- by Rory Ramsden
Does your product or service require the people in your market to change their behavior ? Or does it make it easier for them to do something that they are already doing?
If it is the first [they have to change their behavior], your product better be pretty special. People are creatures of habit. They are slow to change their ways or adopt new ideas. You may think yours is the best since sliced bread, but remember that took 18 years to really take hold
In 1912, jeweler Otto Frederick Rohwedder began working on the world’s first bread slicer. It took years of trial and error before he came up with a machine that would not only slice the bread, but also wrap it too. He sold it to the Chillicothe Baking Company in 1928 who, later that year, sold the first loaf of sliced bread. The pre-cut slices were especially popular thanks to the well-timed invention of the pop-up toaster. It was 1930 before Wonder Bread was able to boost sales with an innovative marketing campaign
In today’s world no one can wait that long
Steve jobs famously did not do market research. His response to a question from a reporter from ‘Popular Science’ magazine on the subject the day he unveiled the ‘Macintosh home computer’ was ” Did Alexander Graham Bell do any market research before he invented the telephone?”
But his product launch was all about making things faster and easier than ever before not changing people’s behavior
He did not ask his customers to change the way they sat down at a desk/table to write. He just applied his expertise to make the whole process easier. Breaking new ground may be appealing but you will be far more successful far quicker if you take an existing money making solution – the typewriter in Apple’s case – and re-invent it.
Here are the 7 Samurai Rules to follow…
#1. Smart Research – Find out what works now. And what is accepted by the people in your market as valuable and worth buying. Following the money is a smart way of researching your market, the products in it and your competition. Once you have homed in, you can find out more about the demographics, psychographics and socialnomics of the community. This will allow you to express why your product launch is important to them in language that is familiar using the right tone of voice.
#2. Ask your potential customers for input – Now you have found your prospects, it’s time to involve them in the creation of their ideal product. Crowd sourcing ideas and priorities like this will ensure that you include what they think is important. Be guided by them but remember they don’t have the complete picture, you do.
#3. Get a reality check from a savvy mentor or two – Getting a reality check from a fresh pair of eyes is crucial. You may be missing something that is right under your nose. This will be an opportunity to discover whether your marketing strategy will survive its first contact with the enemy. If you are in a master mind group, they will surely find the weak spots in your proposals.
#4. Go in Search of Excellence – You want to make your product and your offer the best you can in the time available. A complete game changer is not necessary. Make it at least 10% better than your best competition and go from there.
#5. Synthesize & give structure to what you learn – Make your digital product simple and easy to consume. Structure it well. Cramming too much in is as bad as doing the opposite.
#6. Implement quickly – Get your new product out there as quickly as you can. Speed requires you start with the minimum commercially viable offer for your first product launch. The response you get from this will tell you whether its wise to go on to boost the perceived value by slicing and dicing your content to include video, audio and much much more…
#7. Inject more value – If the feedback from your post launch survey is good, go ahead and invest the time and money required to boost the perceived value of your product. All the time keeping a weather eye on the maximum existing price point in your niche. It may be possible to soar far beyond this but you’ll first want to build momentum and strengthen your position as the go-to authority. Stacking one product launch on top of another is the best way to do this.
Putting these 7 samurai to work in your business will ensure that you do not waste time and money building out your product only to find that it is an expensive flop. Follow the money and implement quickly and you will seemingly execute one ROI boosting product launch after another. That will put you in a powerful position when it comes to buying new leads because you will outspend your competitors and still make money.
Do you use a similar process? What would you add to this? Just leave a comment below and I’ll get back to you…