Latest / Pitch to Product / 7 Questions To Ask Before You Bring Any Product to Market
Transcript
- Peter + Bobby: It is the drive to succeed means you dust off yourself, you pick yourself up, and you find a way to succeed every day. And if you don't have that drive, you gotta go learn it. Welcome to one of the probably the most important podcasts that we are going to share with you. At least. Yeah, this is the this is the seven items. It is the only checklist you need to decide if you have a product that you should bring to market. Bring it to the basics. Let's go. All right, you ready? Let's do it. Read it out, Bobby. What's number one? One product confidence. All right. The only thing you gotta ask is. Will this sell? Okay. That is if you don't get that verdict, if that is not something that you believe in, don't do this. When you find out that you are confident that this will sell, that's step one. Now you can start taking step two. Perfect. Step two, which is can it be made? Ooh, that's a good one, right? Can it be made? Well, look at here's the reason. It's not just if it can be made. Yes, we're manufacturers, so we can make it. The more important thing here is can it be made? Can you make one that can then be the perfect example to make the next hundred thousand? Exactly. Right. You can make a prototype, but that only is one. And it is not something that's manufacturable, scalable. So you got to go into can it be made manufacturably with the idea that this can go into hundreds of thousands to a million production orders? Yes. Third one. Finding the market. Ooh, right. Like even they say, what's a blind squirrel gets a nut once in a That can't be. Like you gotta, here's the best way to do it. You came up with the idea because you didn't find it and you now say, Why didn't I find it? You've researched it. You're like, wait a minute, I went and made it. But here's what you got do. Everyone right now pictures themselves using it, which is a little bit dangerous because it's not about you. You're about to bring a product to market. Here's what you want to picture. How does someone who's going to use your product look after they've used it? Are they smiling? Are they happy? Because in the marketing world, It's not about your product. It's about how people feel using your product. When you show them that feeling, when you show them that experience, when you show them that solution, that they go, Wow, you got to move forward. That audience will find you. Yes. Number four is a very big one. Finances. Yeah. My God. People say, I can't afford this all the time. And I get it. Like it is not, it's a pretty serious, you know, investment. But there's it's not like a car where it depreciates. Not like a house where you got to wait 20 years and you got to like, you know. You gotta constantly repair it. This is an investment up front that makes a product that then generates revenue for the next five, ten, twenty years. Yes. Right. So the question is more how can I afford to do this? Who do I need? And the number one thing, Bobby, that I have found is confidence. It's you have to make the decision that I am going to do this, then the finances come. It is not I want to do this because anybody that wants to do something, no one will invest in you. I need to do this. It's you need to die. Yep. Next one is very self courage. It's probably the biggest one here. I mean, you know, product confidence is is the first step that you shouldn't move forward. But once you understand that, you know, you have the confidence that you that it can be made, that you understand where your market is, and that you have friends and family that might be willing to help you out, that's a serious commitment, right? Like you're about to take a risk, and I get that. But the courage to succeed is what you need. Because I it's not a question can I do this? I will do this. It is such a different statement. I I don't want to go back to Star Wars days, but the little green guy said, Yeah, you know, you do or you do not. There is no try. One or the other. And that is so powerful to understand that, you know, Gen X got indoctrinated to it. And but it's the same truth every day. You do or you do not. There is no try. And that is courage. Which brings us to number six, which is the drive not to fail. Ooh, man, this is like the that's so look at this is something you have to learn, right? There's a the success model is not based on success. It is on it's predicated on the stepping stones of failure, right? The you've all heard how many shots did Michael Jordan fail to make right through thirty five thousand. How many how many game winning games did he fail to to to win? Like that is the drive, right? Exactly. He didn't fail in his career, he failed Once in every step that drove him to make sure that he understood failure or everyone who succeeds understands that failure is part of the process. It is the drive to succeed means you dust off yourself, you pick yourself up, and you find a way to succeed every day. And if you don't have that drive, you gotta go learn it. Of course. Hundred percent. The last one's important because it's three elements that are very important to your product. Number one, risk, reward, and regret. So look at I I would say this is more About three categories you got to put yourself in and be very honest, right? Right. There is risk. 100%. Right. Are you a risk taker? I think anybody that goes to a casino every day or plays gambles online, those people are taking huge risks. There's risk in all types of life. But that's a that's an uncontrollable risk. That's a risk of chance, right? Now, with every risk comes reward. That's what brought you in there. It's what brought you in there. So I do believe that with a product and with our system, that not believe I can prove it to you, like we mitigate the risk. The chance of failure is so slim that we have not experienced it to that to any level at this point. So what we have to do is understand that the reward comes with just being, you know, tenacious, the tenacity, the courage, all that. But here's the part that you need to, if you understand your own risk reward level, I think that's important. But the last one is regret. There's people that just can live with regret. And if you are always regretful, I don't see how you should ever move forward into any business. 'Cause business is filled with its own regrets. Every day. You have to be you have to see the reward in regret in failure to succeed. And I know that there's a cost to doing something. Like now that you know what it costs, or if you've if you've talked to us or you've talked to other companies, you know the cost of doing the thing. What no one can ever put a price on is the cost of not doing it. That that's that's 'cause that's internal. That'll hurt you more than anything else. Yeah. Well, look at there's your seven decision points. Do not spend times like Analyzing anything other than these seven. If you have these seven down pat, then every other answer comes clearly. The questions are the go down from 3,000 questions to probably about 25 to 30 that are important for the stages within this context. But that's your seven items that you need to know if you want to be successful at launching a product business.