1. Delight your target consumer
DO focus on creating items that actually address the needs and pain points of your target consumer
Meet and exceed your needs
DO create fans, not just customers
DO NOT focus on internal issues
– Can you precisely define your target market and what motivates them?
– Does 50% of your target audience say they would definitely or probably buy your product?
2. Make sure it’s profitable from the start
DO screen ideas for earning potential at the idea stage
DO rework ideas ahead of time to address any profitability issues
DO NOT follow a flawed business model
– Does my article produce lucrative gains and losses in total and per unit?
– Do I have a viable business in Year 1 and “Year 3”?
3. Select and refine ideas
YES choose the best among several ideas
DO challenge and refine good ideas to make great ideas
Find feedback from your target consumer and development resources
STRIVE to exceed expectations, be different, be better
DO NOT jump to an answer
– Is this among our best ideas 1 in 3 or 1 in 5?
– “What could make this even better?”
4. Position and clarify the product idea
BE SURE to clearly articulate what it is, what it does, and how it benefits your consumer
YES assume full responsibility that your customers (business and consumer) understand their benefits
BE different and superior
DO NOT miss any opportunity to accurately tell your story (for example, every touch point)
– Can you explain your concept in 5 words or less? Do customers (trade and consumer) understand and respond to your idea?
– Are you different and/or superior?
– Do you have a compelling profit story for trading?
5. Keep your marketing frugal, focused, and fact-based
Identify your business goals before spending anything
DO compare and choose between alternatives (providers, programs, methods)
YES quantify the productivity and efficiency of your programs
NOT “just do it”
DO NOT overlook low-cost and no-cost PR opportunities
– Does this plan/program meet my business objective?
– What is the return on investment? Is there a more efficient option?
– Is this program fully leveraged and consistent?
6. Perfect your business model
DO keep, measure and continuously improve a test market
TEST and refine your product mix, pricing, and sales and marketing tactics
TRACK and improve earnings performance
DO NOT measure progress by total sales growth alone
– Have you identified a small market in which you can monitor your business model?
– What is your P&L performance in this small market?
– Are you continually testing and improving performance?
– Can you expand your best business model?
7. Outperform the greats
MONITOR and react to consumer feedback
Identify and own your niche
DEVELOP new products faster
DO NOT compete directly with them where they are strongest
– Do you have/can you own your niche?
– Can you meet the needs of the market and the gaps that the big guys consider ‘too small’?
– Can you incorporate feedback for more new and superior products?