Go Where Your Product Demand Already Exists to Build Financial Wealth
Many website owners try to create demand for their product. Or they hide their product on a low-traffic website somewhere on the Internet and hope that customers will find it. They don’t proactively go where their customers are.
The success of any product depends on its marketing. The marketing method implemented depends on the marketer’s knowledge and strengths as well as the type of product sold.
But 2 characteristics common to every successful marketing campaign are that successful marketers:
1. Offer products that serve a demand that already exists.
2. Go to where the people that are asking for the product congregate.
Give people what they ask for. A good marketer doesn’t try to force people to buy what they don’t want. It’s too difficult and the rewards are not worth the huge amount of time, sweat, and money expended.
And a good marketer doesn’t hide in the corner. He goes to where the customers are. Too often, website owners sit back and wait for customers to find them and come to them.
Set up your lemonade stand at the intersection downtown. Not in the quiet suburbs.
Let’s use the ever-popular lemonade stand to explain this simple concept. Let’s say you want to build a successful lemonade stand business. You want to sell cold lemonade to people and generate lots of money.
Then, you should set up your lemonade stand at a busy intersection in the middle of the busy city intersection downtown on a hot summer day.
Pedestrians are thirsty as they walk around enjoying the summer day downtown. This is where your demand is. This is where your traffic is. This is where your product should be.
You don’t want to be on the lawn in front of your house in the quiet suburbs. Your large customer base is not there. Your business will not be successful. That’s similar to hiding your website away somewhere on the Internet.
Follow the money
Why do ambitious finance professionals go to work on Wall Street in New York City and the City in London? Because that’s where the demand for their knowledge and expertise is.
That’s where the money, employers, and clients converge.
Go where your customers congregate. Think beyond search engine advertising.
When website owners think of promoting their products, most owners only consider advertising on search engines through programs like Google AdWords.
Businesses advertise on search engines like Google because that’s where people go to begin their search for products and information online. This is one way of going to potential customers. But there are many other ways to do it.
A few other ways in which this concept is applied today include:
a. YouTube Partnerships
Some marketers team up with YouTube users who have posted videos that receive a huge number of views. Remember that video views are not cash. As such, most YouTube users with unique videos that go viral make absolutely no money from their videos.
They don’t get paid for their creativity. And they have no idea that they can get paid for their videos.
Some creative marketers contact these video owners and ask to place their product backlinks within the videos. For example, a viral video about dancing could include a link to a dance instructor’s business. This is a product related to the video’s audience which increases the potential customer conversion rates.
In return, the YouTube user gets compensated financially by selling a text ad link in his video. Or he could get a share of revenues generated through his link as an affiliate of the product.
The marketer makes money by going to the YouTube video and placing his product where the demand and traffic already exists. He leverages someone else’s traffic to earn money.
b. Join Groups
Marketers join online groups such as forums and LinkedIn groups where other people have expressly stated their interest in a specific product by joining the group.
For example, domain investors join DNForum or domain LinkedIn groups. They post their products to other members of the group.
This is where the product’s demand is sitting and waiting to be served.
c. Television
There’s still nothing more powerful than TV advertising. A TV set sits right there in most living rooms communicating everyday to the home’s occupants.
Of course, the average business owner cannot afford to advertise on TV. But for every hour of TV, a television station produces about 40 minutes of non-advertising content. So TV stations need content more than they need advertising dollars. Without content, they attract no audience, and no advertising dollars.
This is where the business owner can serve their demand with his product. For example, a real estate agent can deliver his knowledge to viewers of a real estate TV show. He provides content to the TV station and knowledge to the viewers. In the process, he advertises his product for free exactly where the demand is sitting and waiting to be served.
d. Stock Traders
Nobody can predict the future. Nobody can correctly buy a stock at its rock-bottom price and sell at its highest price. Not even the most successful stock traders.
So the best stock traders follow the rule of delivering their product when and where people want it. The best traders invest in stocks with high trading volume. This means lots of other investors and traders are interested in the stock and trade it regularly. This is great as it provides liquidity to a trader. He can buy and sell the stock easily as there are tons of available buyers or sellers.
Note here that, as we stated above, the demand for the product (stock) already exists here. The trader is not trying to buy or sell a stock that no-one wants. The trading volume clearly states that people want this stock.
And, of course, he makes his stock trades on the major stock exchanges where the buyers and sellers congregate.
When a stock is in play because there is news that has created activity in its trading, this is when traders buy or sell the stock. The price movement indicates it is in demand. They either go long or short based on their analyses. It’s in these price movements that fortunes are made and lost.
But the key point to remember is that there is existing demand for the stock and traders go to buy and sell it at the exchanges where other buyers and sellers are waiting to be served.
Of course, there are stocks with little trading volume that occasionally make people rich. But these are the rare miracles. The successful trader doesn’t rely on miracles for his success. He trades regularly in stocks that have high volume for consistent solid returns.
Sell what people ask for. Go to where the people that are asking for the product congregate. Don’t hide in the corner on the Internet.
Don’t sit back and wait for people to find your product online. There are billions of websites online that you have to compete with everyday. You have to get up and go to your customers. This is how you build financial wealth in any field.
Author: Kris Tabetando
Kris Tabetando provides mergers & acquisitions (M&A) advisory and brokerage services to Internet companies. He also partners with investors to acquire & manage Internet businesses.
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