Two New Concepts I have found that seem promising in finding value for your customers, quicker and more efficiently.
- (in marketing) an innovation, service, or feature intended to make a company or product attractive to customers.VPD – FitYou can achieve fit when customers get excited about value proposition, which happens when you address important jobs, alleviate extreme pains, and create essential gains that customers care about. Fit is hard to find and maintain. Striving for fit is the essence of value proposition design.Man I work hard x4
It ain’t no gain (no pain no gain) (ain’t no gain without bein’ no pain) x3
Man I work hard– wiz khalifa “No Gain”Dane Maxwell, founder of The Foundation, whose Value Proposition is a 6 month exclusive one-on-one teach service that educates you on his “Pain before Product” idea called Idea Extraction.How many times have you watched Shark-Tank or Dragon’s Den or look around your room for the meaningful things you have bought. The Essential things. A suit for a wedding, a suit for funeral, a Macbook Air for portability, shorts and sandals for vacation. Most of what you actually have is supply thinking: 10 pairs of shoes, Xbox, Xbox360, Xbox One, PS1,2,3,and 4, etc.Alot of this can be eliminated with some patience. But this is the material world we live in.The things you keep relieve deep pain. Ice cream marketers love breakups.My product perspective has changed reading these two modes of thought and hopefully lights the lamp in your mind too.Dane Maxwell is someone I just ran into on recommendation from a colleague, and its a shift in thinking that I have heard from entrepreneurial experts and entrepreneurs themselves, but never a method to the madness.See Marc Ostrofsky’s Get Rich Click, introduces Reverse e-Commerce.Quik Post: Pain before Product idea is nothing without Designing your Value Proposition because VPD is the guide that lets Pain Before Product work it’s magic. Plus it will save you the time of the screening process and money Maxwell’s program offers, at least in the beginning of your project.But steal Maxwell’s concept of Idea Extraction and creatively identify pain points in various industries of your choice. But without Surveying Your PainProspects, your Value Proposition is a fart in the wind. So Pain Prospect FIRST. Top Priority! In Tech Marketing, Information Marketing, Cosmetic Marketing, Pet-Supply Marketing then Design Your Value Proposition with your findings!Why?Because Idea Extraction isn’t a silver bullet. It’s a method, that involves processes that actuall y involve personal pain if you’re not propelled to cold-email, cold-call and gate-keeper rejection ie) the secretary, exec assistant.) Because for idea extraction to work, you have to get into contact with the person who makes the decisions and that involves pain and persistence. One on one time with the prospect is crucial, and ways to get there is shown here: http://www.selfmadebusinessman.com/2014/06/17/idea-extraction/Value Proposition Design plugs the holes that Idea Extraction has and Idea Extraction gives you the direction and mandate that VPD isn’t as urgent about.If Hackers knew this, there would be a better success rate in start ups. If entrepreneurs were hackers, they wouldn’t have to hire hackers and suffer eventual financial problems or fire hackers and have technical problems.“You are going through a problem that most entrepreneurs who is non technical trying create a company that is based on technology, based on one constant is any tech company is change. If you don’t have the tech chops to be agile” – Mark CubanHackers love entrepreneurs who don’t know what they are talking about. They charge outrageous fees and get it, and eat your cash flow. I was wrestling with this concept of marketing vs hacker in the shower, Steve Jobs, Mark Cuban and most visionaries who ended up wealthy were not the technical dudes. But Sergei and Larry, Larry Ellison and Pierre Omidyar were. So being a pain-hacker and being a hacker pays the biggest dividends in the tech world. Which is contrary to the No-Expert, No- Money – No Nothing idea to Maxwell’s Idea, but again, I love the surveying pain before crafting the product, which may in turn may use a different programming language. Could you imagine if you could program and have superior marketing skills. Backend Tech, Front end Marketing? Scary combo for competitors.20% of hackers do 80% of the good work and they know it.Unless you find a Steve Woz who doesn’t mind being worked to death and being rippped off.Expertise wins out in the long run, but expertise is nothing unless your an expert in relieving pain and producing a 10X gain in the marketplace.But Dan Kennedy is always quoted as saying he is getting paid more than the CEO because he knows how to find customers and market them correctly to the product.Lean Startup exclaims GET OUT OF THE OFFICE! But you have to survey pain in all of your chosen industries before you even think about starting up! (Idea Extraction)Tolstoy opens Anna Karenina by observing: “All happy families are alike; each unhappy family is unhappy in its own way.” Business is the opposite. All happy companies are different: each one earns a monopoly by solving a unique problem. All failed companies are the same: they failed to escape competition.
― Peter Thiel, Zero to One: Notes on Startups, or How to Build the FutureThe Idea Extraction Hack is in the works…More on this in future posts…No pain No Gain.