If you want to be successful, solve customer needs
If you want to be successful, solve customer needs
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Woody Bendle here from Next Level Growth Strategies. This week’s business tip is certain to stir things up a little. Why? Because this is often a costly collision between passion, emotions, impulsiveness, a lot of tireless effort and market forces that tend that becomes a real problem because of a lack of objectivity, rationality, and plain common sense. But yet, people continue to go down this path over and over because they don’t understand THE one basic thing needed for businesses and new products to be successful. Just one basic thing. And I’m going to share this with you… for free.
So let me lay this fact on you, did you know that over eighty percent of new products launched fail? Think about that! 80%. I mean that’s worse than the worst major league batting average, right? And here’s another set of facts for you. Did you know that 20% of new businesses fail within their first two years and that less than 25% make it fifteen years? Those are some pretty lousy odds. But what if I told you, that there’s a way to improve those odds, by A LOT!
OK so here’s this week’s business tip. If you’re in business and are looking to grow through innovation, or if you are thinking about launching a new business or new product, just remember that cool ideas can be hot messes. There have been billions and billions of dollars wasted in the pursuit of cool ideas. And that was exactly the case with Edison’s Electrographic Vote counting machine. A very cool idea that was more than 100 years ahead of its time. It had absolutely zero demand because at the time, the need for it didn’t exist. And that’s the key right there. There has to be a need. Let me say that again so it sinks in. If you are going to launch a new product or new business, and if you want it to be successful, it has to solve an existing need. It has to fulfill and unmet or underserved need that enough people are willing to pay enough for. And the thing is, this absolutely does not need to be a guessing game. There is a proven method out there that can deliver 80 plus percent success rates as opposed to 80 percent failure rates. And in my mind, an 80 percent success rate is VERY COOL! You just need to identify and solve for those needs that people are willing to pay for having solved.
INDEX:
00:00 - Intro
00:55 - The set up for this week's business tip
01:10 - Some shocking business stats
01:42 - Thomas Edison on Failed Inventions / Innovations
02:49 - Cool Idea Blindness
03:23 - This week's business tip
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