Hey guys, Max Jacobs here and welcome to the second lesson called bullseye. Now the purpose of this lesson is to clarify what niche and target market you want to change the world in, and then knowing them better than you know yourself. And this is super important because you need certainty around whether or not you have a profitable niche. Ideally, you'll a fan of profitable niche, find your perfect client and understood them better than you understand yourself as you understand their biggest problems and their biggest wants. But at the moment as a few common problems that I see and the first is that you've just got too many unknowns. There's, there's too many people out there, there's too many needs.

There's too many problems to solve. It's just too many unknowns. And you're just going too wide. You like a car trying to fit through a really narrow corridor, you just can't effectively efficiently move forward. also getting no traction. It's like driving a car on a wet, icy road.

You're moving forward, but you've just yet you're moving forward with caution. You just got no traction to drive forward. And ultimately, it's just not profitable. What you're currently doing is just not profitable. So I'm gonna share a story with you. And it's a personal story of mine, one in one of the first markets that I tried to get into to try and to try and help, and obviously it wasn't profitable.

But I was originally targeting uni students. And this is before I, I moved to targeting people in the construction industry, which is, you know, before it started targeting aspiring entrepreneurs. So when I was targeting uni students I was, I knew who my target market was, there really wasn't a big enough problem that had to be solved. I was trying to invent the problem that use students, I guess, weren't smart enough and somehow that would require my services to boost their brand performance. Now, there were three things wrong with this first, the problem wasn't big enough to the want wasn't great enough and three uni students I didn't have any money. So as you can say, you want to find a niche that's profitable.

So my, one of my niches what clearly wasn't, but I've learned from that and that's why I'm sharing my, my insights view and hopefully you don't do the same thing. So what you'll get out of completing this lesson is a number of things. And the first is that you're gonna, it's gonna be like him, you're gonna marry them, you're gonna marry your next you're gonna, you wouldn't want to marry someone without knowing them really well. And I want you to take the same approach to your business and potential customers and clients. also going to have a narrowed market so you want your you want to narrow your market similar to walking down a busy side street full of people you know, your market is the street and your product or services, all the specialty and niche shops along that street, no people there because you offer what you offer.

It just seems really unique to them and and it's what they want. also going to be solving a big problem. So you know how to solve the big problem. As an it's like, it's like you're the one solving a Rubik's Cube. And it's easy for you. But other people, it seems impossible.

So you're going to be solving the big problem. And ultimately, you're going to have a waterfall of money. by targeting your efforts to a narrow market that has a big problem that you understand better than anyone, you will realize that there is a waterfall of potential. So everything I've just said, let me ask you this. Why is this important to you? If you are, really have a good Think about it, write it down right now.

Keep it in the back of your mind as we go into the rest of this lesson. You're going to retain a lot more information. So please write it down there and just remember, what is the most important thing to you out of everything I've just said. So let's go through the key principles. So there's five key principles and the first one is perfect. Fit.

Now, this first principle is about finding your target market. And you probably have an idea of who you want to help, who you want to provide your services or product to. But this is about really narrowing in on your ideal client in order to build a following of 1000 true fans. So you want to, you want to go narrow, but you want to go deep as deep as possible, you want to understand the biggest darkest secrets, you want to understand the biggest once the biggest problems so the perfect fit, you want to find that perfect fit between what you're offering and what they need. The second principle is research first. So this is a bit making sure you do your research before deciding on your niche and target market.

And your research will indicate whether or not it'll be profitable. You need to know you need to know them. You need to do some do some research, whether it's online or asking people do everything you can to get a good idea of whether or not there is a need for what you're offering. Now, often The best way to do this is to literally ask yourself because it's a great, great a great niche to get into, if you were part of that niche, once upon a time and you had those big problems, those big ones, you've now solved those problems. And you've, you've got what you needed, and they can help other people do the same. So, it can be as simple as just thinking about it yourself.

But for some, for some, for some market data for some people, you need to actually do some research online, or ask some other people that have within that niche. So, so important that you you really you don't go in blindfolded to to your your perfect niche. So what you'll find is a a worksheet below called the Smith file worksheet, which is all about understanding the demographics of your niche. So the next principle is biggest pain. So this is about figuring out your ideal clients biggest problems and frustrations. By understanding this you will be able to easily talk to your clients market your services to potential clients.

So you're going to understand them, you've got to understand what it is they need so that you can help them. Yeah, the fourth principle is hundred dollars. So what I mean by this is, you want to figure out what your client's biggest ones are their biggest desires and think, what would they want? What are they willing to pay $100 for right now, without without any questions asked that because that is the thing that they desire the most. That is, that is one of the biggest ones. And that is one thing that you really want to think about providing.

So that's, that's the fourth principle hundred dollars. The last principle is make it camp. So what I mean by this is, as you can see here in this photo, it's all about the elevator pitch. So it's like a, it's like a gateway, a potential gateway to the rest of the city. This is a bit making sure you, you're super clear about the value that you're proposing to your potential clients. So whenever someone asks you what you're doing, you can easily respond with a clear succinct, consistent statement of value proposition, and it's like an elevator pitch, it's like you, you get the chance to actually pitch yourself to this one person that is potentially going to, you know, create an overnight success for you you want to have, you want to have your elevator pitch ready, your value proposition ready, which is really simple.

You just need to understand who your target market is, what your big promises and what it is that you're providing. So, another way to think about this is to think about it like a billboard or a commercial. Yeah. Yeah. If you were looking at a billboard, you want it to be really clear, succinct and needs to be consistent with what you're offering, you need to be able to propose, easily, easily show that what you're proposing is is what your potential clients name. So I've got a worksheet below called the elevator pitch worksheet, which will help guide you through this process.

So let's, let's summarize so that the first principle Perfect Fit now, this is about Finding your target market you want to, you want to find the perfect fit between what you're offering and, and what your your target market needs. Then you're going to make sure you do your research first. So complete the worksheet below called the Smith bar and understand the demographics of your, your niche of your target market, you might need to ask some other people, you might need to just just ask internally ask yourself questions about who you are, who you were back in the day when you had those big problems as big wants to do your research. First, make sure that there is a need and go through your your target markets biggest pain so it's all about understanding what their biggest problems and biggest frustrations are. Then understanding what are they willing to pay $100 for right now, what are their biggest desires, what are the biggest ones and then making sure that you, you put all this into a clear, succinct, consistent statement, your value proposition or your elevator pitch.

So that's that that those are the five principles. So let me ask you this, what's been most valuable to you, it's been proven that you're going to retain. I've sent more information by writing it down and repeating it. So I'd love to know what you've learned so far and what's been most valuable out of this lesson. So please write it down there and post it in the Facebook group later. So that's pretty much it for this video.

I look forward to seeing you in the next one.