If somebody were getting ready to start a new entertainments business; it would be good for them to be thinking along these lines…
A lot of the time the hungry market consists of people who are looking for something new, or even something that’s been done before, but is done in a new and inventive style.
Many of them may already be buying. Can you get in on that market with your own particular brand of similar product?
Are the hungry market all looking for the same thing? Quite probably not. What, then, are the majority looking for? – There is one easy way to find out: Ask them.
Can you deliver what they want? If so then do it.
If not then maybe you can deliver what the largest minority of the market want? Remember; the customers must want the product before you can serve it. It’s all very well delivering, say, slapstick comedy; but if the audience want, let us assume; operatic music, then you’re not going to do much business.
Achieving product/market fit by discovering and serving a hungry audience is way way easier and more productive than trying to achieve product/market fit by creating the product first and then trying to convert the existing audience to it.
“There appears to be a market here. Is it a good fit for me? Am I truly interested in it? Can I provide the entertainment they’re expecting?”
There is always a market where there are people; but your task is to identify and quantify that market.
We’ve already talked about product/market fit; but there’s also retailer/market fit to consider: Or, put another way, are you the right provider for that targeted group of customers?
For instance – I’ll use myself as an example here – I don’t like most country music. Listening to certain types of country music for a prolonged period makes me feel ill.
So if I discover that the audience I’ve targeted are all buying Waylon Jennings’ music then I’d be silly to pursue that particular market further.
There is absolutely nothing wrong with Waylon Jennings; in fact he’s a great guy, but I just find his style of music to not be to my taste, and I would be foolish to try to cater for his fans, or to perform in his style.
“Can I provide value? Or; do I know somebody, or do I have access to somebody, who could provide value? – If so then maybe I can put something together with them on this.”
Collaboration: its today’s in-trend in the music industry. – Two minds are better than one… Or maybe even put a group together…
“What is the competition doing? What is the competition not doing that I could do?”
Have the existing players in this genre’ / market sector covered all the bases? If I were to get creative; what new things could I come up with? Would my audience like that? – There’s one way to find out: Ask them. – Maybe even work some of this new idea into a performance and gauge the response.
Before you go in with a main offer; create a couple/few small low-price front-end-offers, based upon the outcome of your studies so far, to test the water with so to speak. – Then create a small squeeze-page with a lead-magnet for each.
Run paid advertising, leading to those squeeze-pages, directed at your target market, and gauge the response. Collate the results and analyse the market further.
– And you’ve just completed stage #1 of the
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