Ready To Launch?
So you’re ready to launch your product and get your company off the ground… That’s great!
But are you actually ready?
Here’s what I mean…
New products flood the market daily as entrepreneurs roll out new ideas and products faster than ever. Did you know that with all the millions of dollars spent yearly developing and launching new products, on average only one in 10 will prove successful?
What do you do?
As the inventor of the infomercial, I’ve had a higher success average than most, but trust me, there are no sure things. And even fewer will enjoy a long shelf life.
That’s the cold reality, but you can greatly enhance your chances for business success if you can answer yes to the following questions I’ll lay out for you in today’s edition of Startup Profits Daily.
So whether you’ve got a product in the works or you’re thinking of throwing your hat in the entrepreneurial game, it doesn’t hurt to imagine the impossible and to go for it…
Here are the first five of 10 shortlist questions I’ve developed over my 40 years as an entrepreneur and investor. (Don’t worry, I’ll cover the final five in Thursday’s issue.)
- Is the product unique?
You can’t roll out the “same old, same old” and expect your product to take off. Your product has to have a cool new look that will make the consumer sit up and take notice. Get creative and find a way to package your product so it makes a splash.
- Do enough people want it?
It’s advantageous to target a micro-niche but there still have to be enough people who can afford to buy what you are selling. An easy first step is to conduct some surveys to see if people want what you have and if there are enough potential customers to make it viable.
Don’t make a rookie mistake and assume people will want your product. You’ll find yourself with loads of inventory but no one to sell to.
- Does it really solve a problem?
If your product doesn’t solve a problem, you’ve got a potential problem of your own — consumers aren’t as likely to buy it.
We all like to imagine people buying something just because they like it, but in reality, people are more likely to buy things that solve problems. Make sure what you’re selling solves a real problem that your customers face.
- Is there a powerful offer with a competitive price?
The time-tested pitch “But wait, there’s more!” is a proven winner. The key is to provide exceptional value at the right price. In today’s world, people immediately check the internet for the same product at a cheaper price.
- Can you easily explain how it works?
There has to be an easy-to-understand explanation of how and why your product works. Get your elevator pitch ready. If it takes a college degree to understand the pitch, it’s too complicated. You may only grab people for a couple of seconds — so you have to tease, please and seize their imagination.
Face the facts: If your product doesn’t stack up, you won’t make many sales.
I have helped launch more than 500 products — with well over $5 billion in sales — but I’ve also suffered a few clunkers along the way.
The good news is that every time I’ve failed, I’ve learned a lesson that I can teach you, so you won’t have to fail. So stay focused because with Startup Profits Daily, there’s always more to the story — always.
I’ll be back on Thursday with the next five questions in my Startup Shortlist.
And don’t forget to reach out! You can email me at AskKevin@SevenFigurePublishing.com. I look forward to reading your feedback…
Sent from a shark,