you should do a video on what banks do with your money while it is sitting there. My sister asked me this and I think my explanation confused her a bit, but if you did it; it might make more sense since you do explanations real well and with pictures.
@@firdaisdianto2905 they essentially just loan it out. The amount of money that is loaned out is dependent on the bank's appetite of risk and the federal reserve's reserve ratio(bank's loaning money is actually the main way money is 'made' but that is the beginnings of another explanation)
Ever heard of fractional reserve lending ? Yeah they do that they keep a percentage of money in your account and loan out rest of your money or gamble in stock markets and if you urgently need money then they will just add numbers to your account or worst case just print extra cash and give it to you
No one : Friend I haven't seen in 15 years : Do you want to be your own boss? Me : Is this a pyramid scheme? Friend : No, it's a triangular modelled business plan!
@@thamsanqandlovu8007 sure it's worth it there are things that most of the time only professionals cover and those things usually aren't available on YT
@@thamsanqandlovu8007 I am not a reliable source but... My pain point is that most online content is just... content? Most content producers do not even care if their content works. If you have a real concern about the success of your customers, I bet you would have a great customer base. Of course, it should be expensive to do so take care.
The most important thing that should be on everyone's mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
I've started a side business designing and selling board games. I recently finished my first kickstarter campaign. Kickstarter was one step in validating the idea to reduce my financial risk to manufacture my game. Along the way, I also went to conventions to better understand the type of person interested in my board game. Looking for industry conventions is a great way to do market research because competitors and customers are all in one place. :) Many times you can also ask competitors for advice and they're usually willing to help.
Market research is finding out what variables make people want to buy YOUR game over the competitors. And executing the ones with statistical significance
there truly is a mystery to how two cents keep their videos so short yet packed with information, if it were another channel this topic would be a whole series with 40 minutes per video
I am a marketing and business development professional. And you guys have done a very good job explaining this to any small business owner. Good evolution from savings bucks to making bucks 🙌
Some things just come together. Thinking about starting my own business and then this video happens. You two have taught me much, and given me many jump off points to consider. Thank you and I hope your trip went well.
I clicked onto this video for the information. I wasn't expecting to actually enjoy the video. You both have presented it so well and in a way that's fun and easy to watch. Thank you!
What amazingly good content! 💯 Coming from being 28 and majored in Marketing at a well reputed business school, and I am AMAZED at how simply this topic was explained.... I actually learned things I didn't know or thought of in that way before ! haha Quality of production is also mindblowing 👏👏👏
My experience: Me: Boss, we should do a market research first before we launch this product. Boss: And waste two weeks? I have a good feeling. Just do it. If it sinks, it sinks. If it sails, it sails. Me thinking: #&! I went to college for this... Awesome video. Love your channel. 💗 Went to high school for 3 years and they never even taught us how to fill out our tax papers. This should be on everyone's curriculum.
The best approach is the lean startup approach. Start selling a minimum viable product, even if it's a demo of your real product, and sell it to real customers outside your social circles. Less money and time wasted.
Yeah but probem with that. You don't put enough intensity in your idea for truly testing it. You miss a lot of opportunity with this approach. For exemple today in ecommerce branding is very very important for differentiating yourself but if you do MVP you can't have a branding so you don't differenciate yourself from others. So why people want to buy from you ??
This video has been wandering around my suggestions for about a year now. Finally got around to viewing. I've been a Market Researcher for 20+ years - Got to say the video was pretty good.
I kept hitting brick walls for the past year not knowing how to get this information. I have searched for about a year now and this video gave me exactly the info I needed! Thank you!. I was about to throw in the towel and I came across this!
I find that primary research, while more time consuming, is more targeted towards your specific research needs. A simple conversation or online survey can help to reveal customer insights.
I watched the video, loved it (esp how it infused humour), and I've hit the subscribe button aggressively! Thank you for creating an educative, easy-to-understand, and SHORT video. Kudos to the team! *Heads to your channel to watch more videos.*
The word risk does not belong with MLMs. There is no risk involved in MLMs. The word risk implies there is a small probability of success , which of course is a lie in the case of MLMs
I did an audience research methods class for college. I didn't think I would use it but my non-profit job at the time after college needed it. So one othet bit of advice in that is utilize Nelson data. They have a lot of pay options but some free demographic data that tells you the types of people in a zip code.
You forgot the most important tactic of all. If you can't find a market for your product - create one. Just start using beard oil on your dog and posting images on social media working to get more followers. Once you get enough advertising in, people will start thinking they need beard oil for their dogs - that 4% can become 70%. Literally the story of almost every product we use today.
This is the most amazing video which actually teaches how to do market research, we are soon going to do it and the best idea of finding customer pains through amazon is the most amazing one never thought of it. Continue to make quality content in future too.All the best
Key points for myself... just post here to share, not for all people. 0. Market research is important as it keep you away from falling into abyss of feces. 1. Research on the market size, growth rate, demographics, industry leaders and performance between competing products. 2. Analyszing competitors. On price, cost, risk. From Google (Ad or Trend), or Twitter or anywhere reliable. Primary and Secondary research is really needed, personal observations and experience may help too. 3. Market pain. A problem to be solve by your product! Yo, like Intel running hot, and Apple Silicon coming into place. Best to get from conversation, face-to-face (or just look at weakness of other products, critics). 4. Objective honestly. Reduce time wasted on feces and move on. Maybe turn it into methane to get free energy or sth.
i really like the humor of the two of you when you present something like this, it makes me interesting and relaxing as well as studying new things from your video. I hope both of you can make more videos in the nearest future. All the best to you
When it comes to creating a business there are many analytics and strategies that comes along with building proper income, first off you have to have a product of interest let's say the most popular homecare item would be say your pet animal in which its all over the place and sheds hair from the living room to the kitchen like there's no tomorrow. So, since this product is going to be based off your love interest for this pet along with the pet and kennels value, your decision is going to be decided by the market value of the kennel. So you begin to strategize what type of kennel would not only fulfill the pets value along with space, commodity, and proper ventilation and a smart device in which activates this product which is the knnel. Possibly your decision could be influenced by the amount of money spent, the style of the product and also the way it makes your pet feels. Therefore, your research is going to be based off of clear and concise ratings that gives this product a good outlook than the amount of complaints filed about the product. Determining the size of the kennel lets say the kennel actually is a great fit for a boxer. Part of your strategic process would be to come up with a pre-development plan about making decisions based off of the products quality over quantity since there's only one pet in your household.... The end!
I love this... I always find myself terrible at being entrepreneurial or having ideas but if I do this is a great template to get the process going.. you guys are great!
Would you buy groceries online and have them delivered to you?. Why would you prefer that over going to the store yourself?. What would you pay for such a service? Appreciate your response
User experience design is a skill I think pairs well with market research. Understanding what the people want is essential to creating an effective solution.
