if I were to sell, let’s say, plastic stools. For babies.
You need to find where are they easily found.
Let’s say plastic stools for babies.
It’s for mother’s who have babies, and you need to go to maternity centers, you need to go to baby shops, that kind of stuff.
But let’s take the weird example,
for example, like a beaver nutcracker tooth.
You have no idea where to go.
It’s those absurd, weird things.
But just to give you a summary,
most of your products or services,
usually it’s easy to sell.
Usually, you have a market to sell it.
As long as they meet these
three criteria, you’ll be fine.
I know that sometimes I have met clients that sell just absolutely weird stuff.
You can make money with it, but it needs to be meeting these three requirements.
So that’s all I’m saying. These are the three market must haves, so that you can spend most of your time into that market.
If you can meet these three, you’ll be fine.
Let me know what you think about the teachings in this video. What are your biggest takeaways?
Does your market, does the people you’re targeting meet those three areas?
If yes, let me know.
I want to engage with you further in the comment box below. Also, if you want more training or resource videos, feel free to go to my website.
I have a lot of training videos on the site for you to learn from.
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I hope I can engage with you further on social media.
Most importantly, if I get the opportunity to see you live, face to face, please grant me that opportunity.
If not, I just hope I can see you in another video, and our paths do not end here.