GordonJ
March 21, 2011, 06:21 PM
The NUMBER ONE mistake almost every would be marketer makes.
I know this from three sources:
One, when I was a product reviewer at Suarez Corporation Industries, I spoke to scores of inventors and product submitters and when I asked what the “market” was for their product...about 95% of them said EVERYONE. I knew then.
Even Ben Suarez had this “love of a product” which caused him to spend thousands of dollar publishing a book of money tables because he thougth EVERYONE would want one...he never sold a single book. NOBODY wants this stuff.
Two, in the last 15 years of being online I've dealt with hundreds of people who have ideas for a business and/or money making venture. 90% of these people have never gotten around to it...
Three, in the last couple of years, in my personal one to one coaching program, I've taken people through a process, one which I've shared on many occassions and I'll reshare it today...
a process which helps them find and locate a buying market for their product or service...
So, the BIGGEST MISTAKE made is:
There is not a clearly defined MARKET of buyers with ready funds, who WANT the product...and along with this, very few people understand the biggest expense in these ventures is the COST of Customer Acquisition.
And there you have the number ONE reason for floundering, failure and frustration in marketing, either online or off.
So, the solution?
I'll give you the exact process I take my coaching students through.
Write out a ONE page paper (I call it a hotsheet) that defines what you think you want to do. ONE page.
Then, write out a Four Page White Paper which answers the questions:
Who is the market? Where do you find them? How do you promote to them? What exactly will they be buying and what is the process of the transaction?
Four Pages.
So far, so good. Most people can get this done in a day or two or week. But then, I ask questions.
And have them redo this four pages with the answers to my new questions.
THEN, they write out a 10 page Special Report/Business PLAN which gets much deeper into the concept.
They have to clearly identify the market. Show what else they buy, when? Where? How?
They have to project sales one year into the future, have to flesh out product ideas, and transactions.
The fastest has been about 10 days, most people need almost a month or more and I keep asking questions to get them to hone in on the concept and see it with REALISTIC eyes, from a marketing standpoint and take some of that fantasy thinking out of the equation.
When you fall in love, you are blind...and if you have an idea or concept you love, you need to have a pair of experienced eyes take a look at it and see some of the “ugliness” of the project.
I believe that failure to clearly identify a REACHABLE MARKET is the number one cause of failure in marketing, either online or off.
Tell me, “Everyone will want one.” And I'll respond, “Have a nice day and GOOD BYE!”
Gordon Jay Alexander
I know this from three sources:
One, when I was a product reviewer at Suarez Corporation Industries, I spoke to scores of inventors and product submitters and when I asked what the “market” was for their product...about 95% of them said EVERYONE. I knew then.
Even Ben Suarez had this “love of a product” which caused him to spend thousands of dollar publishing a book of money tables because he thougth EVERYONE would want one...he never sold a single book. NOBODY wants this stuff.
Two, in the last 15 years of being online I've dealt with hundreds of people who have ideas for a business and/or money making venture. 90% of these people have never gotten around to it...
Three, in the last couple of years, in my personal one to one coaching program, I've taken people through a process, one which I've shared on many occassions and I'll reshare it today...
a process which helps them find and locate a buying market for their product or service...
So, the BIGGEST MISTAKE made is:
There is not a clearly defined MARKET of buyers with ready funds, who WANT the product...and along with this, very few people understand the biggest expense in these ventures is the COST of Customer Acquisition.
And there you have the number ONE reason for floundering, failure and frustration in marketing, either online or off.
So, the solution?
I'll give you the exact process I take my coaching students through.
Write out a ONE page paper (I call it a hotsheet) that defines what you think you want to do. ONE page.
Then, write out a Four Page White Paper which answers the questions:
Who is the market? Where do you find them? How do you promote to them? What exactly will they be buying and what is the process of the transaction?
Four Pages.
So far, so good. Most people can get this done in a day or two or week. But then, I ask questions.
And have them redo this four pages with the answers to my new questions.
THEN, they write out a 10 page Special Report/Business PLAN which gets much deeper into the concept.
They have to clearly identify the market. Show what else they buy, when? Where? How?
They have to project sales one year into the future, have to flesh out product ideas, and transactions.
The fastest has been about 10 days, most people need almost a month or more and I keep asking questions to get them to hone in on the concept and see it with REALISTIC eyes, from a marketing standpoint and take some of that fantasy thinking out of the equation.
When you fall in love, you are blind...and if you have an idea or concept you love, you need to have a pair of experienced eyes take a look at it and see some of the “ugliness” of the project.
I believe that failure to clearly identify a REACHABLE MARKET is the number one cause of failure in marketing, either online or off.
Tell me, “Everyone will want one.” And I'll respond, “Have a nice day and GOOD BYE!”
Gordon Jay Alexander
