Finding a Sizzling HOT Market
Gary Halbert, one of the highest earning copywriters asks a question in his copywriting classes:
“If you owned a hamburger stand, what advantages would you most like to have on your side to make you insanely rich?”
- Is it the advantage of having superior meat to make the burgers?
- Is it the advantage of having sesame buns?
- Is it a robust building with loads of parking place?
- Is it having the lowest price?
No. The only advantage you need to make you insanely rich is:
A starving crowd!
You won't sell hamburgers no matter how good they taste or how low priced they are if no one is hungry!
Its the same for making profitable websites online. Find a starving crowd and you are half way there.
Most people fail online because they first develop a product or a website. And then try to find a market for that product. But that's the wrong way of website development. Your failure rate will be extremely high if you try developing the website before finding a market. Its far more better to find a hot market of people willing and ready to buy first, and then sell them products that they want to buy.
Read the above paragraph again because it has one of the most important lessons for making money. Most people lose money and are unsuccessful in selling products because they ignore that lesson.
- First find the hot market
- Then find/make products to sell to the market
How to find a starving crowd... a hot market?
Most so-called internet marketing gurus will tell you to go to overture search suggestion website. When you enter a word into that search suggestion tool, it tells you how many people clicked for that word.
But here is the problem. Most people search for terms when they are looking for free information! That tool shows more than 2 million people searched for Britney Spears last month on yahoo.com. Guess how many of those 2 million people were looking for Britney Spears products?
Overture search suggestion tool is a good tool for secondary searches - i.e. - once you have decided on a market, you can use this tool to double check if it really has the potential or not. But what to do for primary market research?
How to find half a dozen hot markets
in less than 30 minutes
Here is an easy trick: research magazines. Surf through magazine names. If there are 2-3 similar magazines being published, you've found yourself a hot market. Here is where you can find a list of magazines:
Sub Niching
Once you find a hot market, don't try to tackle the entire market. For eg: you find a dozen magazines on cooking. Your first thought is to come up with a recipe book. That would be a mistake as you'll find hundreds of people already have recipe books on the market. You'll find it hard to sell your plain recipe book.
But you could narrow the field and find a niche in the cooking industry. You could come up with "Diabetes recipes" and it'll be much easier to sell your products now.
The easiest way to sub-niche is find 2-3 recent back issues of the magazines you selected and read them. And find current issues that you think you could write on.
Other resources that reveal what people buy
Here are a few other websites that reveal what people buy for free. But only use them for secondary research. Magazines are the best tools for primary research.
Here are two important search tools that will give you a rough idea of whether your hot market is profitable or not. (I say rough idea because these tools show how much other advertisers pay to generate traffic to their websites.)
These tools should be sufficient to assist you in zeroing onto your HOT market in 1-2 hours. The next step after determining your Hot market is to create a product that the market will want:
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