Yesterday I went out with one of my good friends for dinner. We discussed possibilities for creating additional revenue streams. My friend is already doing well with one of his side businesses. He's known as "The Gumball King!" The King wants to expand his empire with other business ideas. As always I pushed my online agenda. One thing I mentioned was that he needs to choose the right market before expanding his ambitions.
Ken McCarthy, an online marketing guru, makes an excellent point when it comes to choosing the right market. Success for many online businesses comes down to one simple thing. Are you choosing the right market? Mr. McCarthy stresses that the right market should also be an easy market.
Ken McCarthy's list for an easy market:
- Easy to reach
- They have a burning desire for what you have to offer
- Based on past behavior a willingness to spend money on what you have to offer
If your online market exemplifies the above characteristics you should be in for a much easier journey. Too many people fail the day they start their online business because they choose the wrong market.
The most immediate example I can think of is the fast food industry. Millions of dollars have been spent to ensure my brain associates fast food with McDonald's. Yes, there are a number of other companies. But unless you have very deep pockets, it is going to be very difficult to compete with all the fast food chains that are already established.
Are you in an easy market?
- Ken McCarthy's Blog
- Are You Targeting Search Keywords?
- Missed Opportunity and Online Strategy
- Web Centric Marketing