14
Mar

The Law of Demand and Supply

There are many laws in the universe maintaining the balance and one of them is the law of demand and supply. It is a very simple concept that many people fail to grasp and get stuck in a situation that is not meant to move forward.

Is there demand for what you are offering?

If you are complaining about how much you are earning or how much others are charging, or if you are looking for ways to earn more, what you should really be looking at is how much demand there is for what you are offering in relation to the supply in your market of focus.

There are many ways to determine demand and supply in a market by doing simple research. One way is finding out the number of people and companies offering the same product or service as you in your market of focus and the demand in percentage of the population.

Online marketers swear by the Google Adwords Keyword tool when developing any kind of website, product or information to offer online. Google AdWords keyword tool can tell you approximately how many people are searching for specific keywords online per month and gives you many types of sorting the searches such as local and global searches and advertising share.

Adapting to the ever changing market

Being an entrepreneur or even a successful employee/manager these days, means that you can adapt and be flexible to market circumstances as markets tend to become too saturated with certain products and pay becomes too low. This means flexibility to make new offerings as market conditions change, develop specialized knowledge and even the flexibility to expand to new markets. Always focus on finding a niche where there is demand for and offering the best product/service within your niche. The most specialized your niche is and the less offering there is by competition, the higher are your chances of success.

Becoming an Authority in your Niche

If by making an honest evaluation of the market, you decide that there is demand and you can make a better proposal than the existing suppliers, then the next step is to figure out how to become an authority in that market, so that you can get a bigger share of the market than the competition and/or earn the highest fees (ie having the best paying clients).

Find someone who began at your own level, has become a recognized authority in the field you are into and the gets paid the highest than anyone else and look at what they are doing differently to attract this higher demand and get paid higher fees. Can you figure you’re your own unique way to stand out with what you’re offering and become an authority as this person did? I personally always choose mentors who have started from zero, created big empires in their fields and strong brands around their names and follow what they did to build this success. The fastest way to build success is to learn from someone who already has what you want.

The art of inventing new solutions for wants and needs

If you are super creative, you can take a want and need that people have invent a new product/service which you can market as a new solution to these wants and needs.  Mark Zuckerberg developed Facebook out of a need he identified for students in Harvard University to belong in certain social groups and their need/curiosity to be able to peek into other people’s lives and find out private details (ie relationship status, checking out our friends photos, where these people are socializing etc). The need for Facebook didn’t really exist before its creation as people socialized and networked in different ways, but it has successfully developed as the number one service which covers social networking needs of a big percentage of the population of the earth.

Bottom line is: take an honest look at the value you are offering and realize that you get paid in direct proportion to what you are offering according to the law of demand and supply. Figure out how to become an authority in your market or if demand is too low and supply too high, stop struggling and move on to a new niche where there is demand and work out how to become an authority in that field.

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