Target market

But it's kind of scary that it's so normalized, you know?

well and he's already passed the Target Market at 20. uh the thing I see is that they're teaching children to gamble and I've talked about this before so if you've seen it you can fast forward but you know instead of buying the red Ninja Turtle you buy a random pack of Ninja Turtles you don't know which one you're getting and if you don't get the right one now you have to buy it again you have to buy it again now basically you're gambling and there's a one in ten thousand chance you could get the gold Ninja Turtle and you could sell it on eBay for lots of money they've done this with sports cards it used to be you know you get a pack of sports cards sometimes it has a good one now they're putting special sports cards in with like a piece of a player's Jersey or an autograph sports card a real autographed one so there really is a reason to open them so they've got people in factories like Willy Wonka opening thousands of baseball card packs trying to get the magical token one if it's in that pack we've seen this again with Japan they have machines you can buy a random toy maybe get the gold one and Roblox dollars I watched a video recently about Roblox and apparently you get the Roblox dollars to buy things then in game they use dollars as a thing that you spend and they give you billions of dollars so dollars are worthless roblox dollars are worth money so we're teaching kids a lot of lessons that epic 2014 video just keeps coming more and more true where they say the internet could be a you know a tower a library a wonderful place or it could be the lowest of gossip and the absolute garbage and the worst things that we could think of and as we see these prediction markets take off i think we're headed that way it's only a matter of time before we see the dark prediction markets as predicted uh in that guy and other videos so let's move on check out worldcryptonetwork.com where we've got 5 101 videos a lot of them are shorts but you can check them out for free on youtube and at worldcryptonetwork.com issue 4 china moves to confiscate 5 billion dollars in bitcoin from fraudster who fled to the uk a fraudster who worked as the controller of tijanin lanin garai electronics technology recruited associates to sell fake wealth management products nationwide in china from 2014 to 2017 without financial regulatory approval promising guaranteed returns to investors the scheme raised 2.8 billion dollars which was held in sixty one thousand nine hundred Bitcoin along with cash jewelry and other cryptocurrencies The case took a significant turn recently when the UK High Court ruled that Chinese law, not UK law, applies to ownership disputes over the seized Bitcoin.

Once again, it's a con and a scam and a scheme, but if they just bought Bitcoin and given it away openly to their investors, it seems like they would have been just fine.

However, the Chinese government is certainly coming after them and the UK government seems to be rolling over I'm not sure the particulars of the case law Victoria Jones what do you think about the five billion dollars and rising that the Chinese are seeking a return

Okay, next one is, there are some other areas of the vision sheet, like core focus, marketing strategy.

The one that I think helps shiny object people like me, like a lot of entrepreneurs is- for sure is there's some areas where you're supposed to just write out and your team is supposed to contribute to what is your, what is the purpose of the business? What is the niche you operate in? And what is your target market? Like who is your IDP, right? IDC, sorry, ideal customer profile, the

ICP, ICP.

So yeah, Because as a business owner,

I think it's easy for entrepreneurs to try and chase opportunities everywhere.

Yep.

And to create that target market, you know, your ICP.

And maybe most importantly, to stay honest and accountable to not chasing other stuff.

And so when someone comes here, they have use of all of that.

is there a target market for

that? And did you, and did you have one in mind

when you started it? I had one in mind.

So a clear growth strategy should answer some basic questions.

And first is, you know, who do you want to serve? what should your client base look like? And ultimately, is it something where you start specializing in something specific or are you going to be for everyone? And once you've decided who you want to serve and who your target market is, you need to decide what it is that you want to solve for them.

What specific product...

Do you want to specialize in? Is it retirement? Is it domestic? Or do you want to focus on short-term and medical? And then you need to say, okay, so once I've decided who my target market is and what I want to solve for that specific target market, you need to decide why should the client choose you? as an advisor or your business as an advice business? You know, what is your specific value proposition that you will deliver to them? And how do you then decide how you deliver that value proposition consistently and profitably for your business? Ultimately, it know your strategy need to really be around consistency profitability as a combined and then you know you need to decide what people technology partnerships governance will make that which you've now decided in terms of your client base your your specific um delivery that you want to deliver to that specific client base and and what your value proposition is You can decide what will make this possible.

So just as an example, a business serving emerging professionals will require a different value proposition, engagement model and cost structure from one that's serving a high net worth families or business owners or corporate executives.

The point is not that one market is better than the other.

The point is that different markets require different business models and you need to select your technology to support the processes and that which you want to deliver to that specific target market.

Strategy is not simply a plan for what you will do.

We updated it in 2011, and we're in the process of updating it again now.

And so today, what are your t- target markets?

Our target markets today, which we lean in and out of, so Southern California, Phoenix, Dallas, Houston, Atlanta, Northern New Jersey, Eastern Pennsylvania.

Although I will tell you, we're leaning out of Southern California, primarily due to the political risk involved.

So you are not the first person who has brought that up, uh, in this podcast.

... and Dallas have been the greatest beneficiaries of what's been going on in California-

Sure

... by the way, and those have been our target markets, you know, for years, and will continue to be for the years to come.

And it's just so many law firms don't think about that thing.

Anybody who has listened to this podcast, they've heard over and over and over again, target market, target market, target market.

And I love that you said that because it's just it's sealing the deal of you got to have a freaking target market, because if you don't, how do you know the problems that you will be solving, i.e. the ads? Right.

And it's like.

You don't just say, I am a lawyer and therefore click on this or I am a real estate lawyer.

I should do those as well.

Might not be the case.

Depends on your target market.

yeah

wow okay so you've got what 1.25 centimeters either side now um in london they have 66 restrictions in oxfordshire they have 66 restrictions and oxfordshire is kind of like target market for expensive cars like this and so is london so they've kind of designed a car that can't fit in a parking space.

And, I mean, I've just been out walking my dog, and I decided to randomly measure the gaps on the road, and most of the lanes I was walking down are barely 6'6".

Now, I'm not saying they're going to be because you're driving into my village, but what I am saying is my village is fairly representative of roads in the UK.