Some say it’s because ”The quality of your product is too poor!” But surely that is not it. Just look at Steve Jobs who strived for the best of the best. Despite working tirelessly for the best possible quality, Jobs still failed with his Apple Lisa, Apple III and many more products. So if it’s not the quality…
What about timing? Yes, timing is very important just like the quality is. Some will even say ”Timing is everything!” But surely that is not it either. A lousy product that no one wants can be released at the best possible timing without selling anything at all. Of course, launching something too soon or too late can tremendously harm the sales of a product. Just look at the Samsung Galaxy Note 7 or the Hoover Board. But releasing a new revolutionary product during Super Bowl weekend in the perfect day and age still won’t sell profitably if there is no market.
So what about Marketing & Sales then? Surely that must be it!? Absolutely, Marketing & Sales is a crucial part of any business. Some will even claim ”A great salesman can sell anything to anyone!” But surely that is not it either. The greatest advertisers of the ages are unanimous in that regard. In fact...
Albert Lasker said ”The product that will not sell without advertising, will not sell profitably with advertising”
David Ogilvy said ”Great marketing only makes a bad product fail faster”
And Gary Vaynerchuk agrees ”The best marketing in the world can't fix a bad product”
But if marketing is not the solution, what is?!?!? Jeez, calm down… I am going to tell you right now.
What makes or breaks a product is… Product Market Fit. Corporations spend millions of dollars to find their Product Market Fit. A product that is perfectly fit for a specific market. That serves a clear purpose to its specific market. In either Happiness, Time or a Desired Outcome. But if your product does not serve any of the above. It is going to die, however good it might be. So when you are trying to understand what new product to create or if your product can succeed…
Here are some questions to ask yourself:
1. What is the purpose of this product?
2. To who will it be of most value?
3. Does the value exceed the price?
Bonus tip… In business, you want to steal as much as possible. Not copy, steal segments and make them your own. Pick and choose from the best of the best and build something better. Use what is already made. Look at other businesses with the same products and spend much time analyzing why they are successful. If you have invented a completely new product then you look at the ones that are most similar.
That’s it for this time. Now go create something truly amazing!