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How to identify a hot market
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One of the differences between a business owner who fails and the one that succeeds is the type of market they are playing in.
People who are playing in a hot market are more likely to succeed than those who are not.
Being able to identify a hot market can keep you miles ahead of your competitors.
If you don’t know how to find a hot market, I’m here to help you but before then, let’s look at the various types of markets you are likely going to encounter.
— Cold market
A cold market happens when the supply is higher than the demand. In such a market, sellers are literally forced to reduce their price just so that they could survive.
If you are playing in a cold market, chances are you are in the wrong environment or you’ve been targeting the wrong audience. You need to switch up things.
You will know this when you start playing the price war just to make a sale.
— Hot market
A hot market is when the number of buyers are higher in number than the number of available products.
When you are in a hot market, you are guaranteed of sales, all things being equal.
And the best part is that you can easily raise your price (if other ethical market forces demand that you do so) and people will continue to buy even more.
When you are in a hot market, you will sell more in less time.
If there’s one favour you must do yourself today, whether as a business owner or an intending business owner, it is to pay attention as I break down 3 out of the 7 guaranteed ways to identify a hot market and do so with absolute precision.
Without further ado, let’s delve in ⤵️
1️⃣ Engage in Funnel Hack!ng
No, I’m not asking you to haack someone’s account.
Funnel hack!ng simply means understudying the marketing funnel of top players in an industry so that you can reverse-engineer their strategies using your own approach.
How many times do they send emails? What’s their writing tone like? How many post do they make per day? How are their core values and work ethics impacting sales?
Study the top players, and reverse engineer these top players in your niche to learn their systems, strategies and processes so that you can implement it in your business.
The outcome of what you’ve done will help you identify how hot the niche is. For those of you in the e-commerce (Dropshipping) niche there’s a tool that can help you do ALL the work at the click of the button.
Enter any store and it will analyze it for you including their hottest selling products and profit margins. If you are in that e-commerce-dropshipping niche, you can request for it and I will look for the link and forward to you. Their tool is kind of pricey but is worth it.
2️⃣ Look Out for Real Demands from Customers
When it comes to a product that requires a financial commitment, “I’m interested” is not a sign that there’s a demand for it.
You can have more than a thousand “I’m interested” in your comments section yet nobody will buy the product when you eventually launch it.
Now that a non-financial commitment has been established not to be a sign of hot-demand, what then shows that there’s a demand?
It’s very simple…
Either ask them to make a financial commitment or build the entire shop and leave the payment in TEST MODE.
When the payment is in TEST MODE, your would-be prospects who are truly interested will key in their bank card details as though they were about to make a purchase but they won’t be debited.
By so doing, you can capture their data and know how the height of the demand is. The higher your conversion rate, the hotter the market is.
If you aren’t using an automated system you can hire an expert to help you build one. Alternatively, you can ask for a financial commitment for them to secure a slot, you can do pre-order, early bird offer or direct sales.
It’s okay to entertain “I’m interested” as a way of knowing your audience’s demands if the product doesn’t require any form of financial commitment. But if it does, learn this strategy I shared above.
3️⃣ The Government’s Interest Zone
The government, as corruptt as they can be, they are still the highest determinant of a hot market.
Oftentimes, every new government has an area they would like to focus on.
If the government says, “We are pivoting to renewable energy as our source of power supply in the country” and they mean it, you don’t need a prophet to tell you that all forms of renewable energy source will be a hot market soon.
By hot market I mean that the demand will be more than the number of inventory available to be sold.
By simply positioning yourself in that area you will be able to stay relevant, make loads of sales and build an empire for yourself.
Take a tailor in Aba for instance, they can switch up the game by becoming a fashion designer for high profile individuals who don’t price so long as you can deliver. While others are complaining of low sales, you will be earning in one month what your competitors can earn in a whole year.
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