The most powerful concept in product marketing is inertia:
People, generally, continue to do what they're already doing.
(Or, they keep "not doing" what they're already not doing. 😉)
In my experience, it's not worth chasing prospects who aren't already making an effort.
You want self-motivated customers: folks who are hungry for a solution.
"F*ck this, I'm fixing [this problem] today."
"Inertia" explains why the podcasting industry saw a huge bump during the initial lockdown.
Folks were like: "OK! Now's the time. I'm finally going to start that podcast I've been dreaming about."
The lockdown disrupted them. It gave them the momentum they needed.
Questions to ask when exploring a new market:
1. Are they searching for what you're thinking of building? 2. How do you know? What evidence do you have? 3. How motivated are they? How willing to pay? 4. Are they already convinced they "need X," or do they still need convincing?
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Nothing gives indie founders a better quality of life than recurring revenue. 🥰
The only thing that compares is a one-time sale product (course, book, downloadable software) that does massive revenue when it launches, and then consistent sales in the years that follow.
(Without needing a lot of re-launching, complex sales funnels, or CPC ads)
The risk with one-time sales is you can have a reasonable launch ($10k - $30k) but then have it peter out.
Then, it's like squeezing juice from a squeezed lemon. 🍋
But, if you get a really good launch ($100k - $500k) you have the margin to figure out how to make it sustainable
On Sep 12, 2012, @kylefox sent me a DM that changed my life forever.
It resulted in me changing my career, earning more money, meeting most of my current friends, growing an audience online, and (ultimately) building @TransistorFM.
Kyle asked if I wanted to start a podcast.
I should mention: Kyle and I had only hung out a few times in-person.
I'd recently moved away from Edmonton, and hadn't talked to him in a few months.
If he hadn't taken the initiative to reach out, my life might have turned out a lot different! 😜
Initially, we thought it'd be a podcast about Product Management (we were both PMs at the time).
But, it quickly became clear that we were both interested in building and launching our own products.
🙅♂️ "Build a product in a popular market."
🙅♂️ "Build a product in a market with lots of competitors."
🙅♂️ "Build a copycat when you notice a product doing well."
First, let's get some semantics out of the way.
When I talk about a "market" I'm describing *the sum of demand* for a particular thing:
1) Number of potential customers 2) How much they spend 3) The frequency at which they buy 4) Their willingness to pay
(Hat tip to @alanklement for the concept of "willingness to pay")