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Getting Started - Ready, Fire, Aim: Stage 1 (0-$1M)

illmasterj

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I'm also sure he's not the only person to read Michael Masterson's summary of the starting stage of any new entrepreneur's journey and dismiss it as being too basic.

Too basic!? I'm having trouble getting back to providing less services rather than more. Most of my clients want the "full stack" of marketing, but you and I both know you can't be an expert in everything, not to mention it becomes increasingly hard to scale when you offer 25 different services.

Who can improve this conversation?

Client: "Hey illmasterj, can you help us out with this quick task?"
Illmasterj: "Well, I have the technical skill to do so, but I'm really trying to not do anything out of the scope of our core services, even though it builds good customer service and makes my company look good."
 
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MakeItHappen

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So a bump for a question on this book and maybe a discussion:

Michael Masterson says that you can (and he even recommends it in case you have no idea what else to pursue product-wise) do me-too products first and then come up with new ones (that generate the main profit. the frontend products are part of sales funnel and should pull in costumers). He also recommends to look up "hot" products in the market. So he's recommending to go into a highly competitive market or a market that is hot. So others on this forum recommend this too but add the fraction : "always add value" (comes up everytime in relation to FBA and doing a product in a highly competitive niche. Guys like bio always say: go, do it, as long as you add value (or a zipper, or another colour or and so on and so forth))

I think that the opinion of masterson is a totally different one in comparison to MJ's regarding new products/innovation?

I want to ignite a discussion and are totally open to other opinions! In case I got something wrong please tell me...


Go for it! :)
Wasn't Masterson talking about me-too products with a USP, something that you do different from the other products (which can be viewed as a value add)?

Remember that you can also add value by being cheaper than the competition. If you goal is to just break even on the front end and your competition wants to make a profit on the first order this could work.

Also remember that Masterson has a direct marketing/direct mail background which is quite different to the amazon fba businesses most people are starting today. You might have to tweak his strategy depending on the distribution channel you want to use.
 

#nowhere

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Wasn't Masterson talking about me-too products with a USP, something that you do different from the other products (which can be viewed as a value add)?

Remember that you can also add value by being cheaper than the competition. If you goal is to just break even on the front end and your competition wants to make a profit on the first order this could work.

Also remember that Masterson has a direct marketing/direct mail background which is quite different to the amazon fba businesses most people are starting today. You might have to tweak his strategy depending on the distribution channel you want to use.

USP, in his opinion is, to have at least different marketing if your product doesn't have any distinction area.

Thank you for remembering me that I've to take into account the Message's sender.
 

ZCP

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I got that if you don't know what to do, copy the others in your market to get started. Whether that be advertising types or product features. I think his point was DO NOT let it hold you up from selling one!

Once selling, then you can get feedback and make changes..... to the marketing or possibly to the product.
 
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Yussef

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From Michael Masterson's book "Ready, Fire, Aim".


Stage One - Infancy (Zero to $1M in annual revenue)


Main Problem:
  • You don't know what you're doing. (lol... I can relate)

Main Challenge:
  • Making the first profitable sale.

Main Opportunity:
  • Continuing to sell until you have achieved a minimum critical mass of customers.

Skills needed:
  1. Getting things going.
  2. Selling.

My notes:
  • You're trying to find a product that people need and are willing to pay for, then find the Optimum Selling Strategy (OSS) for that product.
  • Once you're selling profitably, then focus on that product and scale, scale, scale.
  • Stage 2 is when you plateau with this product and then start building other products to sell to your customer base.

Can't argue with a proven concept. The sample audio on Amazon for this book will suck you in. Nice.
 
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Ryllban

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Scot

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Just downloaded the audio book. Thanks for the recommendation. I needed a new listen after the 5th replay of TFM haha
 
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JasonR

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Michael Masterson says that you can (and he even recommends it in case you have no idea what else to pursue product-wise) do me-too products first and then come up with new ones (that generate the main profit. the frontend products are part of sales funnel and should pull in costumers). He also recommends to look up "hot" products in the market. So he's recommending to go into a highly competitive market or a market that is hot. So others on this forum recommend this too but add the fraction : "always add value" (comes up everytime in relation to FBA and doing a product in a highly competitive niche. Guys like bio always say: go, do it, as long as you add value (or a zipper, or another colour or and so on and so forth))

I think that the opinion of masterson is a totally different one in comparison to MJ's regarding new products/innovation?

I want to ignite a discussion and are totally open to other opinions! In case I got something wrong please tell me...

I don't think what MJ is saying in his book is to ONLY pursue new products that are super innovative or that don't exist. What he IS saying is you need to provide a GOOD product that does deliver value. Even if thousands are selling similar products.

At the Fastlane Summit in '15 MJ talks about how he believes in product based businesses. He used a local pizza/Italian restaurant (Oregano's in the Phoenix area) as an example. They make EXCELLENT pizza. They are always busy and have a long wait on weekends. Sure, you could get Dominos, but it's not an Oregano Pizza.

I don't think Masterson is saying sell the exact same crappy Chinese kitchen gadget everyone else is doing. What I took from it as look for MARKETS and that products that are dominating. Can you do it better? Can you do it more efficiently? Do you have a strategic advantage that others don't? Can you market it more effectively?

I think so many aspiring entrepreneurs get caught up in doing something that no one else is doing, that they think the market wants, only to work on it for 2 years and realize no one wanted their contraption/gadget/software.

Start with a MARKET. Look at what people are already buying - what people ALREADY want. Innovate if you can, but you must find some sort of strategic advantage or become a master of whatever it is you're doing.

Millions have been made on "me too" products, so don't necessarily be afraid of them. Always look for an advantage, and what additional value you can offer. So you want to sell pizza? Make it the BEST pizza with the FRESHEST ingredients people have ever tasted. Or, have the FASTEST delivery time than anyone else. Or do both if you can. Are you getting the picture...?

You will read in Masterson's books that USPs are very important. You need one to outlast the competition and dominate your industry. There are millions of "me too" products waiting to be improved upon and sold to the masses. My first successful product was a "me too" product with a very unique spin, and it sold extremely well.
 

Andy Black

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Start with a MARKET. Look at what people are already buying - what people ALREADY want.
^^^ This.

In this podcast, they give a great definition of a market as being "a demonstrated cashflow". People *already* spending money. You don't have to sell the same thing they are buying - you can attach yourself to that demonstrated cashflow.

e.g. for me, businesses spend well North of $100,000,000 per day on AdWords. As an AdWords consultant/agency/freelancer, I'm attaching myself to that demonstrated cashflow. Businesses are already dipping their hand in their pocket to spend with Google, and sometimes they will hire someone to get better ROI on that spend.

Shopify Ninjas helps people who are paying for Shopify. They're following a demonstrated cashflow.
 

JokerCrazyBeatz

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It took me soooooooooooooooooooooooooo long to understand this thread , longer then im willing to admit.

But now i see how genius it is . And now im on my way
 
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Deceiver

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I don't think what MJ is saying in his book is to ONLY pursue new products that are super innovative or that don't exist. What he IS saying is you need to provide a GOOD product that does deliver value. Even if thousands are selling similar products.

At the Fastlane Summit in '15 MJ talks about how he believes in product based businesses. He used a local pizza/Italian restaurant (Oregano's in the Phoenix area) as an example. They make EXCELLENT pizza. They are always busy and have a long wait on weekends. Sure, you could get Dominos, but it's not an Oregano Pizza.

I don't think Masterson is saying sell the exact same crappy Chinese kitchen gadget everyone else is doing. What I took from it as look for MARKETS and that products that are dominating. Can you do it better? Can you do it more efficiently? Do you have a strategic advantage that others don't? Can you market it more effectively?

I think so many aspiring entrepreneurs get caught up in doing something that no one else is doing, that they think the market wants, only to work on it for 2 years and realize no one wanted their contraption/gadget/software.

Start with a MARKET. Look at what people are already buying - what people ALREADY want. Innovate if you can, but you must find some sort of strategic advantage or become a master of whatever it is you're doing.

Millions have been made on "me too" products, so don't necessarily be afraid of them. Always look for an advantage, and what additional value you can offer. So you want to sell pizza? Make it the BEST pizza with the FRESHEST ingredients people have ever tasted. Or, have the FASTEST delivery time than anyone else. Or do both if you can. Are you getting the picture...?

You will read in Masterson's books that USPs are very important. You need one to outlast the competition and dominate your industry. There are millions of "me too" products waiting to be improved upon and sold to the masses. My first successful product was a "me too" product with a very unique spin, and it sold extremely well.

[HASHTAG]#goldpost[/HASHTAG] ?

I think a lot of people starting out will find this post absolutely helpful and should read this (me at least).

I personally thank you @JasonR for giving me more clarity.
 

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