What a fantastic day to read a post that opens some ‘profit doors’, don’t you agree?
I gotta tell you, I’ve had an absolute blast with Mirasee’s Profit Month. Like I’ve had so much fun writing about: how you should probably charge more, how you can keep costs on the down low, and how being different is the #1 reliable way to claim your share of the market.
I know I’ve shared some cool perspectives on economic growth, and the response has been great. I appreciate it all.
Which brings us to the last post in the series.
And it’s about peaches.
The sun’s shining on you in that nice-and-warm way, and you feel like king of the world, or at least … your business.
The truth is, you are. You’re king of the entire market, you just don’t know it.
You can grow your own market, and enjoy all the delicious fruits that comes with it, if you want.
Maybe you haven’t watered your seeds, or even planted ’em yet, and that’s cool. We’ll get to that.
I’m about to give you a crash course in what might be considered the ‘most advanced’ way of growing profits, but it’s not really that complicated.
It just takes a fresh perspective.
(and yes, the ‘peaches’ metaphor has tons of room for jokes… life’s for having fun.)
The fresh perspective is to replace the common ‘pie’ metaphor, with a ‘garden’ metaphor.
Almost everybody treats ‘the market’ like a limited pie being sliced up and fought over.
Where did this insane pie-slicing metaphor come from? From people who think humanity’s limited and unresourceful, probably.
I have news for you, and you’re gonna like it: you’re resourceful. You have unlimited potential, and you can rock the s— out of the market if you want to. You can grow it.
In fact, it’s gonna happen whether you do anything or not.
“The market” has been expanding since like, the dawn of time.
Jon Morrow talks about 7 major niches that everyone falls into, or connects to, and those 7 markets have all continued growing.
At first there was a small population on earth, in smalll towns and cities, with some different interests, and they’d mostly barter for stuff.
And those people had families, they grew, and they came up with new needs becoming new markets.
The market for practically everything grew. This went on for a while.
It evolved, and so, bartering needed to evolve too. Bartering was not cutting it.
This idea is common sense, and easy to research, but for some reason people forget about it.
They think, “OH NO! THE MARKET IS LIMITED! WHAT SHALL WE DO?”
The Earth’s population recently hit 7 billion, and we have more new and diverse markets than ever before.
And Apple keeps creating more 😛
And this is where real potential lies.
When the iPad launched, there wasn’t a huge “demand” for it. It wasn’t like all of the western hemisphere was thinking “man, my quality of life would be SO much better if my LAPTOP, was a touch screen.”
Sure, there was a loyal following, but a massive market demand? Need? Hardly.
See, Apple’s a master of ‘planting seeds’ and growing their own markets, and they do it regularly, and you can too.
Thing is, many want to follow in their footsteps, but they still have this silly pie mentality, always watching the market like a hawk to “figure out” what to do next.
Reacting to the market doesn’t work well here, growing the market means pro-active investment.
Annnnd so it goes.
Welcome to the epic conclusion to Mirasee + RyzeOnline’s Profit Month Collaboration.
You’re A Gardener.
You’re a gardener and the market’s your garden, waiting for you.
To take care of it properly and have it deliver results to you, you need to change your mindset.
Do you know why only a small handful of companies create new markets? Because only a small handful have the attitude that make it possible.
I’ll give you some action steps later in the article, but you won’t be able to use them unless you get your mind right, first. Change is key.
If you keep the same ideas, you reap the same results.
How’s your attitude towards growing markets? If you’re like most people, you haven’t thought much about it. If you’re like most people, it feels hard.
Time to change that attitude.
Here’s the new ideas:
Idea 1 – Admit that there exists people and companies who thrive during recessions AND booms.
I’m not citing any — do your research if you wanna know about ’em. Read Good To Great or something 😛
Idea 2 – Admit there are always creative solutions to profit in any industry. (Just because the print industry is insanely slow to adapt to the rise of the ebook, doesn’t mean that there’s no solutions.)
Idea 3 – See yourself as a gardener, and every day, every decision in your business can plant new seeds, water your own, and water other seeds if you want them to.
Got ’em? Good. Now we’ll get to the juicy(er) stuff.
One option to grow the market is to create your own peach-tree field where none existed, leveraging the power of education or an untapped desire.
(Sometimes this is known as a “Blue Ocean Strategy.”)
Marketing grandfather Dan Kennedy talks about this a lot. He says the more rules you can change and new games you can play, the more success you’ll reap.
He’s talking about bringing a new angle to things, and making it clear that it’ll improve something. In this way you create a new market.
Let’s look at an example.
I’m gonna use Apple again, ’cause they’re fantastic at this.
Did you know that there were mp3s and mp3 players out long before iPods hit the scene, but no one really cared?
Any company could’ve taken a player, licensed it, whatever, but nobody did much, except Apple.
Apple created a new market in this area, by tapping into an un-met and almost unconscious desire of the masses, or even more than one.
What were they?
Well, music-listeners wanted more convenient music, bands were looking for fresh new ways to get their music to the masses and cut out the middle man, and record execs were scared and looking for solutions to the “mp3 piracy” problem.
Enter Apple, not so much with the iPod (though it’s hipness + branding helped a ton), but with the iTunes online store.
Are you getting this?
Apple’s feasting on ‘peaches’ they invested in, planted and watered.
Another, newer example to keep an eye on is Peter Diamandis & Eric Anderson’s Planetary Resources.
They aim to mine asteroids for resources and share them here on earth. Talk about planting seeds in an open field. These guys have the potential to reap huge profits.
They have no competition, it’s an open field, and it takes some investment.
Not only that, as they succeed, they’ll create new ways for every other company to grow.
Are you getting the power creating new markets?
Sometimes it can seem like a big goal, and people don’t know where to start, so here’s a structure to help you get going.
I’m not gonna go into heavy detail here, this is more of an introduction article to a deep topic, but hopefully you can take something from this diagram, and if you wanna know more, hit me up at jason [at] ryzeonline [dot] com.
And if you do this well, you can take ‘the competition’ by surprise, and position yourself as the market leader. It’s very, very nice 🙂
And there’s other ways to grow markets besides creating a new one, especially if you understand…
Over-growth and branching out.
Sometimes there’s a market that’s young or hyper-competitive or stagnant, and trying to compete in it feels really hard.
Basically, there’s already a ton of peach-trees there, and planting fields can look like a pretty tough job when you’re in a saturated market.
Musicians, for example, face this question: “do we really need another song?” “Why would anyone pay for my recordings in this world of millions of songs?”
Hyper-competitive market… so what to do?
One option is to branch out. You can venture away from the over-saturated ‘forest’, and plant seeds in another field.
Nothing’s stopping you, and it can be very lucrative. It can also be scary.
Let’s take a look at one of my favorite topics: rap. Rap’s a saturated market. We don’t really need more rap songs. Plus, music and mix tapes are so pirated it’s almost ridiculous.
By most measures, it’s a tough industry to make money in.
So what did young rap-collective Odd Future do?
They embraced the trend, and went for another field. They admitted that recorded music is practically free for the new generation, so they give all their music away.
They didn’t even try to compete on selling music.
So how do they make money?
They went into the pop-up retail market.
Whenever Odd Future performs a show, they put together a pop-up shop filled with Odd Future tees, hats, jeans, sweaters, key chains, etc., and the prices are, um, substantial.
And people line-up to buy.
In fact, fans meet up, sometimes for the first time, at Odd Future’s stores.
Odd Future hangs out in-store and fans can meet and greet them. It’s a pretty cool business model and transformed rappers into store-owners.
Similarly, Jay-Z leveraged his music to start Translation Advertising, which helps bridge the gap between advertisers and hip-hop culture..
These guys are feasting on ‘peaches’ they planted and watered, and they made sure to do it where there was space.
Here’s a couple ideas to get the juices flowing.
- In the yoga market? Yoga’s boomed in the last few years, but it’s getting fuller. Maybe you could plant some seeds in the smaller but potentially powerful astrologers market. They could be a lucrative profit waiting to happen.
- Are you in the photography industry? Instead of trying to fight over customers on price, maybe you could educate a group of people like Craigslisters or Bloggers, who really should be using photography but aren’t.
Face it, in the world of blogs, text is over-done, and head-shots or branded photos would work wonders. Why aren’t more photographers planting seeds here? Who knows. Could they? Yes. I’d be a client for sure. I see blogging differently than most people, and the opportunity here is huge.
Millions of peaches, peaches for me.
When I first started blogging… for 7 years no one read my stuff. Not even my family.
Think about that.
I got, like, 300 comments in 7 years, but WTF was I doing?
Anyone else would’ve given up.
But I knew what I was doing, and I knew there’d be results. I was planting seeds of a new market: young, urban, digital-wisdom. Debut of the blog-scholar.
I knew that people these days have every resource at their fingertips, but no one has the deep, psychological life-skills to use them well or select helpful ones.
I knew I could help.
And now I’m in high-demand. My blog-posts are unique and people love them. They’re filled with sexy, branded media, a powerful stylized voice, and game-changing, success-wisdom.
I’m a badass-blend of Tony Robbins, Leonardo Da Vinci and Hugh Hefner.
I educate young, urban, blogging entrepreneurs about the power and need for success-coaching.
Did all this happen randomly? Did it happen overnight? Did I wake up and go, “oh yeah, I have a great idea for an untapped market?”
Hell no. I planted seeds. I invested time into learning new skills. I learned Photoshop, I learned After Effects, I studied screen-writing and story-telling and killer punch-lines.
And it wasn’t just investing in skills, it was living a life that makes me believable. It was doing stuff people think is crazy.
‘Cause planting seeds usually looks weird to everybody out there grinding in the fields.
I spent years in homelessness, jail, betrayal and more. And those stories became some of my most moving posts. I’ve been pretty smart for a while, but all of a sudden people listened to me.
I’m one of – if not the only – “digital wise-man” on the scene.
And all those seeds I planted became the foundation of my brand.
The thing is, it was an awkward path.
And that awkward period is why growing markets is not for everyone.
It takes a certain attitude and timing, and I was horrible at it at first, and I wish someone really explained this stuff to me — so hopefully this gives you a leg up.
And hey, if you google “growing your market,” the results are pretty weak sauce, so if you know anyone who has a business that seems like it’s plateau’d send them this, it’ll help, and they’ll thank you for it.
They might even think you’re a market-angel 🙂
The final takeaway.
What’s really important to take away is this:
You can do anything.
Like I said, you’re resourceful. The market’s always growing — always — even when it looks like it’s not.
There are companies that excel during any economic time, and using the power of growing markets, you can be a part one of them, or not.
And you know what? It doesn’t have to be hard.
Ask yourself the question: “What are some fun ways I can grow the market?” – then sleep on it 🙂
What’d you think of this post? Got any ideas on market growth or entering new markets? Let me know in the comments — I love hearing from you!
- Your Price Is Your Command (How To Raise Prices)
- Keep It On The Down Low (How To Lower Costs)
- “Magnetic Market Share Mauls Man!” (How To Grow Market Share)
- Millions Of Peaches (How To Grow Market Size)