Tag: Product Development

Learnings

You should focus and fine-tune your flagship product. Up until 15-20M$ depending on your niche

Chris Labs

Too many brands focus too soon on product diversification and expansion… The reality is that depending on your market, let’s say people buying a dog harness, you can easily do 30-40-50M$ by doing just that. If however, you’re selling trombone oil, your TAM (Total Addressable Market) is much smaller and you should consider diversifying a lot sooner. That will allow you to have certainty in your business. You will have market fit. And you will have mastered this product and its supply chain. -The OPERATORS, E005: Attribution Modeling, Branding, Panzerism, Company Acquisition, Ridge Regrets & More. Continue reading You should focus and fine-tune your flagship product. Up until 15-20M$ depending on your niche

Virality

Make products that advertise themselves

Chris Labs

Every time people use the product or service they also transmit social proof or passive approval because usage is observable. Many companies apply this idea through prominent branding. Abercrombie & Fitch, Nike, and Burberry all garnish their products with brand names or distinctive logos and patterns. But large logos aren’t the only way products can advertise themselves. Take Apple’s decision to make iPod headphones white. When Apple first introduced the iPod, there was lots of competition in the digital music player space. […] But because most devices came with black headphones, Apple’s white headphone cords stood out. -Contagious, p.142 Continue reading Make products that advertise themselves

Learnings

Launch a succesful kickstarter

Chris Labs

You need a great video.The most important element is that the video communicates a specific emotion. Sophie’s video was recorded on her iPhone, but it was purpose-driven and rooted in emotion. At the very least, you need a video that explains what you’re doing, why, and where you’re going next. You need a list of at least ten ideal customers in your network (friends, co-workers, etc.) who are excited about what you’re doing. Ask them to share your Kickstarter with their networks, which means their friends, their church groups, their fans, and especially their social media followers. This will be … Continue reading Launch a succesful kickstarter

Learnings

What are you actually selling? And who’s your customer?

Chris Labs

It’s crucial to determine rightfully what’s the market you’re in and who’s the customer. E.g. James had launched blue-blocking glasses and it was a great success. Then the time came to launch more products. Well, James had bought into the belief that he was selling glasses, not helping people with sleep problems. He had focused on the product, not the person. He needed to discover that he was a sleep company, not a glasses company. -Ryan Daniel Moran, 12 Months to $1 Million, p.34 Continue reading What are you actually selling? And who’s your customer?

Learnings

Build something a small number of people want a large amount

Chris Labs

Think of it this way. If something is wanted a large amount by a large number of people, it exists already. So you’re left with 3 options. Imagine the graph below: Large Number of PeopleWant Little Large Number of PeopleWant a lot Small Number of PeopleWant Little Small Number of PeopleWant a lot So the upper right corner is in red because it exists already. Now the bottom left (Small number of people wants little) is not worth pursuing so it’s in red also. You’re left with the top left and bottom right. Paul Graham says you should always go … Continue reading Build something a small number of people want a large amount

Learnings

Make it a 7-star experience

Chris Labs

First of all, you should think what would be the 5-star experience like. We basically took one part of our product and we extrapolated: what would a 5-star experience be? Then we went crazy. A 5-star experience is: You knock on the door, they open the door, they let you in. Great. That’s not a big deal. You’re not going to tell every friend about it. You might say, ‘I used Airbnb. It worked.’ So we thought, ‘What would a 6-star experience be?’ A 6-star experience: You knock on the door, the host opens and shows you around. On the … Continue reading Make it a 7-star experience

Learnings

Project selection is king

Chris Labs

So first things first, is this what you want to do? You think it’s a good product/idea, but you don’t think the business economics are great Ask yourself Are those true? Or just stories I’m telling myself If I don’t know, what work can I do to get the info? If it’s not true, then how do I replace those beliefs with more true beliefs? If it is true, then what am I going to do about it? -All Access Pass, Shaan Puri Continue reading Project selection is king

Learnings

Your product can’t be a little better, it has to be miles better.

Chris Labs

If you are to fight in a new market, an emerging market, then you can afford to have a mediocre or an average product. But if you fight in an existing market. Where there is a trusted brand. Then your product must be significantly better in order for you to get a market share. The customer will think: “is this so much better that I will go and switch brands?” -Elon Musk Continue reading Your product can’t be a little better, it has to be miles better.

Being CEO

Excess of money, plans or technology will lead any business to failure

Chris Labs

Asking what leads to success is misleading. You can’t copy success because there’s a million different factors (combination of luck, timing, context, etc.). Instead you should ask: “What are the keys to failure?” Because those are always the same. There are 3 things that will kill any company if in excess: Money Plans Technology Alibaba had that internal motto: “No money, no plan, no technology”. Money Money makes people stupid. When problems arise, the first instinct becomes “throw money at it” instead of attacking it with creativity. And this works sometimes. But it becomes this crutch that you can never … Continue reading Excess of money, plans or technology will lead any business to failure