1. Delight your target consumer
Focus on creating articles that truly address the needs and pain points of your target consumer.
Meet and exceed your needs
CREATE fans, not just customers
DO NOT focus on internal issues
– Can you precisely define your target market and what motivates them?
– Do 50% of your target audience say they would definitely or probably buy your product?
2. make sure it’s profitable from the start
You MUST filter ideas for potential profit on the ideas stage
Rework the ideas ahead of time to address any profitability issues.
DO NOT pursue a flawed business model
– Does my item produce lucrative gains and losses on a total and per unit basis?
– Do I have a viable business in year 1 and “year 3”?
3. Select and refine ideas
Choose the best among several ideas
Challenge and refine good ideas to create great ideas.
SEEK feedback from your target consumer and development resources
You MUST strive to exceed expectations, be different, be better
DO NOT jump to an answer
– Is it among our best ideas 1 of 3 or 1 of 5?
– “What could make this even better?”
4. Position and clarify the idea of the product.
BE SURE to clearly articulate what it is, what it does, and how it benefits your consumer
ASSUME full responsibility that your customers (merchants and consumers) understand your benefits
Be different and superior
DO NOT overlook any opportunity to accurately tell your story (e.g. every touch point)
– Can you explain your concept in 5 words or less? Do customers (business and consumer) understand and respond to your idea?
– Are you different and / or superior?
– Do you have a compelling earnings story to trade?
5. Keep your marketing frugal, focused, and factual.
Identify Your Business Goals Before You Spend Anything
Compare and choose between alternatives (providers, programs, methods)
You MUST quantify the productivity and efficiency of your programs
DON’T “just do it”
DON’T overlook low-cost, no-cost public relations opportunities
– Does this plan / program meet my business objective?
– What is the return on investment? Is there a more efficient option?
– Is this program fully exploited and consistent?
6. Perfect your business model
DO maintain, measure and continually improve a test market
You MUST test and refine your product mix, pricing, and sales and marketing tactics
MUST track and improve earnings performance
DO NOT measure progress just by total sales growth
– Have you identified a small market in which you can monitor your business model?
– What is your P&L performance in this small market?
– Are you continually testing and improving performance?
– Can you expand your best business model?
7. Outsmart the big boys
Monitor and react to consumer feedback
Identify and own your niche
Develop new products faster
DO NOT compete directly with them where they are strongest
– Do you own your niche?
– Can you meet the needs and gaps in the market that the big ones consider “too small”?
– Can you add comments for more new and superior products?