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Perfect toll, turnstile...prospect as product...and DEMAND and SUPPLY.
While I'm in Ohio, I'm cleaning out my lockers.
Today, let's talk about SUPPLY and DEMAND. You must watch the Shark Tank, it gives valuable lessons.
The late Gary Halbert said, "find a starving crowd and build your hamburger stand there".
It was his way of saying look for a DEMAND...then be the SUPPLY.
I regularly listen to the many hours of audio I recorded with Harvey Brody and two of my favorites are on this subject...DEMAND first...then supply.
The shark tank TV show has shown us how inventors, Entrepreneurs and people coming on the show seeking funding have for the most part...absolutely fallen in love with their product.
It takes the Sharks about 30 seconds or less to determine if there is a real DEMAND and how big that DEMAND might be for any given idea tossed their way.
So, in looking for the perfect product or service to offer; you want to look at the DEMAND side and see how it is being currently supplied (or not).
We (Harvey and I) identified what I consider to be the PERFECT product...and if you have read my report; The Prospect as Product, you already know what it is.
The perfect product with the longest demand going, back thousands of years is
And if you will allow me just a little leeway here, the perfect product has been and will continue to be:
Not in the self improvement sort of way you might find in that section of a bookstore, although that is a big part of it...
but that which helps people advance or improve their lives in some way.
And much of this demand is for escape too...which is a way millions "feel" they are improving their condition, or mental state...via drugs, alcohol, tobacco and addictions of all sorts.
Alcohol sales are booming, tobacco, especially the roll your own market is booming, drugs, both recreational and prescription are booming.
Because they fit into this (although in my opinion in a negative way) fit into this SELF, it really is all about me, market place.
But let's look at some positive sides to this today.
Here's a story you should glance at:
It is a story regarding the sale of Blackboard for 1.64 Billion dollars in cash. Blackboard is an EDUCATION company as is Providence Equity Partners.
See? The DEMAND for education, training, self-improvement is absolutely UNLIMITED.
Consider all the Internet Marketing offers being made to people looking for ways to make extra money or to get rich even...they tap into this unlimited DEMAND, because what a Biz-Op seeker is really looking to do is
...to improve his/her lot in life...and the thinking goes that more money equates to more opportunity to satisfy the self, the carnal desires as well as physical, mental and in some cases, even spiritual ones.
The pefect product is one which taps into this unlimited demand and offers a LIFETIME VALUE of substantial profits.
Think of this; my father when he was alive, and large numbers of his, the Greatest Generation, belonged to an organization, like the VFW, or Moose or even the NRA.
Today, the 800 pound gorilla in the halls of congress is AARP, with millions of dues paying members, most of whom stay members until they die.
Is that a perfect product or what? Yet, AARP was just an idea in one woman's head many years ago...until she acted upon it.
What does AARP offer? Information, training, education all through their newsletters and many joint venture partners...self preservation.
Here in Akron, OH, our 800 pounder is University of Akron, which dominates the downtown area. Once it was a vibrant shopping area, today, it is a sprawling campus with tens of thousands of students and support people.
And what do they sell? EDUCATION (some today may say false hope) and self improvement which leads to a career or job track.
hard back and paperback books
offer people the opportunity to share personal information...they share the SELF
I wrote in 1996 the Internet would evolve to a place where people were less concerned about finding information and rather, it would be a platform where they could themselves be found...where they had a voice.
Expression of self is a fundamental want and desire and anything you can do to help these people, that is, if you develop products to help people express and/or grow the SELF...you'll be doing OK.
So, the PERFECT product to develop, create, acquire is one that is all about them and not about you.
The sharks go into a bidding frenzy when they see a product which actually meets a high DEMAND in the market place...when the product makes the life of the consumer...
or in other words when it is all about them and not about you.
For me, EDUTAINMENT that is, education and entertainment, has always been one of those evergreen high demand areas I look to for inspiration.
So, what can you DO for me today? Answer that, and answer to the target population you want to tap into...and you'll probably come up with some pretty good ideas.
On a side note, those of you that have found products, and have secured the rights to them even...probably have discovered why the product was abandon in the first place...they put the cart (themselves) before the horse (the market and it's DEMAND).
Anyone care to expand or comment the thread?
Gordon Jay Alexander