Someone recently contacted me for advice about starting their own business. After discussing the various features of their business model I told them- forget the product, what is the need?!
Sell The Need, The Product Will Follow
When Stamps.com was founded in 1996, they based their product on ONE thing. Everyone NEEDS stamps and EVERYONE hates wasting time standing in line at the post office. Till today almost all the ads you will hear about Stamps.com carries the same motto, “Tired of waiting in line at the post office?….”
When you know there is a need, your product will follow. The details of how your product will serve that need need to be arranged, but all your efforts should be focused on the need.
Ask yourself what won’t change, and then put all your energy and effort into those things.
In an awesome interview with the CEO of Amazon, Jeff Bezos, he explained how Amazon is constantly looking ahead to keep themselves one of the top online sellers in the world. While somethings will always change, there are certain things that will never change. Amazon understands that people will always want lower prices and speedy shipping. So, the company has spent the last 11 years investing in those things— often forgoing profits to do so.
To try and predict the future is absolutely ridiculous, and there is no telling what technology may do to your product. However, if you focus on the need, you will have much more success in producing a sustainable product. No matter what happens, no one will ever say “I wish the prices were a little higher, or I wish the delivery would be a little slower” That’s impossible!
Make It Quick
No matter what insurance coverage you have, everyone knows about Geico and its not just because of their adored Gecko commercials. In fact most people know their motto, “saving 15% on insurance in less than 15 minutes”. Not only have they been around for over 75 years, but their commercials haven’t change either! That is because they focus on the need. Everyone hates wasting time with paper work, phone calls etc, just let me know what you offer and what it will cost me.
If you’re starting a business, make sure people can get all the information in 15 minutes or less!
Patience Is Not Just A Virtue
After you have finally rolled out your business plan and opened your doors, don’t expect the sales to come pouring in. Stick your belief in your product or service and never look back. As the saying goes, remember it takes 6 months to build a Rolls-Royce. Success requires the strength to hold on to your belief even when initially things don’t pan out as you expected them to. Develop your business into a Rolls-Royce!
Jay Block is an International Career Expert, often Dubbed the “Tony Robbins of Careers”