Monday, March 03, 2008

14 Challenges in Staying Remarkable

For those of us who have been in the online business for quite sometime, ideas do get dry out from time to time especially when failures have been encountered. Some are due to poor execution, others bad timing, or the market is simply not ready for the product or service.

In areas where we've done well, the pressure is on to launch something better and remarkable.

Seth Godin's Purple Cow was an enlightening book and gave interesting insights that I've been contemplating on lately. Some of them are:
  1. Changing user or customer behaviors
    Whether we like it or not, some customers tend to outgrow their need for us.
  2. Seth encourages product creators that instead of adjusting the product to fit to the user, change the user's behavior to make the product work better for them.
    • Invest in new products
      If a product's future is unlikely to be remarkable, accept that it is a dying product and invest in something new.
  3. Can your product catch on?
    When you thought of an a new idea or product, consider:
    1. How easy is it to spread the idea?
    2. How often will people pass it on to their friends?
    3. Does the target market segment mingle or talk to each other?
    4. Are they close?
    5. Do they believe each other?
    6. How reputable are the people who will spread the idea?
    7. Is the idea a one-time spread or will it keep passing on?
  4. Find the group that is most profitable
    Instead of targeting everyone, choose customers that can deliver the results you like and are able to spread your ideas.
  5. Competition and underserved market
    List competitors who are differentiating themselves through their target market segments. Assess their impact to your niche. Consider launching a product that directly competes with what you are offering.
  6. Lead by being different
    Explore ways where you can attain leadership by being different with what you do or offer.
  7. Give marketing budget to designers.
    I'm thinking. If publishing 1000 books would cost P150,000, if I give that to designers who can launch something new and cool to compliment my site, what can possibly happen?
  8. Measure for growth
    Whether an initiative works or not will depend if you regularly measure performance.
  9. The opposite of remarkable is very good
    This is hard. It means I have to stop being contented by doing very good.
  10. What can you do for customers that loves what you do?
    Taking care of existing customers can be a big challenge as some of us tend to get busy in getting new ones or we began taking them for granted.
  11. Where does your product end and marketing hype begins?
    I think this is a double edged sword or for start-ups, either one gets compromised.
  12. Make a truthful positioning slogan worth passing on.
  13. Create a business card worth passing on.
    This includes having vital information at the back of it.
  14. Do you want to grow? Have you test your product, service, market limits?