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Product research not equal market research
Being product centred and focussed on numbers – using tools like Jungle Scout, Helium 10, etc. – on Amazon is what everyone does.
Hyper-competition = we HAVE to differentiate.
“Zig when they zag” (Andre Chaperon)
You need to have a differentiated business model to create a differentiated product.
If everyone starts on Amazon – get off Amazon.
Numbers vs. People
- Keywords as the start vs. People as the start
“Grow where you’re planted” (Verne Harnish)
Start with jobs, hobbies; activities of spouses, friends, family
It has so many advantages:
- You’re going to care more
As Seth Godin puts it “you care enough to get hit” (he was talking about ice hockey, not street violence!)
- You already have a knowledge head start
- You’ll understand the customer better
- You can literally talk to your future customer
Start with your customer (PAP)
Don’t start with a product and search for the customer.
Decide on your ideal customer.
Talk to them! Find pain.
Pick a pain.
PAP – Person and Pain
Develop a product with and for your customer.
Custom manufacturing
Ryan Schaffer’s episode of 10K Collective podcast
Of course, you should run the marketing numbers before ordering!
Don’t start selling to profit; develop to learn
First thing is to iterate product – or find other ones – until good enough for a private customer.
The second thing is the same with a pilot project until the market likes it.
Only then are you aiming to roll out on a big scale and go for profit.
Doing both is ideal (profit plus learning). But that’s a bonus.
“The only way to fail in business is to run out of money” (Anon)
Cashflow trumps “profit” as well.
Don’t worry about profit initially; instead, think of minimising risk and making sure you can afford the downside if it happens. (Risk-reward ratios)
Watch my discussion of Amazon Product Research: The Open Secret
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