Whether you’re happy in your market or looking to break into a new one, it’s always great to know what makes a particular market more successful than others.
Ryan Levesque knows all about breaking into successful markets. Ryan, author and founder of The Ask Method Company, has successfully launched businesses in 23 different markets. The first market he broke into was the orchid care market. (Yes, you read that right: orchid care!) He grew that a half-million a year business.
So, how did he choose these markets to break into? Lucky for us, he shared his five market must-haves on his episode of The Growth Lab Show.
Here’s what he said you should look for:
1. An Evergreen Market
An evergreen market is relevant now, in the past, and in the future. Using the example of the orchid care market, Ryan knew that orchids had obviously been around forever, and that orchid care wasn’t going anywhere. But, how do you know something’s an evergreen market? Ryan suggests looking at Google trends and search volume data. He says you want a “metronome” market, which is something that ticks steadily year by year. What you don’t want is a fad market. Like with the example of bitcoin. People got quickly and heavily into bitcoin and then it faded away. “¯
2. An Enthusiast Market
Ryan says you don’t want to be in a problem-solution market, which is where you solve a problem for someone and they never want to think about it again (think: flea removal), because then you’re constantly chasing new customers. You want to be in an enthusiast market, which is where you can sell to customers multiple times.
3. A Market Where You Can Solve an Urgent Problem
The next thing you need to consider is a market that addresses an urgent problem. The type of problem that might wake someone up in the middle of the night to solve. When it comes to orchid care, people want to make sure their orchids are healthy, so it’s urgent. Another example Ryan uses is in the pet care industry “ potty training your dog. It might (literally!) wake you up in the middle of the night to get it done, so it’s an urgent problem to solve.
4. A Market Where You Can Solve Future Problems
Another important part of finding you market is identifying one where there will be future problems to solve. In the case of pet care, you helped with potty training your customer’s dog, so they’ll probably feel comfortable coming for you to buy pet treats and food in the future. This can help you become a person’s go-to trusted advisor so you can help solve future problems.
5. Most Importantly: A Market Filled with Players with Money”¯
As Ryan says: “You can’t sell to broke people.” You want your market to be filled with people who have money to spend on your products and services. And this doesn’t mean you need a market full of millionaires “ Ryan says to look where people are spending disproportionate amounts of money. Again, like in the pet care industry. People love their pets and will spend tons of money on them, for training, for toys, for treats, and more.”¯
Get more of Ryan’s tips on The Growth Lab Show podcast, and don’t miss his amazing offer for a free copy of his book plus his list of 25 markets he’d break into.