As marketers we are always looking for the "hot" market. We want to be where the action is. We want to sell to who is buying and we want to do it right now!

But what defines a "hot" market?

First, a hot market is one where people can buy. If you've been selling for more than two weeks, you have encountered that person who really wants your product, they just can't buy it. Well-intentioned though they may be, no one takes intentions at the closing table. In a hot market, people have money to spend and will spend it right now.

Second, a hot market is one where people will buy what you have to sell. If you have the greatest product in the world, but people won't buy it because they don't know you or trust you... you'll end up with a lot of inventory but no sales. In a hot market, people will buy where, when and what you are selling.

Third, a hot market is one that will keep growing. As marketers we work very hard to test our ideas and prove our theories in order to find what works. The reason we do this is so that, when we find the right formula, we can roll it out to the masses. To succeed in this, there have to be masses to roll out to. The best definition of failure is to get an increasing share of a shrinking market. In a hot market, the market potential is always growing.

Once we clearly define our market, making sure it's a hot one, we can begin with confidence to build marketing strategies that will ensure our long term success.

Published: July 3, 2002

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