Finding an online hungry market isn’t always easy. Regardless of whether you have been an Internet marketer for one year, five years, or as long as you can remember – you almost certainly still launch products that turn out to be duds.
And there’s a good reason for this: In almost all cases, when you created those duds, you didn’t first check to see whether there was a market that would definitely want to purchase it. You might think this is a trivial mistake, but it isn’t. This is a terminal mistake that will persistently limit your sales-even if you have been very successful thus far. Before you set out to create a product for online sale, do your homework first.
If you learn to do some research beforehand, you can figure out which markets are demanding a new product, rather than creating a product and trying to force it on a market. This will help you to come out ahead. While this may sound backward when compared to most of the online selling strategies Internet marketers push, the fact is that this simple approach works.
First, find the need; next, fill that need. In order to do this, you need to get busy with the research.
What you want to do is find what is known as a “hungry market”. Hungry markets are sectors of the online consumer market where a demand is present, but few or no products exist to meet that demand. There are a few good reasons to locate that hungry market:
• The lack of competition. If only a few entrepreneurs are offering products to a hungry market, your chances of coming up with something that will catch on quickly are that much better. With fewer competitors, there is a good chance that you can establish yourself as the gold standard for the market. Then, everybody has to follow you-and not vice versa.
• Few comparisons with other products. This means your product, once you develop it, will stand on its own merits. Create a great product and even when competition begins to build, you will remain on top.
• Unlimited potential for growth. Consumer markets that are not saturated with products offer fertile ground for sales. All you have to do is know what the market wants and then deliver it.
Obviously, you can’t come up with a product that will blow the customers away if you create the product first and then hope there is a market for it. That is why it is so important to find a market with needs and then create products that will fill the void.
There are consumer markets where customers return again and again in order to have their needs or wants met. Within those markets are suppliers who know what the consumer wants and make it a point to have it on hand and at a good price. The hungry consumer in turn flexes his purchasing muscle and keeps coming back for more. A hungry market is a consumer market where the patrons like the products so much that they keep coming back and buying more.
They also like to find products that are new and improved or have something special about them that they could not find on the market a year ago. Even though they are temporarily satisfied, the satisfaction fades over time and they come back for more of what catches their eye. It is this sort of market that you want to discover and to eventually conquer.
Characteristics of a Hungry Market
While consumer markets will vary a great deal, based on the target audience, there are a few traits they will all have in common. Here are some of the typical attributes of a hungry market:
1. A hungry market is an active market. That is, consumers are constantly engaged in buying products within a hungry market. Buyers are looking for the highest quality at the lowest price possible and don’t mind spending some time comparing several different product offerings in order to do this.
2. A hungry market creates a lot of buzz among consumers. People talk about what they have bought, how well the products work, and whether or not they would recommend these products to their friends. The hungry market is not one that is tucked quietly away in the corner. There is always something going on to discuss.
3. A hungry market is not dominated by any one supplier. While there may be several well-known suppliers, there is usually room for more to come in and offer their products to a hungry audience who is always looking for something a little more powerful, a little more versatile, and a little less expensive. There will be plenty of competitive slack in a hungry market; as a smart entrepreneur, you should exploit this slack to your advantage.
4. A hungry market is a growing market-and not just in terms of suppliers or consumers (although the latter of those aspects is desirable.) The market that is truly hungry is growing in sophistication. As the market grows and becomes more sophisticated, its constituent consumers become more sophisticated about their wants too. This translates into a vital market with dynamic, changing demands. This vitality is expressed in ways that simply cannot be accomplished when the same old stuff is sold year after year – no matter how great the products happen to be.
Advertising executives and marketing gurus have known for years how to tap into hungry retail markets in traditional retail settings.
Some of those same strategies work online as well. But locating a hungry market online that is ready for you to develop and to offer a new product line to will take a few additional tricks if you want to ensure that each product launch is successful.