successful product for large multinational organisations. That's pretty frightening! For every 3,000 ideas, only 100 will make it to the next stage of an exploratory project. From those 100 only 10 will make it the next phase where a well developed business plan and projections are developed and analysed. From those 10 only 2 will make a fully fledged product and launch… and of those two launches only one will survive.
But even that may not have a long and profitable life. Now the learnings here are that product development is an expensive business… and even if all the numbers stack up you're still not guaranteed a winning product. 4 Percent Group So, with corporate giants who have gazillions available to spend on new product development and advertising struggling what chance have us solo entrepreneurs got? Well, the answer is surprisingly we actually have a very distinct advantage over the big boys as long as you follow a few simple rules:
Don't try to develop a product for everyone.Laser focus in on a subculture or niche.Listen really carefully to what your market is looking for and then give it to them.
Very simple… but Wallet Bustingly Powerful. So what do you need to know about your subculture or niche market before developing a product? Here are 10 questions that you should be able to answer before you put pen to paper, finger to the keyboard or switch on the video recorder to make your product.
What keeps them awake at night? What are they mad about? What is their number 1 frustration? What do they secretly want the most? Who are they mad at and why?How do they make their buying decisions? Do they have their own special language and vocabulary? Who else is selling something to them? http://centumentltdreview.com/the-four-percent-group-review-the-4-percent-group-scam-or-legit/ Who has tried to sell something but failed… why? What is it that you have or know that could be turned into a competitive advantage?
