How to find a HOT MARKET and make a LOT of MONEY

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YouTube Transcript: English (auto-generated)

00:08

are the only people that can actually

00:09

change this planet

00:12

so this is it this is the simplest but

00:14

most powerful formula for

00:16

success if you understand this

00:18

everything else will become easy and

00:19

some of you guys are like

00:20

this makes sense russell i do you don’t

00:23

everyone that asked me everyone comes

00:24

with like a business problem it’s

00:25

because they broke one of these three

00:26

rules almost every time okay

00:28

rule number one you have to find a hot

00:30

market gary halbert

00:32

uh one of my early mentors i had a

00:33

chance to interview him once before he

00:35

he passed away

00:36

but i remember um him asking me during

00:37

the interview said hey everything else

00:39

equal if you could have one thing

00:42

uh against a competitor what would it be

00:44

i was like oh better a better sales

00:46

pitch

00:46

oh no i’d want i want a a better webinar

00:49

i want more attendees i want more fit

00:50

you know whatever

00:51

he’s like no you’re dumb no no he’s like

00:53

the only thing you need

00:55

to be successful is a thirsty crowd he’s

00:58

like you i

00:58

say i can sell water for a hundred

01:00

dollars a bottle if i’ve got a

01:02

if i’ve got a hungry crowd a thirsty

01:03

crowd like that’s that’s the big thing

01:05

so the first thing i forgot is

01:06

you got to find a hot market okay um if

01:08

you find a market that’s not hot it’s

01:10

going to be a painful process

01:12

where’s joel at can i tease you okay i’m

01:14

gonna teach joel for me because he

01:16

uh he’s good for it so joles joins our

01:19

program he’s like hey man

01:20

i’m selling courses to engineers on how

01:22

to become better people

01:24

i was like do engineers want to become

01:25

better people he’s like i don’t know but

01:27

i want to be better so

01:28

i’m an engineer so he tried for like six

01:30

months he wasn’t like he dabbled and

01:31

gave up like he tried

01:33

hard over and over and over and over

01:35

again and he gonna sell here and there

01:37

he’s like what should i do i’m like

01:38

you should find a different market he’s

01:39

like no but about my pitch i’m like dude

01:41

your pitch is perfect like

01:42

your market just sucks you change that

01:45

becomes easy so finally

01:47

he uh he went and um parked a lot of

01:49

friends jason jason had a product that

01:50

was in a hot market really good thing

01:52

but

01:52

wasn’t very good at webinars and joel

01:54

just spent the last six months

01:55

perfecting webinars

01:56

to the market who will not give money

01:58

and he’s still got something to give him

01:59

money which is pretty impressive

02:00

he came into his first webinar makes

02:03

insane amounts when he crushes it

02:04

and he’s like russell i killed it i was

02:06

like what’d you do different differently

02:07

like i just found a good market like

02:08

that was it step number two is you got

02:10

to ask them what they want we always

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assume that we know what our market

02:13

wants i’ll show you some examples here

02:14

in a minute

02:15

but we don’t and third steps as they

02:17

told you what they want

02:19

you just give that to them not something

02:20

else not your book you just wrote you

02:22

give them exactly what they want

02:24

okay so let me walk this in a little

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more detail step number one find a hot

02:27

market

02:28

i find the market i want to be in no i

02:30

need to know everything about that

02:31

market

02:32

people come yeah i found one guy selling

02:34

something similar mike in fact this is i

02:36

won’t say names but someone recently

02:37

came to me and they’re like

02:38

in in a market that i know really i’m

02:39

really familiar with and like hey this

02:41

first question i asked was like cool so

02:42

who else is doing this already that you

02:44

can show me

02:44

and he’s like i only know about one guy

02:46

doing it i’m like and it was in a real

02:48

estate

02:49

thing i’m like you only know one guy i’m

02:50

like how about this guy he’s like never

02:51

heard of this guy never like i knew off

02:52

like probably 13

02:54

to 15 of the real estate gurus that i

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know that i’m friends with never heard

02:57

of any of their names

02:58

like dude i don’t even know that market

03:00

i know all the gurus i know all the

03:01

people i know what they’re selling i

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know their business models know what

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they’re like i know everything like how

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do you not know this this is your market

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do your homework

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so the first thing is you gotta find out

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everybody who’s already successfully

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selling what you want to sell

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um and some markets sometimes might be

03:15

hard because you might like man no one

03:16

in my market knows anything

03:17

so let’s just say you can’t find

03:18

something to market who’s selling it you

03:20

find people who are selling how you want

03:21

to sell so if you know like i’m going to

03:22

sell through a webinar

03:23

i’m going to sell through high ticket

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phone sales i’m going to sell through a

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trip whatever

03:26

if you figure out how you want to sell

03:28

you got to find people that could be in

03:29

different markets but selling the way

03:30

that you want to sell okay

03:32

this is key like before i get into any

03:34

new business any new market like i have

03:36

done my homework i’ve i’ve probably

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purchased 30 40 50 products i’ve funnel

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hacked them

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to see it not just funnel hacking the

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the product um

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i’m going deep i’m i’m on the email

03:47

sequences i’m i’m taking phone calls

03:49

from their sales people i’m trying to

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figure out like

03:50

what’s behind the scenes what’s the next

03:52

thing having what are they doing because

03:53

all those things matter

03:54

if you are in a market you’re an expert

03:55

you should be obsessed with this topic

03:57

you should be in every facebook group

03:58

already you should be on everyone’s

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email list you should be

04:01

buying people’s products like if you’re

04:02

not obsessed with this market already

04:04

you need to become that way

04:05

because the stuff’s already happening

04:07

out there if you go like

04:08

50 facebook pages that are similar to

04:10

the market you want all of a sudden ads

04:12

are going to start popping up all around

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you

04:13

in your facebook account you should go

04:15

like as many millions of things you want

04:16

also

04:16

all the ads will come to you and you’ll

04:18

know exactly what everybody’s doing

04:20

and then click on the ads take

04:21

screenshots of them okay i got

04:23

folders and folders of screenshots of

04:24

the ads and the landing pages and the

04:26

upsells and the

04:26

the phone call and like every single

04:28

thing that’s happening this process i’m

04:29

watching i’m recording because

04:31

those things all come back okay so it’s

04:32

very very important that’s the first

04:33

part

04:34

all right next thing this is a very

04:35

important rule only sell what people are

04:37

buying

04:38

but russell i got this new idea no one’s

04:40

ever thought of it it’s gonna be amazing

04:41

this is what it’s gonna like no no no

04:43

what are they already buying sell that

04:46

we are all entrepreneurs who are so

04:47

creative and wanna do all these cool

04:48

things i get that

04:50

but sell what people are buying this is

04:51

direct response marketing 101 like

04:54

you have to sell what people are buying

04:56

okay seems stupid seems easy but a lot

04:58

of you guys aren’t doing that right now

04:59

okay

04:59

next thing don’t sell to broke people

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guess what broke people don’t have they

05:06

don’t have money guess what you want to

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have when you’re in business

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money okay we sell broke people guess

05:12

what happens

05:13

a million headaches your life will be

05:14

miserable okay they will complain they

05:17

will whine they’re gonna want their

05:18

money back when christmas happens

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25 percent of them will ask for their

05:20

money back we call the christmas refund

05:22

pick markets that people have money

05:26

it’ll change everything your life will

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become so much easier people that have

05:29

money don’t mind spending money in

05:30

actual funnel hacking don’t copy people

05:32

i’ve seen so many of my products to look

05:34

like my products

05:36

okay this is not about it’s not about

05:37

copying this is about seeing what people

05:39

are currently buying and then building a

05:40

better mouse trap

05:42

okay when we go click funnels guess what

05:44

we saw we saw lead pages we saw unbounce

05:46

we saw optimized press we saw a whole

05:48

bunch of people out there selling

05:49

something that was good

05:50

weekend back said how do we make a great

05:54

okay same thing with whatever business

05:55

you’re in don’t copy you’re looking at

05:57

what they’re doing as an example

05:58

of where to start okay and your job is

06:00

make a better mousetrap make something

06:01

that’s great

06:02

if you do that the people will come okay

06:05

uh understanding their offers

06:08

i am real when i say buy people’s stuff

06:10

people like yeah i phone like four

06:11

people i’m like cool what was the back

06:12

end well i didn’t buy it like why not

06:14

oh i saw you know i know they’re doing

06:15

like no you have to buy stuff

06:18

understand their offer and i’m not

06:19

saying like when i buy a product it’s

06:20

not just like understanding the process

06:21

that’s part of it right

06:23

i want to see how like what were the

06:24

words on the sales video that got

06:26

gets people to pull out a credit card

06:27

and buy how do they structure their

06:29

upsell their down sell

06:31

i want to go into the members area and

06:32

see what the actual deliverables were i

06:34

want to understand that not because i’m

06:35

going to copy it

06:36

because that’s my baseline that’s where

06:37

i start i got to make something better

06:40

i got to go from good to great but i

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can’t know what good is until i see what

06:43

it is right

06:44

and so i’m buying their products i’m

06:45

consuming the courses i’m going through

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and you’re going to find a lot of times

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you go through stuff like man this is

06:48

horrible

06:50

but at least you know where the baseline

06:52

is now you can make something great

06:53

the next rule this is a big one before i

06:55

ever create

06:56

a funnel or an offer anything ever the

06:58

very first thing i want to do is i want

07:00

to make sure i know exactly where the

07:01

traffic is

07:02

okay can i tell you how many times

07:03

people come to me like hey russell i did

07:05

everything i made a funnel the funnels

07:06

finished this is awesome

07:08

where should i get traffic from i’m like

07:10

you’re asking that question now

07:12

like that should have been the first the

07:14

first question right

07:16

i want to know where like if i’m like i

07:18

think i want to make a weight loss offer

07:19

before i even put forth any more effort

07:21

i got to find out

07:22

when this thing is done where is traffic

07:24

at what are the facebook groups

07:26

advertised on what blogs what

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uh social media would email us kind of

07:29

like i wanna know all those things ahead

07:30

of time as soon as i say

07:32

there is traffic the second my offer is

07:34

done this is where i will purchase

07:35

traffic from

07:36

then i will go and build my funnel not

07:38

the other way around those are some of

07:39

the roles

07:40

a couple of things about market make

07:41

sure you’re pick picking markets that

07:42

are irrationally passionate about the

07:44

topic

07:45

all you guys in here guess what you guys

07:46

do for fun the same thing you do for

07:48

work right

07:50

you guys are irrationally passionate

07:51

about it okay same thing happens in the

07:52

fitness markets and health markets like

07:54

look at the markets if the market is not

07:56

obsessed about where their work and

07:58

their play is the same thing

08:00

it’s just not going to market to get

08:01

into when they’re irrationally

08:02

passionate means they’re following

08:03

people they’re building fan pages

08:04

there’s

08:04

communities all these things are already

08:06

happening and you can just tap into

08:07

those sources it becomes so much easier

08:08

okay

08:09

next thing you got to make sure the

08:10

people you are you are serving and you

08:12

want to go after

08:13

are both willing and able to pay this

08:14

goes back to selling to broke people

08:16

right

08:16

a lot of people are willing to give you

08:18

money yeah i’ll give you money for that

08:19

sweet hey where’s that oh well i don’t

08:21

have any right now

08:22

okay they’ve got to be willing and able

08:25

some people are able to pay like the

08:26

engineers that have money like

08:27

like these guys are all making good

08:28

money right but they’re not willing to

08:30

like this is my money i’m not giving

08:31

this to you

08:32

should find markets that people are both

08:33

willing and able to pay if they’re not

08:35

willing and able don’t go in that market

08:36

the next piece is figure out like where

08:37

do you fit in this ecosystem of this

08:39

market okay every market has an

08:41

ecosystem there’s other people selling

08:42

things to these customers right

08:44

and the worst thing that you can do and

08:46

a lot of us do this is we come in we’re

08:48

like okay this is cool

08:49

that guy’s killing i’m gonna sell

08:50

something very very similar we come in

08:51

and we start competing with people right

08:54

the problems we start competing with

08:55

people it like dramatically especially

08:57

if you’re the new guy in town

08:59

you lose access to this whole market but

09:01

if you figure out instead of how to

09:02

compete you figure out how to complement

09:04

it’s like here’s this ecosystem that

09:05

guy’s teaching this that guy’s teaching

09:07

like here’s all these

09:08

people doing things where do i fit this

09:09

ecosystem like what do i have this

09:10

different that’s unique

09:11

that i can bring to the table where do

09:13

you fit in that ecosystem if you can

09:14

bring that you can plug in

09:15

suddenly all these people that would

09:17

have been your competitors can now all

09:18

become your partners

09:20

okay so it’s a really big key there’s

09:21

figuring it out what makes you different

09:23

where do you fit in this ecosystem

09:24

that’s

09:25

that sets you apart okay so that’s

09:28

different was finding a hot market okay

09:35

this guy

09:36

honestly the entrepreneurs are the only

09:38

people that can actually change this

09:43

planet

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