Latest / Pitch to Product / Why "Keep It Simple" Is the #1 Rule for Product Launches
Transcript
- Venture Program Intro: Now you're focused on that one thing and you're gonna add another thing. You just doubled your your p potential of failure. Keep it simple, stupid is one of the greatest phrases ever is ever used, and it's been used for centuries already. and we're just gonna keep the stupid part off of there, but keep it simple. Don't come to me with 80 buttons and 80 gadgets. Let's learn what the first two they do. Let's master those before we add other others to it. Yeah. And and look, I'll I'll give you the the the reason why we had to have the KISS conversation is because you know, look at anybody that's coming up with a product idea, in your mind, you can make anything. Actually, now with AI, you could take it out of your mind and make it even more like crazy forty year vision, which I love, right? That that's the forty year year vision. But you gotta bring it back to the origin. What is the core value proposition? And don't add to it because you're complicating it. Super complicating it. Look at if you have it's just probabilities and this is a mathematical term and this is why KISS me is is everything. If you have one item that you're focused on, the probabilities of success are pretty high because you focused your microf you know, you're you're hyper focused on that one thing. Now you're focused on that one thing and you're gonna add another thing. You just doubled your your p potential of failure. Now you have two failure points, right? Exactly. If you start adding a third and fourth and fifth value proposition, which is really why they call it iterations, right? Like a a a an initial launch is supposed to be a little bit embarrassing. I call it a four a four point three rated product that doesn't get returns. And that means you are over the general public because and you're bringing a better consumer product to market because guess what? The average product on Amazon is like three point two, three point three. And they still sell in the millions every day. So, you know, in our in our Purpose, we want to produce that that over four star rating. and you have to just stay focused on the one or two things that you can control. Here's but another thing also is when you start off with a thousand units, let's say 500 units, listen to what your responses are coming back from your clients. Don't just say, I want to add this and this. Listen to what they say because they're the ones using it. So you might have to go two and three steps just to keep them happy with the piece that you have now. It might be a simple little fix. That could get you another 5,000 sales that brings more people in. So you do it's a feedback back and forth. Don't just just jump right in and say, let's do this, this and this, let's do it in in stages and do it properly. Yeah, like keep keep it simple as like you know it's simple. If if you if you look at the reason why it's hard to keep things simple is because there's an emotional connection. you know, I I don't want to tell you your baby's ugly and it's not. But we probably need to like maybe move something to make things simpler for production. You have to be open minded to that. Because if you're not, you're just adding more cost. And that's really what it comes down to. Keeping it simple prevents you from actually paying or having a product that is going to be too expensive. Exactly. I'll go back to the Yeti conversation. There's nothing about that product that they kept simple. That is a complete redo of a product that the market has brought down to its knees in terms of like what you would spend for a cooler. Exactly. Here comes Yeti and they changed everything. They did an amazing job. But if you actually take a look at how much research and development went into that, how many failure points they went that went into that. And I I guarantee if you look at their history, they probably started off with something that wasn't even close to what they did. It was just a little bit better. And with every every iteration, they became the synonymous brand with the way new coolers and the cooler that everyone wants is designed and manufactured now. And it's I don't know anybody. I don't know anybody would have told me they'd be paying $35 for a coffee cup. A walk-in coffee cup. Yeah. Ten years ago. These guys educated the market, but it took them a while to get there. And a lot of samples. And I guarantee you they have warehouses of products that didn't sell because they tried also and came back to the ones that did. Yep. And look at that's keep it simple. And and the minute you you don't, my team will let you know, right? Because again, it's my job and it's Bobby's job and it's the team's job. Keep you on track that we want to make your core successful product. We have to make sure that we're in the moat. Principles there that we're on track there. And that in order to reach those first two, you have to just keep it simple. It's not keeping it dumb. It's not keeping it like unrealistic. It's not keeping it where a customer won't appreciate the value. It's keeping it within that core, successful product that we need to make to be successful. And starting with that value. Let's start with that value. That's where we got to start. Show what the difference is in that value. From there, everything can grow, but it has to start there.