How to build a million dollar product???
How to Build a Million-Dollar Product:
I am going to tell you a secret.
Your IDEA fora product is 99% of the reason for its success or failure.
A great idea for a product sells itself.
A great product idea doesn’t need a great website.
You don’t even have to be a good business person.
So, what’s the problem? If the idea is what matters most, why don’t more people make bajillions of dollars?
Because most ideas are crap.
Today I want to explain the secret formula for creating great product ideas.
This will work for you if you are in the services business. Or if you make stuff in China and sell it on Amazon. Or if you sell digitally-delivered information products.
Here are four steps to creating a great idea:
#1 Reduce Anxiety
Your product (or solution) should reduce your customer’s anxiety.
We’re not talking about making something easier, but that could be part of it.
Uber reduces the anxiety associated with hailing a cab. Tinder reduces the anxiety of saying you like someone before they say they like you. TripAdvisor reduces the anxiety associated with not knowing what the hotel is really like before you book it.
Make sure that you build a solution that reduces anxiety. Think about why people in your industry are anxious. What are they worried about? What is more difficult than necessary for them? Then solve that.
#2 Get Fired Up!
People want to be excited. So, get cranked up and enthusiastic – bordering on mania – about what you have.
When your best friend says, “Oh my GOSH, you have to take a look at this!” – you stop and take a look. It’s the enthusiasm that gets you to stop and look, and consider a purchase.
Find 10 reasons that your solution is incredible and amazing. Imagine thousands of people happy, smiling, thankful that they found you. Visualize the success of your customers – and that you helped them attain that success. Now: COMMUNICATE THAT VISION TO THEM WITH BOLDNESS!
#3 Don’t Copy. Improve!
If you are building “The AirBNB of ____,” stop right now and throw your idea in the trash.
It’s better for you to create a brand new AirBNB – but one that reduces anxiety better (an improvement) – than it is for you to find a different industry and copy the AirBNB business model.
> Apple dramatically improved the phone. > And the personal computer. > And (maybe) the watch. > Tesla dramatically improved the car.
They didn’t invent these things. They also didn’t copy anyone else. They took an existing (popular) product, and they rebuilt it from the ground up.
You don’t need to invent something completely brand new (that can be difficult to sell because people get anxious about something totally new).
You do, however, need to improve something that is popular but not working well.
If I were a lawyer just opening a solo practice, I would ask myself: What makes my clients anxious?
Answer: Not knowing the status of the case. Then I would hire a paralegal, and that paralegal would call each client each week to ask them how they are doing, if they need anything, and give them a quick status update about their case. This is a dramatic improvement that reduces customer anxiety.
And then I would market the hell out of that improvement.
#4 Price it For YES
You want your potential customers to say yes. Not just yes, but HELL YES.
I hear a lot about “raising prices to prove your value” in the world of online business. And it is a disease. It is a myth. It is dumb.
If you want to be a business titan, if you want to make a gajillion dollars, then sell something amazing that every one of your potential customers can afford – EASILY.