How To Create A Market For Your Product

How To Create A Market For Your Product
How to create a market for your product? Do you may have a product  and you're like I need to create a market for it so there's 2 options. The first is to take the statistically proven 10-year grueling journey to create a market or just take the shortcut that I'm about to teach you inside this video. Let's dive in. Once upon a time, little Timmy wanted to start a product  so he went he created a product and he put it out there and then he asked himself gee whiz.
Who  should I sell to and then he failed in a blazing fireball because he thought that entrepreneurship  was about luck, okay, and he's like who should I sell to and just exploded and failed. I used  to think the same thing, that entrepreneurship was about luck and I have my product now, who should  I sell it to is the biggest trap of brand new entrepreneurs. So, I'm going to teach you in here  3 quick ways to make sure that you actually have a place to sell to you,  we have a group that you can go sell to once your product is done. All right step number 1, repeat  after me because this is rule number 1, you do not create a market for your product, that is the  kiss of death, all right, that's a kiss of death in all entrepreneurship.
You don't create a market for  your product, the wrong order.
Everything has to do with order and I used to do the same thing, I did it out of order. I went through 34 product tries over 5 years. One of the reason, one of the  core most reasons that they all failed was because I did it in the order of little Timmy, right?  I created the product and I said who should I sell it to? If you're asking that question after the  product is already done, you're probably not going to win, all right?
You're dead in the water, you're  dead in the water, that is such a secondary small question to ask.
What you really should ask first  is where is the market that I would like to sell into, right? This is a big, big mindset shift and it  is again one of the major reasons why people fail so much. So once I figured out this whole thing, I went through 46 successes and we did 10 million in about 3 years and it  was one of the most key pieces. I remember when I first began this game.
Again, I started, guys, it was honestly was so frustrating and you might be frustrated as well. You're like I have a  product. right? If you're watching this right now you might, I have a product. I started creating  the product and I put the product together and I put it out there and I remember I was in college.
One of the first big products I ever created was actually when I was in college and it was...  it took me 8 months to build it. I was in college full-time, I was in the army, I was at kids, right, it was very it's busy, right?
It's busy and so I was spending from midnight to about  2 or 3 a.m. every day building my own product. I did that for 8 months and at the end of the  8 months I was like so excited. I was like doing the math on the back of the napkin, right?
If 1% buys and 1% of the 1% buys the upsell, what island will I buy? You  know what I mean? I was like running the math in my head like, I only need this and we've all done it.
We've all done it what happened in reality though was that I went and I created the product, super  good product. Super good product and the offer was awesome but I didn't find my market and how to create a market for the product that I have, wrong order, completely wrong order.
And so, I failed.  I failed. Just like little Timmy, I exploded in a big ball of fire, right, and I was like man, this  entrepreneurship game like some people just get lucky. It has nothing to do with luck, it has to  do with the order that you answer the questions in and it took me a long time to realize that. Funny  enough, one of those early.
That same was one of those early info products that I created, I went  back and I rinsed it back up and I fixed it and I went backwards and I relaunched it several times  but I asked the questions in a different order and it was one of my first, actually my 2nd million  dollar product, okay? So it has to do with the order of the questions that you're asking, that's why I get so huffy puffy about this.
It's not how do I create a market for the product that I have? You already did, you already did and the reason is because you're not the one buying it.
You're  not going buying it and so where did you get all the data for how to build that product? From your own head. Okay, now don't do this but I did this. My ex-wife and I, when we were going and having our  first 3 beautiful little girls, oh my gosh, just so, so adorable. I'm a proud daddy  and our first little one was on the way and I remember my ex-wife and I were in the  hospital, she had to be induced and we're sitting there, nothing was happening yet, okay?
Nothing was  happening yet however, I was texting Noah Keegan.
If you don't know Keegan, he is an influencer and  he ha this thing. This is 9 years ago, 10 years, 9years ago and he had this thing,  about 8 years ago, sorry. I had this thing where you could text him before he bought his product. And so I did what probably a lot of you are doing or have them.
I said Noah, I went and I've  done all this. I'm so excited, I made this thing, there's a problem and I've solved the problem and  it's an amazing product and I put it out there and do you think that I should...
Actually  I hadn't built it yet but I was asking him.
I said do you think I should build a product now? Yeah, I said do you think this is a good idea and he goes I don't know.  I said wait a second. I don't think you get this. I've done focus groups, man.
I'm going in, I've done  all this stuff and it's like, I said do you think this is a good product idea? Do you think I should go out? Do you think I should actually pursue this thing and he goes I don't know  and I was getting frustrated. It was nothing was happening, we were in the hospital, okay, one we had to wait a long time, I was sitting there and I texted me. Do you think I should  do it?
He goes dude, I don't know. He said I let people vote with their wallets, not their mouths. I was like oh, I'm doing this wrong. I had asked, I had gotten past the thing where I realized I'm not  the one buying it but I had also made the mistake of letting people say with their mouth not their  wallet, yeah I'll buy that.
This is a key piece, this is one of the biggest reasons again a lot  of entrepreneurs fail out of the gate.
 
It's because they first answered their own problems and second  of all, they did not try to actually sell the idea, actually try to sell and collect money from the  idea. There's so many entrepreneurs successful ones that talk about that this is how they do it, they'll actually collect real cash or they'll figure out ways to, right, and there's rules, there's  laws on ways to different do this. I'm not your legal guy, okay, but the concept being try  to actually sell the thing. Try to actually sell it and if no one opens up their wallet, don't go  waste your time making the product. So, a lot of the more successful entrepreneurs out there, we  all, we figure out the idea, of the offer in the product but then we go straight to sales message  and we begin trying to sell or at least drum up those who open their wallets, right?
And then oh,  you're ready? You're ready? You want a buy? You do? Cool.
It comes out 2 weeks. I'll be right back  and we go make it okay super common on successful entrepreneurship caveat by those who actually have  a lot of failure. All right guys before finally answering the entire prompt of this entire video, hey guys hit the subscribe button. Hit the like, hit the bell. Also like comment down below  what is like the biggest crash and burn products you've ever put out there?
I'm sure that we all have a whole bunch of them. Entrepreneurs make a lot of products and a lot  of offers. I have burnt on so many of them. What's your craziest one down below, also share this video. There are so many people who have this question.
This is a common new entrepreneurial question but  it is very much the wrong order, right? So please share.
We'd love to actually help others as well. All right so rule number 1, remember you don't create a market. You got to figure that out before  you even start building the product.
Second of all, listen to the dream customer. They're the ones that  are actually figuring that out. The second thing, oh sorry, the 3rd thing, I can't count.
The third  thing is let's actually talk about how you do the actual thing I'm talking about now, okay? How  do you create or how do you find a marketplace to go sell to?
Again, solve that before you even  start building the product but let's say that you did and let's say you're like Steve. I'm good. I'm  ready to rock, here we are. How do you actually go do that? Let me just ask a quick question here.
How many of you like Black Friday? Thanksgivings come, the very next day there's  I know in Canada it's called unboxing day, right, or boxing day. Steep crazy discounts, right? Huge, big, massive discounts. How many guys love Black Friday?
I will say that I hate Black Friday.
I want no part of it at all. It drives me crazy. I cringe every time. I'm like you want to go  do Black Friday?
No. Would rather rub some salt in some wounds. I hate it. I can't  stand that amount of crowd, that drives me nuts. I'm way more of an introvert than you probably think  and so like, no.
Absolutely not. There's a point to that though. Some of you watching this right  now, you do like Black Friday, that's great. Wait a second, so does that mean they shouldn't do Black  Friday just because I don't like it, no. Guys, I want to touch on a really powerful principle right here  that will really help you in your product creation opportunities and it's this.
Think about your  dream customer and they're going to a marketplace to buy and sell, all right, some of them like to buy  through Black Friday or let me change it. Some of them like to consume the sales message  through Black Friday, some of them like to consume the sales message through email, how many is about  something through email.
Some of them like to consume their sales message through phones, same  message just using a phone. Someone like to use their sales message through content like this, right? How many has bought from one of my videos?
A lot of you have, okay? Some of  you guys like to consume sales message through, through, through, through. What you're really doing  after you have a product that's done is you're looking at the marketplace and you're asking  all the people that go here, all right, how do they like to consume sales message? How do they  like to consume and be pitched too, that's the big question and then you figure out what the top 2 or 3 ways are and then just do the same, right? Just do the exact same.
I will not buy through  Black Friday but man, I buy through Instagram influencers personally. I buy through sometimes  I buy through webinars, sometimes i buy through phone but I typically buy through emails the most  and all of them are correct, all of them are correct. And so what you're going to do is  you're going to look at the marketplace and ask what are all the ways that my dream customer is already saying this is where I pull my wallet out, this is how I pull my wallet out for that, Perfect  but I like to pull it out for that, that's fine, right, and I rank them out and I'm like cool, those  are the top 3 ways we're going to attract and approach and pitch my dream customer the product  that is already done.
Does that make sense? This shortcuts a lot of the questions about how should  I approach them, how should I sell to them so if your customer's not on freaking Clubhouse, don't go  to Clubhouse.
It's a waste of your time. If they're not doing this or that, not doing phones, if not, then don't do those things. You actually get easier sales by approaching the dream customer in  the ways they already open their wallet for. I got a free gift here for you.
Do not click off  this video yet go to internetlaunchsecrets.com. 
The link is in the description and in the first  comment and what you're going to get from that is you'll see how I solve exactly the things I  was talking about in this video.
So, if you're like oh, that was a lot Steven but oh my gosh like  what you're gonna see is 3 case studies of me doing exactly what you just learned in this video  and they're the ones that made the most money for us over the last 3 years. We just keep  repeating them. So, if you want to see very lucrative campaign strategies on the internet  in action, case studies just from us, go to internetlaunchsecrets.com. We'll see you there..
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How Firms Commercialize Their Products: How to Bring Your Product To Market

How Firms Commercialize Their Products: How to Bring Your Product To Market
Hey there, fellow marketers, Professor Wolters here. And today we're going to continue our conversation about new product development. And today what we're going to focus on is the commercialization of our new product. Because we've already developed this product, we figured out what our customers want. We developed a perfect little product or service they're really going to desire.
And now we have to figure out is, how are we going to commercialize it? How are we going to get it onto the market? Where are we going to sell it? All these kind of things, really putting together the four P's. Finally, like together, because we've got the first P, we've got that new product.
But now we have to think about the prices, the place where we're going to sell it. How we're going to promote it and things like that. Because when you think about it, what we really have to start thinking about is when. When are we going to put this product on the market? And the thing you have to realize, is your market that you're selling to, a lot of times will dictate when you release your product.
For example, if I'm going to re- releasing, you know, a water bottle for the beach, right? Well, if I'm going to do this, am I going to release it in December, when it's cold, and no one's thinking about hot weather and taking anything to the beach? Of course not, I'm going to release it closer to the summertime, right? Or if you think about it in terms of game consoles, right? They don't release them, you know, it usually in the spring or in January.
They release it before the holidays, because that's when parents are willing to spend a lot more money to buy them a $500 gaming system. Because you know, you might get that, or Santa might get that for a kid for for the holidays.
But might not get them for a random Tuesday in January, not a really big day. So we have to think about these things. And you think about, with a gaming consoles.
Have you ever noticed, it's about every six years, you get like a new PlayStation, or a new Xbox. And when a new PlayStation comes out, you know that new Xbox is gonna come out about the same time or another Nintendo is going to come out at about the same time. Because they know we have kind of like a generational thing. We need to all be coming out about the same time.
And so if another company, let's say I don't know, Apple wants to come out with a console gaming system.
They're not going to come out with it in the middle of the cycle. They're going to come out when people are ready to buy a new console, after a few years. So you kind of plan those things out. And that's one thing you really have to consider when you're thinking about that when. When is my market going to be ready to buy this?
Okay, so you might think about that in terms of movies. When do the big movies come out? In the summer, you have your summer, tentpole movies. Why, well, you have all these kids that aren't in school, right? And so that's when they're out, they need something to do.
Parents don't have time to stay with their kids all the time. Let's throw them out an Avengers movie, let's throw them out a sci-fi movie. Let them stay there for three hours, so we can clean the house. You know, you have to think about these things.
So really, the when, when we're starting to think about commercialization really is dictated by a lot of factors that you do have to consider.
And then next, I think W word you need to ask yourself is where. Where are we going to launch it first? So you might look at it in terms of this way. Where are we going to launch it in terms of, where is that target market going to be? Right, so if our target market is buying gaming consoles at Best Buy, we need to be at Best Buy.
Or if people are buying their gaming consoles online, we need to have an online presence and sell it there. Because you really have to think about is where's our audience going to be buying stuff? Where are they deciding? That's where we need to be in order to get that target market. Because we're really trying to do is find out is how can we deliver the most value to that customer.
And in terms of that where, it's going to be what what delivers me the most value? It's where I buy it, right? And so we have to think about those things. That's why we do so much marketing research and market research in general when we are developing a new product. Because it's not just making a new product.
It's also figuring out where we're gonna put it, okay? Now the next step I want to talk about is what we call the rollout. Which is kind of like a timing thing, but also a where. It's that where and when kind of thing put together. Because we have to figure out and roll out, which stores are going to get our products first?
Which regions are going to get our products first? See I've lived all over the world.
And I remember you know, I'd be here in the US and the new Nintendo 64 is out this October, I'm like, "Great." And then I moved to Europe in September, and I'm thinking, "Oh, in October, I'm going to get it." No, no, no, it didn't come out till the next spring in Europe.
I'm like, what-what happened? Well, Nintendo looked at and said, "Wait, who are our biggest markets?" Who should get these first? Because we don't want people not to be able to get it.
So they released it in the US and Japan first.
And then a few months later, it was released in Europe. And a few months later after that, it was released in South America. You have this kind of idea of, where am I going to roll it out first, okay? And so you'll see companies do that where, you know, they'll test market in different areas to kind of see what works first. If works there, we're going to go to more stores.
So like, when Burger King came out with their Impossible Whopper, it wasn't available everywhere at first. They rolled it out in certain stores, then in certain stores, and then it went nationwide. Okay, because you have to think about that. Where and when and who's going to go first, who's going to go second, who's going to go third? We have to think about those things.
And sometimes you'll see that with new mobile phones. Sometimes it first comes out, you know, only exclusively at AT&T. And then after six months, maybe it's at the other places, right? So we just try to think about these things out there.
 
And you kind of put that where and when and where and when together.
You got to think about those things when you are doing your commercializations of your product. And the thing is, it's not just the where and when. Because if you think about it, the where part really is that kind of place part of the four P's. 'Cause what we're really trying to figure out is, where should the product be initially sold. And things that might kind of really influence that as well.
You might look at in terms of, where we're going to sell, do they have delivery options? Or we might look at it in terms of, will they be able to handle the extra inventory that we need to have them in there? Because if we're going to have a big huge TV kind of thing, are we going to have space in a small store to sell it? No, we probably need to put it in the big box stores, like a Walmart or Best Buy or something like that.
Now another the four P's we have to focus on the commercialization is promotion.
A lot of times new products fail, because people don't know to even exist, right? And so we really have to think about is, where are all the places we need to promote our product? Yes, we need to promote it to that end customer that's going to get that benefit out there, right? So we gotta make them- make sure they know how good our product is, what the difference is, what makes it special, why it's gonna be perfect for them. But the thing is, it's not just about promoting your product to the end customer.
You also have to promote your product throughout the supply chain. You have to explain to Best Buy, why it would be a good idea to carry our game console. You have to explain to Cartoon Network, why would be good for us to have their-our commercials on their TV channels. You have to explain all the things out there. And you have to consider all that when you're looking at your promotions.
Because what you might end up doing is having trade promotions.
You know, you might have a slotting allowance. "Hey, Best Buy, we're gonna pay you to put one of our consoles at the front door, so people can see the new graphics and the new controllers and try things out." But we're gonna need to pay them to do that, right? We have to think about those things, with those slotting allowances.
Or maybe you do a trade allowance or an advertising allowance. "Hey, if you advertise our product, in your promo flyer, we'll sell it to you at a lower price. So you can get it- you can make more money in the end in your markups." Or other things you might think about in terms of promotion. You might have, you know, the promotional, you know, introductory pricing.
I mean, think about it, how many of you have signed up for cable, because the first month was $19.99, and then went skyrocketing prices after that? Well, we might think about that, those promotions, that goes into there.
I know that kind of ties in with pricing, because you do have to think about pricing when it comes to new products. You know, launching, right, and commercialization.
And we do have a video that goes into a lot of different new pricing or new product pricing kind of setup. So do watch that video to get some of the ideas of the specific kind of new price, new product pricing strategies that companies can use. But we do have to think about is what is going to be our manufacturer's suggested retail price.
Because we have to make sure that everybody in the supply chain is making money. Because if the delivery driver isn't making money, they're not going to deliver your products.
If the in store, you know, Best Buy's not going to make money selling your products, they're not going to carry it. And you got to make sure you're making money. You also got to make sure your customers are feeling like they're getting value out of these things for this new product.
So you really have to think about a lot of things when you're developing your pricing. And there are those slotting allowances, where it helps to figure out where it's going to place also could affect the pricing and stuff like that.
Because hey, if we're going to be paying for that stuff to be there, we got to factor that into our cost and our pricing development. So a lot of stuff you really have to consider. And the last little thing about the commercialization thing I'm going to talk about. I'm wanna kind of go back to the promotion side of things. And what a lot of people don't realize is when you're promoting your product throughout your supply chain.
Sometimes it's about finding new suppliers, new retailers, new ways to get your product out. So you might actually go to a lot of trade fairs just to talk about your product, so people know about these things. Because if you look back into history, people thought the Nintendo, you know, the Wii would be a failure. Right, like, oh, the graphics isn't very good. Nobody's gonna want this because they get a PlayStation that has way better graphics, where you can see the person's head fly off when you chop it off in-in Mortal Kombat.
And, and they don't even do that on the Wii, right, back in the day. But the thing is, when they went to the trade shows, and they were showing people how it works and stuff like that. It's like, hmm, you know what, this might just work. This is actually something that might work for everybody. Because sometimes seeing it in situ actually working can help your product sell better.
That's why when you go to the trade shows and show how it works, that might help it out. How many times have you gone to a Macy's or a Walmart or, or maybe your local grocery store, and they had the free samples kind of stuff, those kind of things? We had to think about that. Will that entice people to try that new product? So it's a lot of things you really have to think about when you're doing your commercialization of your products, okay?
And this is just touching the surface, right? You remember, make sure you're looking at the four P's when you're developing your commercialization.
Also the where and when you're going to sell these things. Stuff like that all comes together when you're looking to commercialize a new product. So I hope this helps you get an idea of how that commercialization phase of new product development kind of comes about.
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The Best Marketing Strategy For A New Business Or Product

The Best Marketing Strategy For A New Business Or Product
- Hey, it's Rick Kettner here and in this video, we're gonna explore the best marketing strategy for promoting a new business or a new product. Essentially, we're gonna be looking at a simple method that you can use to choose and execute on the best marketing opportunities for your specific business. Now, this is a follow up to a previous video that I published on 33 ways to get more customers. You can find the link to that video in the description box below. And of course, if you're interested in learning more about how to build and grow your business, then I recommend that you subscribe to the channel and turn on notifications so you don't miss out on future videos.
But let's get into it. The number one reason why new businesses fail is that they don't attract enough customers. And the reality is a lot of businesses make it through the other stages like coming up with a brand name, coming up with a logo, even building out a basic product or service, but unfortunately, many of them fail when it comes to actually attracting prospects and converting those prospects into customers.
So that is the entire focus of this video. We're gonna be going through a simple four step framework called the bullseye framework.
This is from "Traction" by Gabriel Weinberg and Justin Mares. A really great book for startups that are looking to attract customers to their business. And this is a simple like I say, a four step process that you can use to attract customers. The very first step is to brainstorm marketing ideas. So what you wanna do here is you wanna go through all the different ways that you could possibly attract customers to your business, and you wanna come up with realistic scenarios for how you might execute on those opportunities.
Now, I mentioned earlier that I recently published a video covering 33 ways to get more customers. You can go through that video, that's 33 different marketing channels that are covered in that video. And the idea here, even though we're not gonna be pursuing all 33 channels at once, we'd be spreading ourselves way too thin.
The idea here is to come up with realistic scenarios for each and every one of them just as an exploratory process. So, for example, if you go down the list and you see content marketing, you wanna come up with a realistic scenario for how you might promote your business using content marketing.
What kinda articles could you create? What kinda videos? Would you create a podcast? You wanna explore exactly how you might pursue that opportunity if you absolutely had to. And then you wanna do the same as you go down the list with search advertising, social advertising, hosting live events.
You might consider, would you host a local meetup, a small meetup group with enthusiastic customers, or would you try to put on a big fancy event and invite other speakers? Whatever the marketing channel might be, the idea here is to simply explore the possibilities to reasonably brainstorm what you could do if you absolutely had to pursue the various different marketing opportunities that are out there.
And the reason why this is important is because oftentimes, businesses get stuck in a rut where they really only pursue marketing channels that all of their rivals are pursuing. So if you see another potential competitor using search advertising, you might be tempted to just say, "Okay, search advertising is the way "that you market this kinda business." And that really limits your options.
And unfortunately, when you follow that kinda strategy, you're actually playing into your competitor's strengths and you're pursuing a channel that is already gonna be competitive, right? So by its very definition, the most popular channels may not necessarily be the best opportunities.
Sometimes they are still, sometimes they aren't. So, that's the entire point of this first step is to actually explore what you might do if you had to pursue different channels in order to just flush them out and see what might be possible. Step number two is to select promising channels.
So this is a very important step where we start to narrow the field. Instead of pursuing all 33 channels, we're gonna narrow it down to about three to five of the most promising opportunities. And when I say promising, because you're a startup, your number one priority should be speed. So you wanna find channels that are likely to create results for you quickly. And of course, you also wanna choose channels that are likely to offer a lot of customers, right?
So you're talking about both volume of customers and speed at which you can actually attract them.
And of course another consideration would be your ability to attract them profitably. So just because a channel can deliver a lot of customers, and can do so quickly, it might not be cost effective to pursue it. So that's the kinda thing you wanna be thinking about as you narrow down the field to three to five of the most promising channels, or the most promising opportunities based on your initial brainstorming.
Then it's time to move on to step three.
And step three is something that I think a lot of businesses skip over just naturally when they try to pursue marketing opportunities. And step three is to perform inexpensive tests. This is critical because even if an opportunity seems really promising, and as you go through how you might pursue it, it seems really attractive and it might be really exciting, the fact is not all marketing channels are equal. And sometimes you might be really surprised to find out that one channel just isn't that effective. And if you don't compare its results with another channel, then you're really never able to make that differentiation and to realize, hey, this might be a half decent opportunity, but over here is a much, much better opportunity that we should really be focusing all of our time and attention on.
 
So this step is all about just simply performing inexpensive, simple tests to validate the potential of each of your promising opportunities. Now, one mistake a lot of businesses make when it comes to testing marketing opportunities like this, is they try to overly optimize in the process.
So for example, if you were gonna place ads on Google AdWords, you might go on there and say, "Okay, I have a $40 margin on my product, "I can't afford to spend more than $40 per conversion here. "And so if I'm spending more than "that then this channel just isn't very promising." And that thought process leads them to aim for targets and to set their ad spend in a way that is unlikely to provide really great results.
And the reason why this is bad is because the only goal of this step here is to validate two things. One, that there are enough customers in this channel that it's worth pursuing. And two, that you have a vague sense that if you took the time to optimize your efforts, and to improve your ad copy and to improve your landing page and your entire marketing funnel as it relates to that channel, then over time, you almost certainly will be profitable.
That's what you're trying to figure out. You're not trying to actually optimize because if you do that too early, you're ruling out a channel before you even give it a chance to breathe.
So what you wanna do here is just simply perform inexpensive tests to validate there are customers there and that it's worth your time and energy to pursue things further. And then afterwards, later in the future, you can worry about doing all that optimization. In some cases, it takes months if not years, to really perfect your entire approach to that channel. And that's perfectly okay. You can do that in the future, and it's not gonna affect your long term potential with that channel.
But the idea behind this step is just simply to validate that it's worth your time to explore things further. And then we move on to step number four, which is to look at all these tests that we've performed and to select one promising channel.
To select the single thing that we're gonna focus on when it comes to building momentum with the business. And this is incredibly important when it comes to a brand new startup because you really can't afford to be spreading yourself too thin. And the reality is that when it comes to a lot of marketing channels, there's a bit of a winner take all dynamic that happens with marketing channels.
Google Search is a great example of this. The person that is able to best optimize and best outperform their rivals when it comes to advertising for a specific keyword or a specific family of keyword phrases, they tend to far outperform whoever is second in that area, whoever is second best at utilizing that marketing channel.
So it really pays to become an absolute master at at least one channel when you're growing a business. In fact, that's pretty common wisdom within the marketing community that you really, if you wanna have a successful business, there should be at least one channel out there that the entrepreneur or founder, or at least one of the co-founders of the business, is incredibly familiar with and is very proficient at using. And that really gives the business a lot of strength.
And so the idea here is really simple, right? You just wanna focus on one channel, you wanna become really great at that one channel, and you wanna absolutely focus your efforts on capitalizing on all of the potential of that channel, until of course, you hit diminishing returns. And that's the point at which spending more money on the channel doesn't really give you more results.
You might find a point like let's say, Google AdWords, you might find spending more than 50,000 in a given period just simply does not increase results. And at that point, it's time to revisit this process, explore other channels and figure out what second or third channel you can tag on to expand your business.
But that's really the process here. It's really straightforward. It's really simple. It might almost seem too simple, but that's okay. And it's a very powerful way to like I say, select and test and ultimately find the one channel that is most promising for your business.
Anyway, that's it for this video. If you have any questions or if you have any thoughts or even suggestions for better ways to attract and convert customers, please share them in the comment section below. And of course, if you're interested in learning more about how to build and grow your business, then I recommend that you subscribe to the channel and turn on notifications so you don't miss out on future videos. But with that said, thank you for watching and I'll see you in the next video..
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