Thread by @ecomcowboy, here's how I would go about finding a solid product/market fit if [...]

here's how I would go about finding a solid product/market fit if I was going to start a new brand today

+ a live example

(threadski)

market criteria

- passionate
- people in this market identify with it
- has a problem/pain

criteria that should also be considered but isn't a determining factor:

- high income (plenty of broke ppl spend)

criteria continued

criteria is pretty straightforward but id like to give a couple examples of markets I wouldn't go after and why

1. Neck pain work from home market
2. Women with knee pain market

example #1: People who have neck pain and work from home.

is it niched? yeah.
do they have a problem? yeah.

so why not choose this market?

simple: no passion. not something they identify with.

when it comes to building a brand resonation is huge.

this market doesn't identify with the fact that they work from home. it's not something they would put in their IG bio.

building a brand and a story around a market that lacks passion and identity will be tough.

now switch the market to wrestlers. passionate. probably all they think of throughout the day. just want to be on the mats.

now they have an issue that's preventing them from doing what they love.

the desire to get rid of their issue is 10x stronger than the work from home guy.

now think about it from the front end: your ads, your messaging, your resonation.

you can nearly call wrestlers out by name if you have a brand that focuses on their issue, and if you know anything about DR you know how beneficial this is

you'll be grabbing more attention

you'll have better messaging and copy

and you'll be able to resonate easier than if you were in a market that doesn't identify with itself

marketing aside, which approach do you think would be easier and better for building a legit brand?

let's continue.

example #2: Women with knee pain market

Is it niched? yeahhh kinda?
do they have a problem? yeah.

so why not this market either?

same concepts apply to this example, but the main difference here is a mistake I see people making when choosing markets.

often when people want to niche down they take a route that isn't necessarily helpful

they begin with a problem: knee pain

then they begin choosing characteristics that narrow down their audience without adding any benefit

demographics usually won't make a difference unless it's something they identify with

Instead, choose a passionate, concrete niche

of course people make tons of money in the markets I said I wouldn't choose

so there is opportunity

but is it the best opportunity?

if you've tried the broad-market approach many times without success, try niching down with the criteria ive laid out

now how would I go about finding a market I would go after?

1. take a notebook out and literally just think of all the things people are passionate about. I promise you can think of at least 50.

If you really can't think of 50 (ngmi) you can use google and search for passions

2. research what problems these groups of people face

talk to people in the market and ask about their issues. think. youtube. google. reddit. watch interviews.

3. find what these people are already buying to solve their issues.

after step 3, you begin to plan how you'll create a better business than people who are already successfully selling that product.

do their ads suck? how about their offer? branding? site?

find the opportunity. improve everything. be a better business than the business that's doing well.

If you find a business that sucks and is making a killing, you've potentially struck a goldmine.

now here's a live example

1. I looked around my office and saw my guitar. cool, musicians. good start.

after niching a bit more ive chosen flute players because i dont know much about them but i know they're passionate (at least the good ones are)

now lets see what problems they've got.

2. after like 20 mins of research here's what i've learned about flute players and their issues

- they hate the flute
- they want to switch instruments
- they suck at the flute

not very useful haha

but I kept digging

went on amazon and typed in "flute" and let the autofill do its thing. clicked on a few. but then something here caught my attention

thought this was interesting. so I went to google and read up a bit on what the hell cork grease is

then I read this and knew I was onto something

after finding this and doing more research ive found that many of these guys suffer from lip pain/cracked lips from playing

now im not sure if the cork grease is responsible for this issue,

but that could be an angle to the lip problems that many of these flute, trumpet, clarinet players face.

okay, so I found a potential issue. now step 3.

3. so after more research, low and behold a successful company selling a solution to this problem that this niche market

https://www.chopsaver.com/buy-now/

so we've found a business that's successfully selling this product

where can we come in and take over if we were to choose this route?

after analyzing this biz, our best opportunity would be in the ad deparment

their ads aren't very good: https://www.facebook.com/ads/library/?active_status=all&ad_type=all&country=US&view_all_page_id=18317824353&sort_data[direction]=desc&sort_data[mode]=relevancy_monthly_grouped&search_type=page&media_type=all

now can you dropship this product or immediately begin completing with this biz? not really because its a custom product

but the process is what's important. if you follow this process a few times through you'll 100% find some solid opportunities that will be worth pursuing

find the market. find the problems. find what they're already buying to solve that problem. improve everything that competitors are doing. find your own edge in your ads, content, brand, etc.

this is the process I used about a year and a half ago before creating the current brand I run

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