Hey everyone,
I hope
the day has found you well. Today let’s
discuss products and what different types there are. To begin most products will fall into these
different categories:
·
Physical Product and deliverables.
o
(Computers, phone, homes, cars etc…)
·
Digital products and goods.
o (Kindle
book, software, apps etc...)
·
Information Based Products typically not
available as a physical product.
o (Learning
course, “Hot To’ download products, making money xyz industries...)
·
Mom and pop services and business
o (local
small business selling to the local peoples want and needs)
·
Large Corporation and franchises
o (Fortune
500’s, $50 million + yearly revenue etc…)
Remember that physical products
always carry an “End Result” everything does.
So you as a business owner need to constantly keep that in your
head. Now let’s ask some questions to
ourselves, what is the user’s end result?
What are there pains, problems, wants and needs? These are questions that you need to consider
when starting the business.
Let’s think about this.
You can buy a brand new Hyundai Elantra for under $17,000.
No doubt it will get you anywhere you need to go, no problem. Yet a new
Mercedes CLS 550 Coupe costs $72,500. More than 4x’s the cost, yet it does
essentially the same thing! Why? You could reason: quality, superior design and
craftsmanship, better engine, will last longer… That’s the rational excuse most
may use when they buy a Mercedes. But it’s really an emotionally driven
decision, such as… I’ll be seen as successful, accomplished, I’ll attract my
ideal mate in this car, it reflects my lifestyle etc. Once again, there is
always logic and emotion based reasoning on any purchase.
Let’s now talk about end results
that are logically and emotionally based.
Now I’m going to take a very simple item that we all use Shampoo. The logic behind it is: Cleans my hair, it’s
a habit, and it’s acceptable. Now
remember there is an emotion side, so here it is: People won’t think I stink,
opposite sex will be attracted to my odor. Stinky people are viewed as
disgusting and poor and I don’t want to be portrayed that way…
Now there is also opportunity based
products or also known as information products which are made in order to get
some result through the product you are purchasing. There are different types of opportunity products
but they always fit into one of these three:
- Business, Make Money, and Investment Opportunities
(stocks and bonds, franchises, MLM, online marketing products, etc.)
- Relationship Opportunities (double your dating; meet
your dream mate, better sex, online dating and advice etc.)
- Health and Fitness Opportunities (Lose weight fast, put
on more muscle, vegan diets, gluten free lifestyle etc.)
Why are these markets so competitive? It’s because people want these things the most
and you as a business owner need to go where the people are. Remember the big 3; Health, Relationships,
and money are what you as business owners want to stick close too. In order to do this we need to obtain some
leverage over the bigger players don’t we?
Well let’s niche down a topic within the big 3, let go ahead and do
weight loss:
·
Weight loss (very broad)
·
Weight loss for women (broad)
·
Weight loss for brides (niched down)
·
Kettle bell workouts for women (niched down)
·
Lose weight fast after pregnancy (niched down)
So constantly think to yourself what do people “desire”? Not just what they want but what their
emotions are pulling them towards.
Thank you,
JPM
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