Hey Russell, my question is about whether there’s a market for my product or course. I was a missionary down in Haiti for the last 7 years. And the last few years I incorporated marketing into the organization I was down there with. Now back in the states, my passion really is helping missionaries in small non-profits with getting them up and running on a website, showing them email marketing, showing them offline marketing, showing them how to blog, social media, all that stuff. So my question is, I want to make a course that teaches missionaries, one on one marketing, all the aspects of marketing. So my question is, how do I know whether there is a market for that? How can I do some research before spending the time creating the course and the product before making all this? How do I know there’s a market for my product?
Question Featured On: Episode 2 - #AskRussellAnything
The best way to find out if your idea is going to work is go to a market and make sure someone’s selling something similar already.
We are in a marketplace that is not brand new. It’s mature. There are few markets that are untapped. Usually untapped ones are because there’s no money and people stop trying to tap into them. So you gotta try to find somebody that’s selling something similar, not the same product.
If you read the Expert Secrets book, you know the difference between a red ocean and blue ocean. You still need to create your own blue ocean, but is there a red ocean right now, selling something similar? If there’s not a red ocean anywhere, it means the fish and shark have disappeared. So I need to make sure I can find a red ocean and then I try to create my own blue ocean inside. That’s number one.
Number two, I always tell people you need to make sure you hit a market that has two things:
They have to be willing to give money.
They have to be able to give you money.
Does the market like to give people money? Do non-profits like to give people money for education? I’m not sure. My guess is most non-profits, keep their profits. Is that right? So I don’t think that they’re willing. So that’d be my one concern.
Number two is, are they able? If they’re a broke non-profit and you’re trying to help them raise money, they’re probably not able to give you money. So I would be concerned about that. But you can take those same skills and create something for a business that is for-profit. Make some money, and then give money to that non-profit.
I do charity work and give money to different organizations. Because I love them, I care about them, I serve people for free. I do a lot of stuff like that because I love it and I care about the market. Not so much because I want to make it in business. If I want to make it in business I want to find a hot market.
What’s the three step formula from Expert Secrets?
Find a hot market
Ask them what they want
Give it to them
That’s what I’m looking for. Then I can donate the money that I make. Or I can serve and give time to charities.
Also, I’m not sure this is true or not, but I think it is. If you do charity work for people, a lot of times that can be a tax write off. Let’s say you charge $10,000 an hour for consulting. You can go and work for free for a charity and you can actually write it off. I’m not an accountant or an attorney, so don’t trust me. This is not legal, nor financial advice, but if you’re wondering, that’s something to look into.