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Got a New Product Idea? Good. STOP

Got a New Product Idea? Good. STOP

August 27, 2009

"Let me ask you one question Stan, Why would someone give you a couple of bones for a round stone with a hole in it?"

Great! You've got a hot new idea for a product.

Now what?

STOP! Don't make another move before you do this ONE thing.

I'll tell you in a moment, but let me set the stage and see if this conversation sounds familiar.

'I've got a new idea for _______ (your product or service) we're going to create. We already have a lot of the stuff developed from other things we've done so we can put it together pretty quickly.

'We can market it online to keep our costs down. I've got dozens of partners who will even help us sell it. And I figure we can sell it at $ _____ (your price) and make a nice profit.'

The ONE question that either kills an idea or gives it life

'Okay,' I respond. 'Let me ask you one question: Why will people dig into their pockets and pay for it?'

This is the SINGLE, MOST IMPORTANT question that will make or break any new product idea. Often I get a very defensive responsive such as, 'Because it's really good stuff,' or 'We've sold similar things like this in the past and they've done well,' or 'Our competitors sell something similar, but ours is so much better.'

'There's lots of really good things on the market that don't sell. So what challenge or problem are you solving that would make someone want to buy it?'

See where I'm going with this?

Too many times I see good, smart entrepreneurs think first about what they can sell rather than think about what their hungry fish really need. If their hungry fish don't need it or want it, it's simply another great idea that will end up costing them a lot of money and frustration.

A better way to develop a new product

Who are your hungry fish?

 

Instead, start with your hungry fish in mind. What kind of fish are they? Here are just a few types of fish you may want to target in your market:

' Cool fish - they want to feel more powerful than others.
' Lazy fish - they're interested in relaxing and anything that will give them pleasure.
' Rich fish - they have an insatiable appetite for more.
' Greedy fish - they want success badly; the quicker and easier the better.
' Healthy fish - they are driven to protect themselves from getting sick and dying.
' Fat fish - they are in pain and hungry now; they are the hungriest of all fish.

Remember, there are riches in niches. So the more you can narrow your focus to a small group, the more you can develop a product just for them. Everything should begin with what your potential customers want or need.

Ask yourself: What challenges can you solve for your hungry fish? What do they desire?
Once you have those questions answered, you can build your product knowing that you'll have a much better shot a success.

Always taking you from where you are to where you want to go,

Jon