Business doesn't start with an idea, it starts with an audience to serve. Find out how to analyze your audience FIRST to build a successful business.
Largely borrowed from/inspired by @amyhoy's 30x500 course.
2. Your Market
• Your market are your customers
• Your market is not your community
• Your customers are your audience
• Your market is your audience
3. Where a Business
Comes From
• Find a Good Audience
• Get to Know Their Needs
• Learn to Understand their worldview
• Define their - and your - constraints
• Use it all to craft a compelling offer
4. Where a Business
Comes From
• Find a Good Audience
• Get to Know Their Needs
• Learn to Understand their worldview
• Define their - and your - constraints
• Use it all to craft a compelling offer
8. What happens when you
start with an idea?
• Verify
• Explain
• Find people who will pay
• Revise based on feedback (if there’s even customers)
• Guess and check the price
• Always wonder about other similar ideas
13. Problems with Problems
• No idea who wants a problem solved
• You lack the ability to sell it to people.
• They don’t know they have a problem.
• They don’t care.
• They don’t see it as a problem.
14. Your Audience
• Will you enjoy working with them?
• Do they pay for things?
• Do you understand the audience?
• Do they understand you?
15. Good Ideas Come From
Good Audiences
• What problems do they • How do they look at
have and want to solve? their problems?
• What are they missing? • Can you solve it and
solve it well?
• What do they need?
• How do they think
• How do they want to about and quantify
hear about it? value?
20. DFCR
• Demand • Cost
How badly they want How much does each
it sale require to acquire
• Frequency • Revenue
How often do they How much money
want it each sale generates
21. DFCR for Indy Hall 1.0
• $4000/month Target
• 25 x $160/per member
• Demand - Low
• Frequency - Monthly (membership)
• Cost - Moderate to high
• Revenue - $160 (moderate to high)
22. DFCR for Indy Hall 1.0
• $4000/month Target
• 160 x $25/per member
• Demand - Moderate to High
• Frequency - Monthly (membership)
• Cost - Low
• Revenue - $25 (Low)
24. 3 levels of Membership
• Basic $25 = 50+
• Lite $175 = 15+
• Full $275 = 30+
• Bonus points - membership presales
25. Where to find a
Good Audience
• Signs of life.
• Signal-to-noise ratio.
• Do people talk to each other?
• Are there regulars?
• Themes & topic patterns.
• Helpers.
36. Excuse #1:
It seems hard
• No shit. Put in the time, it’s worth it.
37. Excuse #2:
It’s taking forever
• What’s your hurry?
It’s not any more fun to stand around
all day with a product nobody wants
or you can’t sell?
38. Excuse #3:
My Audience Isn’t
Profitable
• Is there a business counterpart to
your audience? Think creatively.
39. Excuse #4:
My Audience Doesn’t
Seem To Buy Things
• Remember, you don’t need your
ENTIRE audience to buy things. Just
some of them.
• Turn the audience around.
40. Excuse #5:
I don’t Like My Audience
• They probably don’t like you, either
• Turn your audience around
41. Excuse #6:
I Can’t Find My Audience
• Look for more specific versions of the
same name
• Look for in-industry terminology
From there, things to learn:\nWhere does their revenue come from?\n How could they increase this type of revenue?\nWho are their customers/clients?\n Why do they buy? What do they want/need?\nWhat’s inefficient, costly, or a loss (time, money)?\n How/what could that be improved or fixed?\n\nHow could they create/find new: opportunities, customers, markets, revenue streams/types, etc?\nHow could they charge/earn more per sale/deal?\nHow could they keep existing customers happier longer (& paying)?\n\nWhat do they do for their money (the work itself)?\n What skills do they need to do that/get better?\nWhat skills do they struggle with?\n How do they try to learn? Could they learn better?\n\nHow aware are they that they are struggling, & which skills are they trying to learn/improve?\n\nWhat are the repetitive tasks they do over & over?\n How could those be made better, faster, or eliminated?\n\nWhat’s stopping them from making huge leaps forward in their life/business?\n\nWhat do they buy & use?\n How do they talk about it?\n\nWhat are their tutorials, tips, tricks, common knowledge, techniques, frequent questions about?\n\n