All language subtitles for 17 - Choosing Your Market English

Okay.

Welcome to this brand new section where, as I said, we're going to change gears a bit here now and

look at how you're going to choose your market.

You need to choose a market that you're going to sell within.

And then I'm going to show you how to find profitable products within that market.

Okay.

And once we have those products, of course, further on in the course, I'll show you to how to add

them to your site.

Now, there's a lot of great knowledge here that I'm about to give you.

The first thing that I want to say is that you don't need to find the next amazing trend when it comes

to markets.

Okay.

A classic rookie mistake, a classic beginner's mistake, and I've done it as well in the past, is

that you believe somehow that you need to seek out the next greatest trend and be the first person in.

And then, you know, as this kind of huge wave of demand washes over you, you'll make an absolute

fortune.

Now, I'm not saying that doesn't happen because it does, but it is few and far between.

So what I'm doing here is managing expectation.

The chances of you finding the next amazing trend is sadly minimal.

I don't want to discourage you.

I'm just being realistic.

Okay, so what we actually want to do is we want to sell into established markets.

We want to find markets where there is already a demand.

Right?

Because demand is proof of concept.

It shows that people are interested in that market and it shows that people want to buy products within

that market.

The world in which we live in markets don't exist unless people want to buy stuff from them.

That's that's the fact of the matter, right?

Nothing exists in this world unless there's a demand for it, whatever it might be.

So we want to enter into a market that's already established and take out all of the guesswork.

So now I'm going to show you exactly what I do so that you can benefit from my years of experience of

doing this.

And what I do is I use two websites, AliExpress dot com and Amazon.

So let's dive over to both those sites and let's have a look at how we can choose a market or in fact

how the market will actually end up choosing us.

Okay.

So here I am on Alex Bascombe, the famous Alex Bascombe that we're going to be using an awful lot to

build up your business.

Now, if you've never been on here before on the home page, everything is neatly categorized.

So I'm just going to choose something at random here just to demonstrate how powerful and simple this

method is.

So let's go for Paul.

Let's go for jewelry and watches and necklaces and pendants, just something completely at random,

because they're all basically exactly the same.

Now it lists me out a bunch of products, but what I want you to focus on is this sort by by default,

it's showing short by best match.

But what I want to do is sort by orders.

And when it does that, what it will do is it will sort by the best selling first, the products that

are most in demand, the markets that are therefore most in demand, all of the guesswork taken out.

AliExpress is telling me exactly what's selling and that's therefore exactly what I can sell.

Right?

Simple as that.

So you can see here, if I just scroll down a bit, how many of these products sell?

So here we have a what is this, a female elegant style zodiac sign necklace.

Okay.

41,000.

Nearly 42,000 of those sold.

The next one over here, 33,000, 25,000.

Huge numbers of these products are selling.

And you can come back here next week or in a few days time and see how much that's incrementing and

get an idea of the demand over time.

And therefore, you know, this is a very, very exciting product to sell.

But you can you can see, right.

It's it's all here in front of you.

It's simple as that.

There really is not a lot more to do.

You might be might have been expecting something incredibly scientific and clever.

But, you know, with everything I'm trying to do on this course, I'm trying to demonstrate how easy

really in a way, I don't want to use that overused that word, but it doesn't have to be complicated.

So many people overcomplicate business and it really doesn't have to be.

And this is this is another example of that.

Right.

All of the products that you would want to sell are sitting here on, Ali, and it's telling you exactly

those that are going to sell the best.

Now, I'm going to show you how to narrow these products down a bit in a couple of lectures time so

that you can select the ones that are going to give you the maximum profit.

But I hope what you can see there is how easy it is to dive into any of these markets.

And let's just reiterate here, if I go back to the AliExpress home page here, all of these markets

exist because there's a demand exactly what I was just saying.

So if you just like go down through all this, whatever, I pick bags and shoes, all of these things

over here, they exist because there's a demand.

If they didn't, they wouldn't exist.

So here you have a load of markets that are in demand.

And let's just I don't know, just for the sake of argument, let's pick another one.

Let's pick wallets.

Okay.

We go to wallets.

We click on orders.

And here we go.

I've got a wallet here where 14,000 have been sold, 9000 have been sold, etc..

And now I'm off and running in the whole market of wallets and I'm already getting a very good idea

of what type of products could sell very well.

Now we can apply the simple yet very powerful logic also to Amazon, because Amazon also, of course,

is just a whole load of markets and submarkets and subsub markets that are selling very well with top

selling products in each one.

So we're not going to be using Amazon to source our products, of course, but it can be a huge font

of knowledge.

It can give us an amazing number of ideas.

So let me just demonstrate here.

So I'm on Amazon.com.

I'm sure everybody knows this site and that's just clicking here.

Now, Amazon's all organized into this sort of top level markets, if you like.

So let's go down to what should we do?

Let's try to keep the whole business of dogs going.

So we got pet supplies.

So I go to pet supplies and then I'll go to dogs.

And now here, you know, if you're ever wondering what a great mark is, all of these are great markets.

You know, some of these might take your fancy.

Others maybe not so much.

But let's just say, for example, I chose apparel and accessories.

Okay, great.

Big market, tons of products.

And as I say, you know, we'll be talking a little bit more about how we're going to narrow this down

to find the most profitable products.

But on Amazon, things a little bit different.

Amazon doesn't give us the total number of orders, but what it does do is it gives us the number of

reviews, uses this kind of star rating, and then the number of reviews and a review is a great indicator.

Now this is kind of like it's not just a feeling, it's sort of semi scientific, if you like.

But I'm sure as you realize that everybody who buys a product doesn't always leave a review.

And in fact, you know, very few people will go back and write a review of some kind.

And I reckon in over many years of doing this, that around about one in 100, perhaps one in 101 to

50 will actually end up writing a review.

So what that means is that I can kind of like back calculate here, I can take the number of reviews

and I can basically figure out how many of these dog boots waterproof shoes for dogs I've actually sold.

So there's 2000 reviews.

So if I assume that one in 100 people actually leaves a review, right, that would mean that getting

close to 200,000 of these have been sold.

And in fact, as I do this, as I look up here, it's marked as a best seller.

So you see what I've done there?

I've literally just taken this number and multiplied it by 100.

So that gives me very quickly a great idea of products that are selling well on Amazon and therefore

that I can also use and sell on my site.

So that's exactly what I do to choose my market.

So I just as we head back to the previous slide here, it's going to carry on with a few more bullet

points.

But but that's what I do.

That's how I choose my market.

I visit Ali, I visit Amazon, I cruise around on those sites.

And I just let you know, basically just see what pops up, see what interests me.

And I find those best selling products within them.

It really is as simple and as powerful as that.

Now, the next thing that always pops up, the next question is, should I go niche or should I go general

with my store?

So a general store would be a store selling, you know, 25, 3500 different products.

And a niche store might be one that just sells one particular type of product.

Now, what I would say here is if this is your first time into e-commerce, which it might well be,

I would really encourage you to go, General.

Okay, keep it.

General.

Just basically do what I did there with looking for markets and products and just pick out those products

and start to put them on your site.

Of course, I'm going to show you all these things about how to actually put them on your site later.

But you're coming up with a general store.

And this is a really good way to start because what's going to happen over time could be a few days,

it could be a few weeks, it could be a few months.

Whatever it is, you're going to have best selling products or a best selling product, right?

And when you have that, you may at that point, well want to build a niche store around it.

I'm going a little bit further ahead here, but I just want to give you an idea of what's possible.

So let's just say, for example, you put those waterproof dog shoes on your general store, right?

The ones I just found on Amazon and they started to sell like crazy.

In the future, what you might want to do is create an additional niche store called Waterproof Dog

Shoes, kind of.

So just coming up with ideas off the top of my head here.

But I hope it really illustrates the point.

You know, a site that sells waterproof dog shoes exclusively, so you become a niche at that point.

But what I'm trying to say here is unless you have a really clear idea of what your niche wants to be,

start general and let the market tell you when or if it will be the suitable time to go into a niche.

Now another concept I just want to introduce here as well when you're choosing a market is that you

should always it doesn't matter what you're doing in business, you should always be solving a problem

or fulfilling a passion.

Okay, those are the two things that makes people buy.

Now, let me just give you an example.

Solving a problem.

Solving a problem could be a nice little product that, let's say, removes the core from an apple.

Okay.

Just again, just off the top of my head, just a quick example, but that solves a problem for somebody

and therefore they will buy it.

Fulfilling a passion is something slightly different.

We've seen, for example, I just showed you those dog boots, those waterproof dog boots.

Now, generally speaking, I don't want to start an argument here, but generally speaking, most dogs

do not need water.

Proof dog shoes.

Okay, I have a dog.

I love my dog.

But, you know, he doesn't really need waterproof dog shoes.

So I hope you agree that we're not really solving a problem there.

What we're doing is we're fulfilling a passion.

It's the passion of the dog owner.

People spend literally billions on their dogs a year globally not solving problems, but just simply

indulging and fulfilling those passions and those two things.

Solving problems and fulfilling passions are incredible motivators.

We'll talk about this more and more as we go through the course, as I try to give you the best tips

I possibly can to choosing markets and finding fantastic products.

And on that note, in the next lecture, I want to delve a bit deeper into this whole thing, because

I want to show you not only how to find products that sell, but those products that are going to give

you the maximum amount of profit.