Looking for an honest critique of my idea

[MapsandMeanings]

Hello,

After years of selling on Amazon, I wanted to branch off using my best selling product as the anchor. After reading TMF , it changed my way of thinking as I wasn't meeting any of the commandments. Anyone could open a site similar to mine and there was no need. I wanted to incorporate and push digital products in an effort to scale but it all went back to what is the need and how does this serve the masses.

After completed TMF I realized that a lead generation service would benefit the niche but also an accounting/inventory management software would serve the niche as well. I guess I'm stuck as to which one do I choose or do I look at doing both?

A mentor of mine promotes the idea of "product/service stacking." If I were to apply it here, this is what the site/service would provide:

• Physical products to purchase
• Digital downloads to purchase
• Ability for the site to become a marketplace for similar people in the niche
• Lead generation service
• Accounting/inventory software

Would love some thoughts and honest opinions on this.

Thank you for your time!

 

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[100k]

What does your customers want? What are they prepared to pre-order because they need that solution so badly!?

Don't know.... start by speaking with them. We are not your target market. We don't freaking know what the heck they want or need. Phone them up, say that you are looking to create products that can help make their work life much easier, do they have 10 min. to have a quick chat about what problems or daily/weekly tasks frustrates the heck out of them!?

"Jobs to be done". Google it.

When you know what jobs they need done and WHY they need it done, then you'll be able to help them solve their problems.

You can have 2 pizza restaurants next door to each other and never actually compete.

Because 1 makes fast food pizzas for people that need something quick, tasty and filling for an affordable price.

And the other one makes authentic pizzas in a stone oven, delivered with authentic Italian wine in a an romantic scenic environment.

One group of customers just need something quick to eat. And that's the job the first restaurant does.
The other group of customers want somewhere romantic to celebrate a special occasion and the other restaurant does that job.

Fascinating stuff... I know.... go check that shit out and go speak with your potential customers. Find out their pains, needs and their "WHYs". And find out the "jobs" they want done.

Is NOT competing with.....

 

[MapsandMeanings]

Your 1000% right. I appreciate the information you provided.

 

[inputchip]

Hey @FrankD80 I would tend to challenge your mentors mindset. Too many companies fail trying to grow too big too fast without understanding what does their customer actually need. Instead I would take a more of a laddering up approach.

1. Rung One Create a Minimum Viable Audience (MVA)

a. Goal: 2,000 email subscribers in the first 3-6 months

b. Purpose: understanding what makes the market tick (become obsessed with the ideas,
concepts, phrasing, formatting and presentation of ideas to a specific audience in a way
that gets them to subscribe)

c. Keys to hitting your goal:

1. Start by building an audience, not creating a product (your interaction with your
audience will dictate the product you create)
2. Identify your passion instead of wasting time on market research
3. Pay attention to which ideas and concepts are taking hold with your audience
(comments, shares, clickthroughs, etc) and how they’re responding to your calls
TO action (if you can’t get 2,000 people to follow your blog, you won’t get them to
buy your product)
​

2. Rung Two Create a Product and Start Selling

a. Goal: 6 figure annualized revenue in 12 months (by month 15)​

b. Purpose: leveraging the market knowledge gained in Rung One to monetize your
audience while continuing to serve them

c. Keys to hitting your goal:

1. Follow ‘The Rule of Five Ones’ keep things MANAGEABLE with a combination
one of each of the following:

a. Create one product/offer (recommended: webinars; also software,
membership site, coaching program, shipped physical product)

i. Create a product you’d go to bat for, one that you feel really
comfortable with
ii. Create an offer around the product: (what is the guarantee?
The payment plan? Bonuses? Price point?)
​

b. Create one conversion mechanism that you can tell the world about
(sales pages, launches, sales videos, webinars, etc what you
personally buy from)

c. Create one traffic source, that reliable buys via your conversion process
(SEO, partnerships, pay per click choose one that is authentic to you)​

These tips should get you well on your way to a successful business. The next ladder rung is to scale. Note that these tips are based on SPI podcast episode 263.

 

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[MapsandMeanings]

Hey @FrankD80 I would tend to challenge your mentors mindset. Too many companies fail trying to grow too big too fast without understanding what does their customer actually need. Instead I would take a more of a laddering up approach.

1. Rung One Create a Minimum Viable Audience (MVA)

a. Goal: 2,000 email subscribers in the first 3-6 months

b. Purpose: understanding what makes the market tick (become obsessed with the ideas,
concepts, phrasing, formatting and presentation of ideas to a specific audience in a way
that gets them to subscribe)

c. Keys to hitting your goal:

1. Start by building an audience, not creating a product (your interaction with your
audience will dictate the product you create)
2. Identify your passion instead of wasting time on market research
3. Pay attention to which ideas and concepts are taking hold with your audience
(comments, shares, clickthroughs, etc) and how they’re responding to your calls
TO action (if you can’t get 2,000 people to follow your blog, you won’t get them to
buy your product)
​

2. Rung Two Create a Product and Start Selling

a. Goal: 6 figure annualized revenue in 12 months (by month 15)​

b. Purpose: leveraging the market knowledge gained in Rung One to monetize your
audience while continuing to serve them

c. Keys to hitting your goal:

1. Follow ‘The Rule of Five Ones’ keep things MANAGEABLE with a combination
one of each of the following:

a. Create one product/offer (recommended: webinars; also software,
membership site, coaching program, shipped physical product)

i. Create a product you’d go to bat for, one that you feel really
comfortable with
ii. Create an offer around the product: (what is the guarantee?
The payment plan? Bonuses? Price point?)
​

b. Create one conversion mechanism that you can tell the world about
(sales pages, launches, sales videos, webinars, etc what you
personally buy from)

c. Create one traffic source, that reliable buys via your conversion process
(SEO, partnerships, pay per click choose one that is authentic to you)​

These tips should get you well on your way to a successful business. The next ladder rung is to scale. Note that these tips are based on SPI podcast episode 263.

Fantastic advice. Yes I agree with reference to my mentor. Other individuals I have seen build their audience wisely then release their product have been successful because they uncovered their needs. Similar to the individuals that launch these Amazon seller services. They see day in and day out the struggles and they created the solution.