What product should I sell?
That question is by far the MOST common struggle with an entrepreneur looking to enter the consumer packaged goods (CPG) industry. In fact, there is an entire industry of software around this struggle. Helium 10, Jungle Scout & Viral Launch all have “product research” elements to their software in which they claim you can “find” a product to sell. There are a couple problems with this approach:
- Everyone is looking at the same product list.
- If everyone is looking at the same list of products they recommend to sell, then everyone shows up at the metaphorical dinner table at the same time. The laws of basic economics kicks in, product saturation begins, and the race to the bottom on price is the new game you’ve found yourself playing. Everyone is selling the same thing! Little or even negative profits is usually the result.
- Why is everyone looking to “find” a product in the first place?
- The term “find” inherently implies that you are going to effectively go that “list of products”, otherwise known as the existing store (likely Amazon) to pick a product from the shelves, and start selling it. Wait a second! That product is already on the shelves, you’re going to sell it too? There’s something wrong here. What’s that you say? You read some reviews and you’re going to make some changes to make your product stand out? In reality there are only SO many changes you can make to a product to enhance it. Especially when that’s the same formula SO many people are doing nowadays.
What is your goal? Just to make money or to change the world?
Let’s take a step back for a moment and talk philosophically. Think hard about your goal. So many entrepreneurs are obsessive over making money. However providing value to society and changing the world should come first over making money. Money will always flow to those who change the world. If you set out to make money as a priority, you will likely NOT change the world and likely eventually fail at making money as a result
If you’re going to pour your life and soul into your business, wouldn’t you prefer to do it for something worthwhile and legitimate? Wouldn’t you prefer to create something you can look back on and be proud of? Something like creating a new, creative product that can possibly change the lives of others? This is a drastically different approach than just slapping a heart sticker on a coffee mug and calling it a new product.
Why is this class different?
Do not use product research software like Jungle Scout, Helium 10, etc. That’s exactly what every other course is teaching you and so many Amazon sellers are going that direction. Companies like Tesla, Uber, Airbnb are so popular because they went the opposite direction, questioned the status quo, disrupted the norm, and carved out a new market for themselves.
So many sellers are being taught to research what products are already being sold, read reviews and complaints in order to help improve upon that product and release a new slight variation with their own white label. Although that may work for a period of time, it will likely lead to a short term gain until the next seller improves upon your design. AirBnb could have just built a new “improved” version of a travel site. They could have looked at the Expedia.com website and made some cool improvements. However that likely would not have been enough to disrupt Expedia. Instead, Airbnb questioned the industry status quo and as a result, they didn’t disrupt just Expedia but they disrupted the entire hotel industry. Although it can sometimes be a rough trail, there are serious rewards to “going against the grain”.
We’re here to help with our in depth masterclass specifically geared toward product IDEATION only!
In this online product ideation masterclass we’ll cover:
How to start on a path of innovation, disruption, and nonconformism
In depth exercises to get the creativity juices flowing
Tracking and developing your ideas overtime
Usage of social networks for product ideation
Different attributes that commonly spark new inventions
Use of foreign / international markets / other cultures as a means for new ideas
12 different homework assignments to ensure you have tons of new ideas before the class even ends
Homework and exercises could require anywhere from 10-50 hours of work. (you get what you put into it)
Even after the class is over, you have many product ideas, expect to have you mind trained to constantly identify new ideas as you continue to live your life.