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NOTABLE! Understand These 4 Things To Create A Productocracy

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Empires

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There are 4 different types of businesses that you need to understand to help create a productocracy.

1) Things that people DON'T want and DON'T need

These are the businesses that offer no value and solve no problems. Another fitness blog, another dropshipping website. You will struggle to find success here.

2) Things that people DO want but DON'T need.

These are the fads and trends like the fidget spinner, or the hover board. While you may find success here, it will often be short lived.

3) Things that people DON'T want but DO need.

These are the must haves like car insurance, or gasoline. These types of businesses you will often find that people will go for the cheapest option. It can be a race to the bottom.

4) Things that people DO want and DO need.

This is where you want to be to create a productocracy.

If you offer people something they both want and need, you will have no problem selling it.

To find these businesses you first find the industry, then figure out how to stand out from the competition. You don't need some never been done idea to create a productocracy. You just need to add value and stand out where you know there is already demand that is both WANTED and NEEDED.
 

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cmor16

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2) Things that people DO want but DON'T need.

These are the fads and trends like the fidget spinner, or the hover board. While you may find success here, it will often be short lived.

I agree with most of what you said, however I disagree with this one. This is not limited to fads. This is EVERYTHING beyond basic needs. I don't need new golf clubs/iPhone/watch/etc.......... but I do want them. None of them are fads.

You can find long term success in this bucket and a possible productocracy as evidenced in this forum
i.e. @Likwid24 's paint brush cover is not a really a need, but a nice to have. Painters worked for decades without it.
@Vick with his high end Eight Eyewear sunglasses. Nothing new here really but he built a very solid brand based on an item that people can live without.

There are many more examples right here on this forum, but those 2 came to mind.
 

Empires

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I agree with most of what you said, however I disagree with this one. This is not limited to fads. This is EVERYTHING beyond basic needs. I don't need new golf clubs/iPhone/watch/etc.......... but I do want them. None of them are fads.

You can find long term success in this bucket and a possible productocracy as evidenced in this forum
i.e. @Likwid24 's paint brush cover is not a really a need, but a nice to have. Painters worked for decades without it.
@Vick with his high end Eight Eyewear sunglasses. Nothing new here really but he built a very solid brand based on an item that people can live without.

There are many more examples right here on this forum, but those 2 came to mind.
I see what you're saying, but I think you are looking at needs wrong.

Because a golfer can need new clubs, people do need cell phones, a painter needs to paint and the paint brush cover helps them paint so it helps solve their need to make painting easier, sunglasses are needed to protect your eyes and his high end glasses are wanted. Could people do without these things? Sure. But that doesn't mean they don't need them. The need is defined by the audience the product is for.

So by people needing these things, and them wanting yours, it can become a productocracy.
 
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H:E:A:T

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What about things people did not know that they want it and need it and you make it clear to them (both)? I guess this is also a nice starting point for productocraty though harder to find!

Examples:
- Before railways or plains were invented the people did not know they want it or need it. I mean maybe dream about flying but not about going around the world on a regular base. Railways were considered to burst the brain cause of the speed (like 35 mph). But after testing phase it was HUGE and all knew they needed and wanted it.
- internet: it first was a military invention not for public. But the people realized they wanted and needed it.
- cars: a carriage was standard. why put an engine on a carriage and make it horseless? It was massively expensive. Somehow it was managed that the people realized they want and need it.

So, i guess this is somehow also important for productocraty, or?
 

Empires

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What about things people did not know that they want it and need it and you make it clear to them (both)? I guess this is also a nice starting point for productocraty though harder to find!

Examples:
- Before railways or plains were invented the people did not know they want it or need it. I mean maybe dream about flying but not about going around the world on a regular base. Railways were considered to burst the brain cause of the speed (like 35 mph). But after testing phase it was HUGE and all knew they needed and wanted it.
- internet: it first was a military invention not for public. But the people realized they wanted and needed it.
- cars: a carriage was standard. why put an engine on a carriage and make it horseless? It was massively expensive. Somehow it was managed that the people realized they want and need it.

So, i guess this is somehow also important for productocraty, or?
I think this just falls into the category of things that people want and need. This is where marketing and advertising comes into place to educate consumers. They won't know about your business if you don't tell them about it.

Once consumers know about your business/product.. thats when the productocracy can kick in.
 

ChrisV

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Great post. +1
 

Bhanu

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There are 4 different types of businesses that you need to understand to help create a productocracy.

1) Things that people DON'T want and DON'T need

These are the businesses that offer no value and solve no problems. Another fitness blog, another dropshipping website. You will struggle to find success here.

2) Things that people DO want but DON'T need.

These are the fads and trends like the fidget spinner, or the hover board. While you may find success here, it will often be short lived.

3) Things that people DON'T want but DO need.

These are the must haves like car insurance, or gasoline. These types of businesses you will often find that people will go for the cheapest option. It can be a race to the bottom.

4) Things that people DO want and DO need.

This is where you want to be to create a productocracy.

If you offer people something they both want and need, you will have no problem selling it.

To find these businesses you first find the industry, then figure out how to stand out from the competition. You don't need some never been done idea to create a productocracy. You just need to add value and stand out where you know there is already demand that is both WANTED and NEEDED.
Regarding the last point >> at what level of competition should enter Do want,Do need business ?
There are business opportunity under this category but the competition in them is fierce. It is so intense that it looks like as if it is saturated .

Any idea ?
 

MJ DeMarco

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I agree with most of what you said, however I disagree with this one. This is not limited to fads. This is EVERYTHING beyond basic needs. I don't need new golf clubs/iPhone/watch/etc.......... but I do want them. None of them are fads.

Agreed, you can make a productocracy in WANTS, not just NEEDS. Once our needs are met, we start diving into WANTS... like a $300 pair of Air Jordans or a $200 Supreme shirt.

Nonetheless, great topic.
 

Empires

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Agreed, you can make a productocracy in WANTS, not just NEEDS. Once our needs are met, we start diving into WANTS... like a $300 pair of Air Jordans or a $200 Supreme shirt.

Nonetheless, great topic.

Looking back, I agree with @cmor16 as well. I would add in his quote directly into number 2.

This is not limited to fads. This is EVERYTHING beyond basic needs. I don't need new golf clubs/iPhone/watch/etc.......... but I do want them.
 

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Empires

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Regarding the last point >> at what level of competition should enter Do want,Do need business ?
There are business opportunity under this category but the competition in them is fierce. It is so intense that it looks like as if it is saturated .

Any idea ?
Entering a market shouldn't have too much to do with how much competition there is. If you create a product or service that provides value in some way that is better than your competition, then you have the potential to create something that can be a productocracy. It's just a matter of the execution.
 

100k

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There are 4 different types of businesses that you need to understand to help create a productocracy.

1) Things that people DON'T want and DON'T need

These are the businesses that offer no value and solve no problems. Another fitness blog, another dropshipping website. You will struggle to find success here.

2) Things that people DO want but DON'T need.

These are the fads and trends like the fidget spinner, or the hover board. While you may find success here, it will often be short lived.

3) Things that people DON'T want but DO need.

These are the must haves like car insurance, or gasoline. These types of businesses you will often find that people will go for the cheapest option. It can be a race to the bottom.

4) Things that people DO want and DO need.

This is where you want to be to create a productocracy.

If you offer people something they both want and need, you will have no problem selling it.

To find these businesses you first find the industry, then figure out how to stand out from the competition. You don't need some never been done idea to create a productocracy. You just need to add value and stand out where you know there is already demand that is both WANTED and NEEDED.

How do you stand out though?

Give me 10 examples.

Go.
 

Manfern

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Old topic and still relevant.
I even think it's easier to sell what people want and curious about because people not aware of their needs sometimes and many of them very basic, wants is also connected to desire to own, so it's more about material things and you deal with more successful people who are doing good and not trying to survive and can pay more, so I don't agree that people will go with cheapest price cause they will not get quality product for this of money.
 
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