Product vs. Brand

[Desolation Row]

Hello,

I have an idea for a physical product for a niche (Architects). It's a small item and relatively easy to produce, After getting some quotes from manufacturers I could produce them for about 2-3 € a piece. The sale price possibly would be in the 15-25€ range. I already started to make a design for the prototype.

This is where my doubts started kicking in... As it's a pretty small item and probably more of a want, than a need, I'm not sure if this Idea is something I should go for, or if it would be possibly better to start building a brand with something more substantial that has more magnitude and impact.

Has any of you had similar doubts?

I would love to hear your opinion on this
Thank you so much,
Marcel


P.S I posted my introduction last week if someone would like to have a bit more background info.

 

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[Kung Fu Steve]

Hello,

I have an idea for a physical product for a niche (Architects). It's a small item and relatively easy to produce, After getting some quotes from manufacturers I could produce them for about 2-3 € a piece. The sale price possibly would be in the 15-25€ range. I already started to make a design for the prototype.

This is where my doubts started kicking in... As it's a pretty small item and probably more of a want, than a need, I'm not sure if this Idea is something I should go for, or if it would be possibly better to start building a brand with something more substantial that has more magnitude and impact.

Has any of you had similar doubts?

I would love to hear your opinion on this
Thank you so much,
Marcel


P.S I posted my introduction last week if someone would like to have a bit more background info.

As always, the most annoying answer in the world: "it depends"

It depends on your goals, it depends on what you're after, it depends on what you want to do.

If I'm just going to make the assumption you want a big business,... rarely do businesses do big numbers with just 1 product.

They have a suite of products that solve more than 1 problem for their customer. I personally believe the biggest mistake most business owners make is they fall in love with their product, instead of falling in love with their customer.

If you are in love with architects, this product should be a good start to that. From there, solve the next issue, the next challenge. Create more products and really serve that audience.

In other words, yes, the "brand" should encompass multiple products.

P.S. Everyone has doubts, don't let them dissuade you!

 

[Desolation Row]

They have a suite of products that solve more than 1 problem for their customer. I personally believe the biggest mistake most business owners make is they fall in love with their product, instead of falling in love with their customer.

If you are in love with architects, this product should be a good start to that. From there, solve the next issue, the next challenge. Create more products and really serve that audience.

Wow, thank you for your response. I'm not sure if I'm too fond of serving architects after my past experiences. It makes me wonder if I'm just still caught in my "personal bubble" and should broaden my perspective.

 

[Edgar King]

If you are in love with architects, this product should be a good start to that. From there, solve the next issue, the next challenge. Create more products and really serve that audience.

This makes so much sense haha. When you really know your audience intimately, their pain points and what they've done to solve them, you're more attune with them. It then makes sense to make more value adding products for them as of when needed. Rather than moving to completely different fields, go deep, not wide.

Thanks!

 

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[Xeon]

Start now to get traction and build confidence. You can always diversify later.

 

[Spenny]

I think its not so much if it starts with magnitude & impact, but its where it can get you to next. The experience, working with customers can expose a desperate need. The first idea doesn't have to be the money machine, but it certainly gets you started.

 

[Kung Fu Steve]

Wow, thank you for your response. I'm not sure if I'm too fond of serving architects after my past experiences.

Would this product ONLY be valuable to architects?

Originally the thigh master was a rehabilitation device repurposed into a fitness craze.

There are many other examples of the same product repositioned in a different market. I don't know what your product actually is but would it be beneficial to artists? painters? hobbyists? Maybe you don't need to target architects per se, but professionals... engineers... designers...

It makes me wonder if I'm just still caught in my "personal bubble" and should broaden my perspective.

I know someone in the coaching world who was a little apprehensive to charge (what he thought) was a high amount... but I shared some industries where they were paying 4-5x what he was charging -- on the low end!

Maybe it IS time to start looking at who else does this type of work and who else you could serve in the same manner.

 

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[Desolation Row]

Would this product ONLY be valuable to architects?

Originally the thigh master was a rehabilitation device repurposed into a fitness craze.

There are many other examples of the same product repositioned in a different market. I don't know what your product actually is but would it be beneficial to artists? painters? hobbyists? Maybe you don't need to target architects per se, but professionals... engineers... designers...



I know someone in the coaching world who was a little apprehensive to charge (what he thought) was a high amount... but I shared some industries where they were paying 4-5x what he was charging -- on the low end!

Maybe it IS time to start looking at who else does this type of work and who else you could serve in the same manner.

I think in its current form it's really just valuable for architects -
But I think it would be a place to start and try to build a larger target group like @Spenny and @Xeon mentioned.

I recently finished 100M $ Leads by Alex Hormozi, and it made me think about my initial idea (no starving crowd, Architects have small margins and in my experience are extremely picky customers).

I have another idea for a completely different target group (hotel owners) - I see a burning problem but I'm not sure if I really can solve it -- maybe I should try to come up with an MVP for both ideas and have a look at the responses?