The conversation revolved around identifying and choosing the right niche for success in business. Daryl Urbanski and Ryan Levesque discussed the importance of understanding one's motivations and goals, avoiding common pitfalls, and recognizing the shadow side of each type of entrepreneur. They also highlighted the Ask method for identifying and serving target audiences, and the importance of market validation and identifying profitable niches. Daryl and Ryan emphasized the need to identify the target audience and their needs before creating a product or service, and the value of understanding market trends and avoiding fads.
Here Are Three Reasons Why You Should Listen To The Full Episode:
- Provide insights into how to assess the target audience.
- Avoid making common marketing mistakes and increase your chances of success.
- Help you refine your business strategy and marketing campaigns for various demographics.
Resources
- Connect With Ryan Levesque on Facebook
- The ASK Method Company
- For more Informative Interviews Click Here
Episode Highlights
Market research and survey funnel formula for business success
- Ryan Levesque's survey funnel formula has helped 1000s of business owners launch marketing strategies successfully
- Daryl Urbanski asks Ryan about the differences between his books "Ask" and "When I Worked for You"; Ryan explains the nuances between the two.
- Ryan Levesque's "Ask" book teaches methodology for entering new markets and target customers, while his new book "Answer" focuses on choosing good target markets.
- Ryan explains the Ask method, a process for understanding target markets at a deep emotional level.
- Ryan describes how the Ask method identifies unmet demand, language to use in marketing, and hyper responsive buckets in a market.
Choosing the right niche for a business using a survey and quiz to identify potential customers' needs and preferences
- Ryan faces challenges in identifying niche and creating effective quiz for cold audiences.
- Ryan Levesque discusses importance of choosing the right market for business success and appropriate marketing strategy.
Choosing the right niche market for a business
- Daryl Urbanski and Ryan discuss the importance of choosing the right market before creating a product or service.
- Ryan Levesque explains that small business owners often ask the wrong questions when starting a business, focusing on what to create rather than who their target market is.
- Ryan identifies four types of entrepreneurs based on their motivations and characteristics.
- Ryan encourages listeners to reflect on which type best describes them.
Entrepreneur types: mission, passion, opportunity, undecided
- Mission-based entrepreneurs want to fix social issues, like bullying (Christie Kennedy)
- Passion-based entrepreneurs turn their hobbies into businesses (Charlie's online guitar programs)
- Dana Oberman built a business helping new parents get their infants to sleep through the night after helping a neighbor with the same issue.
- Undecided entrepreneurs, like the Ryan, can start with a practice business to learn the skills needed to launch a successful venture.
Entrepreneur types and their potential pitfalls
- Ryan reveals passion-driven project from 18 years ago that never came to fruition.
- Mission-based entrepreneurs and marketing professionals may struggle to make money while pursuing their passion.
- Opportunity-based entrepreneurs may lose sight of their passion as their business grows.
Identifying successful businesses through market analysis and digital marketing
- Daryl Urbanski and Ryan discuss the importance of identifying the "Five market must haves" for long-term business success.
- Ryan discussed the importance of identifying an evergreen market, which is a market that remains relevant over time.
- Ryan Levesque's wife suggested a business idea involving Scrabble tiles and origami paper, which Ryan initially rejected due to concerns about being tied to a factory in a different geographic location, China.
Building a successful online business by identifying evergreen markets and enthusiast markets
- Ryan discusses making $10,000/month selling digital jewelry tutorial, but market suddenly disappeared.
- Ryan Levesque's wife got job as museum curator after business failed, and launched second business.
- Ryan started researching evergreen market segments after failed attempts in fad markets pricing strategies.
- Enthusiast market must-have #2: being in a market with passionate consumers.
Identifying market opportunities through problem-solving
- Ryan explains the difference between problem solution markets and enthusiast markets, providing examples such as flood removal and wart removal.
- Ryan Levesque highlights the importance of solving an urgent problem in an evergreen enthusiast market, using potty training as an example in the dog market.
- Ryan describes a $1,000 problem as one that transforms into a $10,000 problem under the right circumstances.
- Examples of $10,000 problems include a dog peeing on the rug before a trip or a new parent struggling to get their infant to sleep.
Choosing a profitable market for a business
- Choose a market with future problems to become a trusted advisor for life.
- Ryan identifies "PW M's" (people with money) as the target market for business growth.
- Ryan Levesque's girlfriend's writing agency has doubled in size over the past 3 years, with a new target market offering potential for further growth.
Identifying profitable markets and doubling business growth
- Daryl Urbanski and Ryan discuss doubling business by changing offer and deal size.
- Ryan advises against being the first to market, instead identifying a proven market with room for improvement.
- Finding a sweet spot between too much and too little competition is key to success, according to Ryan.
Choosing a profitable business idea using a green light yellow light red light framework
- Daryl Urbanski and Ryan discuss choosing between two groups for a new business venture based on tests and green light yellow light red light framework.
- Ryan explains how to validate business ideas using a green light, yellow light, red light system.
- Ryan emphasizes the importance of understanding market challenges to succeed in business.
Identifying profitable niches using the "Ask" methodology
- Daryl Urbanski identifies best markets for growth and applies Ask methodology for success.
- Daryl Urbanski emphasizes importance of having a constant flow of potential prospects.
- Daryl Urbanski stresses the need to identify who needs help and when to provide it.
- Daryl Urbanski offers free hardcover book and $200 bonuses to podcast listeners who claim their copy at a special link.
- Daryl Urbanski shares 25 niche markets he would enter this year, plus other bonuses, for listeners who get his book at the exclusive link.
Entrepreneurship, market research, and business growth
- Ryan highlights the value of his market research approach, which is battle-tested and time-tested.
- Daryl Urbanski thanks listener and invites them to share their challenges for personal and professional growth.
About Ryan Levesque
Ryan Levesque is the CEO of The ASK Method Company. He is well-known for creating online lead and sale flow models, most notably the survey funnel formula from his book Ask. He is also the co-founder and CEO of bucket.io, a marketing funnel software for building assessments, quizzes, and surveys that can help with market segmentation