What do Cheetos Lip Balm, Touch of Yogurt Shampoo, and Michael J Fox’s DeLorean DMC-12 all have in common?
They were all massive failures.
These products lost millions of dollars and – in the case of the DeLorean – even led to bankruptcy (if only it actually traveled back in time lol).
Now, yogurt shampoo and cheese flavored lip balm may sound like products that were destined to flop…
But there’s plenty of “seemingly good” ideas that fail too.
Samsung’s S7 tablet phone – the one with the annoying habit of bursting into flames – lost them over $3 billion…
After several years and hundreds of millions invested… Google’s funky space age glasses failed to “wow” consumers.
So how do we know what ideas and offers will convert?
How can you design something brand new…
AND make sure you stick the landing?
Well, nothing’s ever 100%…
But some of the best rules I’ve seen for creating successful new business ideas come from famous venture capitalist and startup expert, Paul Graham.
Here’s a few of my favorites…
1. Launch fast.
What you think people want is often wrong…
But you won’t know until you launch and get feedback on your product.
I’m currently practicing this in my business.
We’re doing about a call per day with new customers for my Winning Streak app…
And in the last 2 weeks alone we’ve made two HUGE shifts based on customer feedback.
Launching fast – and getting feedback fast – gets you to the final, best product fastest.
2. Let your idea evolve.
Launch fast and iterate.
When building a business, 99% of your success will come after launching your initial idea.
Had we waited until we built what we thought was the “perfect app” – we would have been all wrong and totally off course…
But by gauging response and gathering feedback we’re now evolving to what it needs to be.
Your initial idea and direction is likely right…
But the final destination of your product or service will be much different.
3. Understand your users.
The success of what you sell depends on how well you improve your user’s life.
“The hard part is seeing something new that users lack,” according to Paul Graham.
“The better you understand them the better the odds of doing that. That’s why so many successful startups make something the founders needed.”
4. Offer surprisingly good customer service.
Graham also says customers are used to being mistreated.
So this becomes an easy place to win – all you have to do is try.
More wise words from Graham:
“Go out of your way to make people happy. They’ll be overwhelmed.
In the early stage it pays to offer customer service in a way that can’t scale so you learn about your users.”
If your competitors are setting the bar for customer service shamefully low…
Step up and win an easy battle.
These 4 fast tips will radically enhance your chance of success with a new product idea…
Follow them and you’ll find your homerun.
Just don’t invent the next Colgate frozen dinner or Harley Davidson wine cooler.
Success Loves Speed,