How to Identify a Real Opportunity in the Market with Jeremy Parker, Ep 168

Just The Tips, with James P. Friel and Dean Holland

Success in business comes to those who can identify and follow through on profitable opportunities. The people who struggle most are both the ones who wouldn’t know an opportunity if it punched them in the face, and the ones who see opportunities everywhere, but struggle to identify and act on the profitable ones. Either they freeze, or they go down so many rabbit holes, they never get traction.

Jeremy Parker, CEO and Co-Founder of promotional product website Swag.com, has been identifying and capitalizing on profitable opportunities for over a decade, including during the Great Recession back in 2007.

Even with the pandemic happening, and companies cutting back on promotional product purchases, Swag.com had its best three months EVER. And it’s all because Jeremy understands how to identify and follow through on profitable opportunities. Tune into this episode to learn from Jeremy how you can do the same, because this is a skill that can ensure you succeed no matter how bad things seem.

The rise of Swag.com

Originally Jeremy wanted to be a filmmaker. But after realizing how difficult it was to make a living doing that, and discovering he wasn’t all that passionate about it, Jeremy started a t-shirt business. It seemed like an easy way to begin. Turns out it wasn’t as easy as he thought, but still, Jeremy was enjoying some success. Then the Great Recession hit, and stores he’d built relationships with stopped buying what he was offering. Instead of folding, Jeremy asked, where’s the opportunity with this? One of his ideas--which he describes “as gimmicky” got noticed by Mark Cuban, which paved the way for the rise of swag.com.

Success during the pandemic

The promotional industry is in shambles right now. Companies are letting people go instead of bringing them on, which means there’s far less need for branded company products. Yet Swag.com just enjoyed its best three months EVER. That is the power of identifying and following through with profitable opportunities. There are always problems that need solving, including some that are still coming down the pipeline. That is and always will be the case, no matter what’s going on in the world.

Beware idea attachment

Marrying your ideas is one of the worst mistakes you can make. Remove your ego from the situation, because it’s not about you. It’s about what the market needs. You cannot make them need or want something they don’t need or want. Get your minimum viable product together and get it into the world quickly. See how the market responds, and adjust accordingly. If the minimum viable product doesn’t get traction, you’ve just saved yourself vast sums of time, money, and energy.

You’ve just got to start

Where you start is rarely where you end up, which is why the most successful entrepreneurs in the world start fast. Another of the worst things you can do is drag out getting started. Whether you succeed or fail, you’ll learn from it. Very often, failing has more to teach us than success. No matter how good you are at identifying opportunities, you will not strike gold every single time. Get your ideas into the world quickly, get feedback, and learn and adapt. It may take several attempts to find your next (or first) big winner. But the only way you’ll ever find it is to just start.

The right way to network

Networking is a proven way to connect with the people and resources you need to grow your business. It’s also something people tend to overthink. Jeremy’s best advice to get the most out of your networking efforts is pretty simple: Put yourself out there. Get your lines in the water and see who bites. The first few people you meet may not be who you need, but they may be connected to the right people for you. Since you can’t know for sure, get as many lines in the water as you can. The more lines you have, the better your chances of getting the right bites.

Remember the mission (and remind your team)

A motivated, effective team can not only help you bring opportunities to life, they can help you identify more. And a team that believes in your company’s mission and vision is proven to perform better at even their day to day role. Reminding your team of your company’s mission is key to strong motivation, especially in tough times. Remember to stoke that fire.

Outline of This Episode

• Successful, but not excited about it [5:50]
• What not to do when opportunity punches you in the face [10:45]
• Why adaptation is key to success [14:02]
• Your best shot at avoiding the duds [17:05]
• What to do if you struggle to see opportunities [24:30]
• Stop waiting for “that one big idea” [27:56]
• How to create relationships that create success [31:10]
• Motivating your team AND yourself [40:40]

Resources & People Mentioned

• Swag.com
• Connect with Jeremy Parker on LinkedIn
• Connect with Jeremy Parker on Twitter
• Guest on YouTube
• Check out his Podcast

Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod (http://incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License

Connect With James and Dean

James P. Friel:

• CEO Quickstart: https://jamespfriel.com/ceo-quickstart/
• Facebook Group: https://www.facebook.com/groups/hustledetox/
• Facebook Group (BulletProof Business): https://www.facebook.com/groups/1107362546297055/
• Site: www.jamespfriel.com
• Interested in being a guest on the show?

Dean Holland:

• Blog: www.DeanHolland.com
• FB Page: https://www.facebook.com/DeanHollandHQ
• Billion Dollar Project: https://www.facebook.com/groups/BillionDollarProject/

JTT Facebook Page - https://www.facebook.com/justthetipsshow/