Thread by @MasterLui_

Building a successful product.

8 actionable steps.

[THREAD]

#MasterLuiMBA
#ProductDevelopment
#Entrepreneurship

Before we get into it I just want to say that this is a collection of my lessons/mistakes & years experiences.

This is not to be used as a copy & paste, but more of a guideline & game that you must contextualize for your situation.

Extract the principles in the text.

Cool!

1. This is key. The first step is accepting that you're going to be in this for the long haul. This is why it doesn't help selling fads unless finding new fads is your strategy.

Know alot about the market but more importantly the [Psychology] of how people in it consume.

I've learnt that alot of selling is understanding the patterns and rhythm of how people are organised. You don't want to create a product & have to create a new rhythm of consumption too.

Pick a place & stick with it.

Oh here is a pic of a fad. 😅😅

2. Find a designer to work with and one that you will work with long term. Alot of people underestimate this but product development is alot about design.

The fonts, colours & precision is important. How the product looks also determines your price point you will sell at.

Make sure you set out to build a brand and not just a product. Sure it might take longer to build a brand, but a brand holds equity (it creates its own rhythm of consumption) that people willl spread for you like a cult later.

Great Brands last longer than great products always

Difference between a great brand and a great product.

3. In this day and age, it is easy to find manufacturers. They will also be willing to make samples for you if you ask.

Don't get sucked into producing product too soon.

Remember, sales people are ALWAYS ready to take your money & not care about helping you win.

4. The mistake we made initially was focusing too much on product development and little on marketing.

I've learnt the hard way that when it comes down to marketing, David beating Goliath is an ANOMALY!

Market as MUCH as you can with all that you have.

5. A simple way to to nowadays is to get an online store going & pre sell from there, this allows you to test the response to your marketing efforts.

Once you see responses, get some product to fulfill orders. Make sure you get small quantities first. Manufacturers will always talk shit about MOQs (Minimum order quantities) & so make sure you ask manufacturers what their MOQs are from the get go.

Make sure you assess the response from your product. If you have a shitty product, make sure you take the advice & ammend what you have. Don't be angry at customers for not buying your shitty product.

A good indicator of you doing it right is

1. Repeat sales
2. Word of mouth

I knew we had something the moment someone sent me this video of our product at work.

The moment people can sell your products without you being there, you have gold. This takes time though.

We weren't perfect here but we had a product, it worked & people loved it.

7. When you've gotten the training wheels right it's time to go higher. Approach retailers after some traction & experience.

Be aware of your margins and knkw distribution partners also eat into your margins (around 15%). This is why premium products are better.

8. As soon as you get one yes make sure you raise investment for MARKETING.

This is a costly mistake we made when we went from 5/6 stores to 180 stores overnight. We didn't have the budget to sell products in store.

Do NOT underestimate this guys please!!! Marketing is NB!

9. For those that stuck around, making a few sales isn't much. Plan to get rich.

The aim is to sell millions of your product, that's how great brands do it. It isn't easy but don't get into this dirty game to make peanuts.

Get stupid rich.

DO NOT UNDERESTIMATE THE MARKETING!

Also did a video that spoke to mistakes I made:

If you enjoyed this thread, kindly RT for someone who might need. It.

Now go win and get rich.

https://twitter.com/MasterLui_/status/1380045854971727872?s=19

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