The Market IS NOT Oversaturated

Summary

• When looking to expand, it's smart to test new marketing methods in familiar areas first. This way, I can gather reliable stats before taking risks in new markets.
• I prefer trying new acquisition strategies in markets I already know, rather than experimenting with too many unknowns at once. This helps reduce risk and provides better data.
• Expanding to new areas should be based on solid data from places I'm more familiar with. This approach gives me a clearer understanding of what works and what doesn't.
• It's important to get heavy on testing within known markets to gain normalized stats. This helps in making informed decisions when moving to new regions.

Video

How To Take Action

I would suggest implementing these strategies to help grow your small business or personal career effectively while keeping costs and risks low:

Start with Familiar Territory

Focus on trying new marketing methods in areas you already know well. This gives you a good baseline to compare results. For example, if you’re running Facebook ads, try different types of ads in your existing market before venturing to a completely new one.

Experiment in Known Markets

When you want to test a new acquisition strategy, do it in a market where you already have some data. This reduces the risk because you have a better understanding of how that market behaves and can more easily notice what’s working or not.

Use Data to Make Decisions

Before thinking about expanding to new areas, gather solid data from your current market. This data will give you a clearer picture of what strategies are effective. Tracking KPIs like customer acquisition cost and conversion rates in your familiar market will help you predict success in new regions.

Heavy Testing for Normalized Stats

Go heavy on your testing in markets you are familiar with. This will help you gather reliable, normalized statistics which can inform your larger strategies. Run multiple small-scale campaigns and analyze the results to see which approaches work best.

Low-Cost, High-Value Tips

• Leverage Free Analytics Tools: Use free tools like Google Analytics to track the success of different campaigns without incurring extra costs.
• Optimize Social Media Use: Engage with your audience on social media platforms you are active on. This is a low-cost way to test new content and ad types.
• Seek Customer Feedback: Ask for feedback through simple online surveys. It’s a free method to understand customer preferences and improve your marketing efforts based on actual data.

These strategies will help you implement changes effectively and efficiently, ensuring that you get the most value for your time and money.

Full Transcript

so we need to start exping to newas because just Market at this point what I would do is I would try to spin up some sort of paid acquisition with the current locations that you're opening so you can get some statistics like you you're more familiar with those areas rather than like like if you want to try something new I don't want a new thing on a new thing it's like put a new thing on a known thing which is like try a new way of acquiring in the same Market see if you can get any through that way and then expand to a new market based on you you can get more normalized stats if you go heavier in a place that you already know okay