I love this quote by Jason Fried:
You can’t ask people who haven’t paid how much they’re willing to pay. The only answers that matter are dollars spent. People answer when they pay for something. That’s the only answer that really matters.So put a price on it and put it up for sale. If people buy that’s a yes. Change the price. If people buy, that’s a yes. If people stop buying, that’s a no.
You can use this approach to find new business opportunities. Ask yourself:
“Where are people already spending their money?”
For example, Eric White noticed this:
If they were already spending money on Mailchimp, they’ve got a problem they’re willing to pay to fix. Seems like a good sign?
Almost every business is spending money on email marketing. It’s one of the non-negotiables. You’d think that the space would be too crowded, but Nathan Barry’s ConvertKit has recently become wildly profitable.
Notes from Justin Jackson
Startup stories, lessons, and tips.
Sent on Saturday mornings.
(Read it while you drink your coffee)