Business Planning - the last part of the Purple Cow
Ask the people who love your product if you can let them know when you have a new fantastic product coming out. Give people, that love telling people about new products, the information they would need to describe your product.
Once your product is a success, try varying it slightly and do everything you can to milk it. Spend some of the money you are making in designing a new product. Business planning involves designing a product, producing it, pricing it and marketing it. It all goes hand-in-hand.
For the people who invented the 1-800 number, their marketing was - the easy to remember number. The pay phone business lost a lot of their business to the collect call number.
Get designers involved in the business planning of making your product. Here are some questions to think about.
In your industry what are some big products and who and how were they designed?
Model the behaviour of how the product was made.
A remarkable product often comes when people are designing something for themselves that they want or need. Are the people that work for you enthusiastic and knowledgeable about the product? Is everyone dedicated to work as a team to make your business successful?
Business Planning 101 - Put yourself in the other person’s shoes
If you’re making something you are not passionate about you could put yourself in the other person’s shoes. Being flexible is important for this. Another way is by projecting. You launch a product, market it, track how it is doing, learn from your results and then use the information on the process for the next product you launch.
Do you know of someone in your business that has a successful track record for launching new products? Can you learn from them or hire them?
This is something you could try to help with your business planning. Give everyone that works for you and yourself, a blank sheet of paper and ask them to develop something from nothing knowing that there was no chance of it failing.
Best Buy tried something different. They made what people wanted and then tried to figure out how to profit with it. What people desired was often less easy to do, but by doing it this way the product sold. By not having their salespeople on commission they made a huge profit.
Be 'remarkable' in business planning
You can be remarkable in other ways than having the best product. You could have the best customer service or the best price. The cheapest version always takes a good market share of the business. Another way is to reduce the costs of production or delivery. How could you change the product to appeal to a niche group?
Offering something of value with a chance of getting a huge reward for doing so would result in more sales. For example, if you sold gift cards and gave air miles, you could say by buying the gift card you could have a chance of getting 1,000,000 air miles.
If you launch a product and it does not work you have learned what not to do.
Most car rental places have a location at the airport and cater to business travelers. Enterprise Rental Cars say they will pick you up. They are catering to people that have their cars in being repaired or need a car because of an accident.
In your business planning set it up so you have permission to talk to your customers. By talking to your best and most loyal customers it is easier to develop and sell them on amazing things.
P.S. Looking for help in starting a home business? Consider joining our SBI Team to receive mentoring in business planning.
*Godin, S. (2003). Purple Cow