product

Is your product idea good? Top 3 Ways to Know for Sure!

Ever had a product idea and wondered if it was any good?  Whether you are an engineer, an MBA, or a stay-at-home mom, these 5 tips will help you answer definitively whether your idea is good… or not!

Tip #1: 
What is your goal?  Do you want to build it for yourself or friends or sell it as an idea?  Do you want to start a full business or just make some for side-money?
Depending on your answer, good has different meanings… And tip #1 is essential to answer before you go any further.
Three possible answers make your product idea good:
Sell the idea!   Stop.  Nobody buys ideas.
Start a real business.  Yep, step 2.
Make some for side-income?   Okay, but tread carefully to step 2.
If this is a lark, stop now and proceed to hobby lobby!
Tip #2:  
Who cares?
Really, is there anyone who cares about your idea?  Does it solve someone’s problem or is otherwise desirable by some specific kind of customer?
If not, stop.   Someone, some specific demographic, the smaller the better, must care, have the problem, or otherwise desire the product, or else, stop.

Tip #3:
Can you sell one and for how much?

I don’t mean build one then sell one.. I mean sell one!

The best way to know if your product idea is good, and the TOP TIP to know for sure if your idea is good is to PRE-SELL it!

Literally, setup a 2 page website where page 1 introduces the product, page 2 accepts a pre-order.  If you can get a few pre-orders, go ahead a build *a few*…
You could also do this with Kickstarter or Indiegogo, but those services expect bigger ideas and a real budget for video/marketing/etc.  Instead take the money you make on the first few orders to build some…. then build a few more… once you’ve sold 100, go ahead, do your kickstarter!

Good luck!

Go out and SELL!  Sales is the only way to know if your product ideas is good or not.

Now, back to my Smart Watch idea….

Selling Sucks. Do someone a Favor instead!

In the past, I’ve blogged about the SPIN Selling Technique.  I think this is definitely a great technique for selling, but there is one very important thing to remember.  Selling sucks.  Nobody likes to be sold to.  Instead, the whole point of SPIN Selling, the whole point of “transacting value between two peoples” is a POSITIVE exchange of value.  E.g. the result of the sale should be of MUTUAL value.  So, when you find yourself in need of selling something… DO not sell it… simply see if “the exchange” would be mutually beneficial or not.  The whole point of SPIN Selling, or selling of any kind, is simply to determine if you or your company would be benefited by buying this.  When I SPIN Sell, I try to discover, truly with an open heart and mind, would you or your company benefit from buying this (product or service).  I like to think of it like this: Would you consider my selling you this thing or service like “a favor”?  If not, maybe there isn’t a match.

By the way, if you don’t believe in your product or service enough to think of it as “a favor”, you should take the time to learn more about your product and who it was built for, or else get a new job ASAP.

Great Products Need Little Marketing

Do truly great products need a lot of advertising help? Will lots of advertising expense overcome a bad product?  I intend to find out, at least in one vertical: video games.

The presentation below is a presentation I gave which outlines my research goal and motivation around how products succeed in the marketplace.  Specifically Product Conception Quality, or how well a product is conceived during the Fuzzy Front End of product development, is a moderator on product success controlling for advertising expenditure.

What do you think will be the answer of my research?   Will products that were better conceived perform better in the marketplace when we control for ad spend?  Or is it purely a factor of how hard companies ‘push’ their bad products?

Do you have a Purple Cow?  Or are you shoving a Normal Cow down peoples throats?

How to Market a Bad Product

There are Classic Bad Products, such as “New Coke” and “Ben-Gay Aspirin”.  There are also horribly bad Tech Products, such as “RealPlayer” and “SoftRAM”.  There are few things they have in common:They often “borrow” from another brand (Brand/Line extension), such as Ben-Gay Aspririn.

  1. They often “do not perform as advertised”, or are otherwise misleading such as SoftRam
  2. They sometimes are just so annoying to use and so invasive that they are not worth the hassle, such as RealPlayer.
  3. Often, they are all 3!
So, can you market a bad product?
Can you get someone to buy it???
Yes.  All you have to do is figure out “who” the product is really meant for… and a ‘fair’ price for the product delivered (not dreamed).
Is it ethical?  Yes.  You have to change the price (to what is truly delivered), and you have to choose the market (to those that actually need a solution), and if yo do those two things, and make a sale, it is fair.
Can you make a lot of money?  Probably not.  Depending on how bad the product is, you will have to narrow the market to be quite small and reduce the price to where it may not make money (and may actually cost you money to sell it).
How do you market a bad product?  You tell the truth.  Be what you are.  Know who you are for.  And HIDE NOTHING.
Ironically, some people may find that refreshing and buy your product anyways… certainly if you can “find the niche” that the product has some use for.
Here are some examples from some Classic Bad Products:
  1. New Coke.
    1. this is a ‘brand extension’…  and uses the new coke brand…. unfortunately Coke tried to make “ALL MARKET” accept this as a brand replacement. (Bad Idea!)
    2. As a brand extension though, New Coke, could have been marketed beside “Coke” as a different flavor, a flavor targeted at younger folks, or targeted at Pepsi lovers.
    3. Given that kind of target market, it might have found a niche.
  2. Microsoft Zune.
    1. Microsoft COULD have carved out a DIFFERENT target market or audience with Zune.  E.g. perhaps Zune was an MP3 Player for Senior Citizens?
    2. Ironically, marketed like that you might have charged “more” for the Zune.
  3. SoftRAM.
    1. Yes, it mislead folks about that it was… but… it also kinda-worked!
    2. SoftRAM could have priced itself as a $0.99 utility to tweak Windows.
    3. They might have sold Millions!  (and not been the target of FTC investigations).
    4. The could have targeted people with extra HD capacity…. or perhaps Housewives… or ‘old PC owners’….
    5. Being HONEST about what they are and are not would have been key
So, my top list of “Bad Products”…  here you go… 
  1. Canned Chicken  –  It’s disgusting.  I am not in the target market.
  2. Windows Mouse – It was terrible, and required a driver install.  Utter fail.  Not worth the price.
  3. Thin Black Socks – They are uncomfortable and do not last long.  Hate those socks  (I’m not the target market)
  4. Playstation 3 – Horrible quality.  Breaks so easy.  Not worth the price.
That’s just a few…. but every one of those DOES have a market somewhere, and a price.
(you just may have to PAY ME to wear those thin black socks).

ALWAYS provide an “Easy Button” for your customers.

It doesn’t matter what you sell, who you sell to, or how much you are charging.  There should always be an “easy” button for your customers.  In fact, the most basic, core functionality of  your product should be so easy, it barely even needs a button.  How do you do that, you ask?  Well, simple.  First, find the core functionality of your product.  Knowing that can be a huge help!  Second, make sure that the user can see (and use) the core functionality of your product in 1-click (or less).  If you don’t have a software product, let them see/use your product with no clicks… right out of the box… no assembly required.

At Karmaback, we recently improved our entire setup flow to require just 2 clicks.  Yah it’s not 1 yet.. (we’re working on it!)… but its a huge improvement.  Companies can now setup a fully functional, completely operational, fully hosted Sweepstakes for Facebook or Twitter or Web or all three, in 2 clicks.  Nice. 
How did we do it?  Easy Default Settings.  Simplified setup process… and most of all, the “Save” button.  (see screenshot below)
Setting up a Viral and Social Sweepsakes to run in your Facebook Fanpage or Twitter Feed couldn’t be more easier that it is now!  Well maybe a tiny bit easier… we want to get it down to 1 Click… we’re working on that.  Maybe we’ll call the 1 button “Easy”.  

Video Games need more “bosses”.

Do you remember the old Nintendo Days.  Finally fighting Ganon in Zelda?  All the “mini-bosses” in Metroid? Or the countless other timeless boss encounters? Or on PC, the “Doom” Demon Bosses?  Probably you remember the feeling of excitement, accomplishment, dread, and relief that was part of the encounter.  Where have all the boss encounters gone? Recently I have enjoyed playing Mass Effect 2 a ton… mostly because it has some decent Boss encounters here and there… but not as many as the old days!  To me a Boss encounter means that the Boss is actually bigger and more powerful than you could EVER be…  and to kill him, you must learn his trick/secret/weakness.  And that makes for some serious fun gaming!

What does this have to do with Marketing you ask?  Well, there are two lessons here:

  1. Marketing isn’t just promotion (how many times a day do I say that…).  The most important service Marketing can do is to give product guidance.  In this case, there is a target market that craves Boss encounters because the feeling of excitement, accomplishment, etc.
  2. Your target market might be hungry for Nostalgia!  If you can feed them something they used to love… you could make serious cash!

Why Selling Products is EASIER than Selling Services.

I’ve sold both products and services.   I’ve sold them together, and separately.  Without a doubt, no question about it, selling a product is far easier than selling services.  Here are some examples of stuff I’ve sold, and why products were easier than services:

At the age of 10, I was the youngest kid in Lima, Ohio (where i grew up) to ever have their own paper route.  My job was to deliver papers (the easy part, and fun on my bike), and to “collect” payment…  People see newspaper as a service… and collecting that $5 per month was the bane of my existence.  People just didn’t want to pay me.  “The kid is knocking again” would be their complaint… when I came knocking, door-to-door to collect the monthly fee for the Lima Newspaper.  The problem: they weren’t “getting a product” at that moment.  Those same houses would gladly fork over $1 for a candy-bar sale, or $5 for a dinner plate…but newspaper service… “ah, come back tomorrow when I’ve got some cash”.

At 16, I went door-to-door selling “Ariel Photography”… it was much easier than selling newspaper service!  I could show them a picture of their home… in full color and a huge picture.  “Yours right now for $100”, I’d start out.  Surprisingly many would say yes!  (even though I’d go as low as $25 for the sale).  Why? It was a product.. it was done.. it was right there…  and I would “fake-walk-away” to close the sale all too often.  Don’t get me wrong… walking door-to-door is always hard… but selling a Product was far easier than selling the service.  Imagine: “Hi, I’ve got a plane, and would like to fly over your home and take a photo for just $100, can you please pay me now, and then I’ll send you your picture?” —> yah, that wouldn’t work at all!

Selling Killer NICs from my startup Bigfoot Networks was easy too: list the product at the store… tell people it’s there… get some press… watch sales happen.

Same for selling Psyko 5.1 Surround Sound headphones: get listed, get decent reviews, market a little… watch money come in.

Now try selling “social marketing”.. such as I do with Karmaback.  Selling it as a product: “click here to setup your sweepstakes now for $49” vs. a service “call us or email us for a free quote in 24 hours”… which do you think is “easier to sell”?  The product is easier to sell (as long as it satisfies the needs of the customer)…  unfortunately a Sweepstakes alone often doesn’t satisfy…  customers often want more… (how to turn it into sales, how to customize how it looks, strategy, iphone apps, coupons, etc. etc.)…    these additional needs DO mean additional revenue opportunities.   But selling them is harder: figure out needs, work up a proposal, develop a relationship, build a plan, get consensus, get internal acceptance/approval, etc.

So, if you can possibly “productize” your “service offering”.. go for it!  Karmaback is sure trying to do just that: stay tuned!

p.s. buy the t-shirt here: