Why a Good Product Doesn’t Sell Itself.
This one thing will happen when you get these insights. It is the fact that your mindset will be improved and your thoughts changed.
Now, imagine the early days when Google was programmed. I believe you could still remember vividly. Yes, it was Sergie Brian and Larry Page that did the foundational development, they became the founders.
Fact, one of the most important websites in the world today is Google search. This is because it is valuable(providing what people need daily).
Their vision to make information useful and accessible universally is being realized. Imagine, nobody used that service in the beginning of the company?
I want you to answer this. What would have become the future of Google had it been that they had no users in the early days? I know your answer will be that they would have existed for just a year and folded.
But, that did not happen because they took their product(search) to the market. Marketing or commercialization completes their innovation, that was why the product became part of our daily utilities today.
That is why we want to know through this analysis why a good product will not sell itself .We shall get started right away. Are you following? Yes you are.
Reasons why a Good product Doesn’t Sell Itself.
Well, I saw a survey on Linkedin and Watsapp a couple of days ago. Guess, what the survey was about? It was obviously the subject we are currently discussing.
The poll questionnaire was “a good product sells itself, Yes or no.” According to the poll, the yes had 60% while the no had 35% votes. But, what I will tell you from experience and learning that it is one of the misleading polls out there.
Here are the reasons why a good product doesn’t sell itself.
- Who determines if it is a good product?
The first misleading information is the concept of a good product that sells itself. Who really determines whether a product is good or not?
Is it the entrepreneur that produced it or the user that uses it? As the Tekedia platform and community explains that a product is what the user says it is, the quality of a product is determined by the consumers.
A good example is Took Pick. In Nigeria, it is used as a fork to eat another food (Suya). Yes, the user sees it as both a toothpick and a fork (a type of spoon).
It is the consumer that ultimately determines if your product is good or not.
Until, that is determined, your product remains neither bad nor good. The users determine this through your sales efforts- when they get to use this product.
As they use it, they provide you with feedback about the product. The feedback is part of the process of making a product good.
2. The Market Factor:
A product has two parts which are the production part and the marketing part. A product that is produced without marketing remains incomplete.
As Peter Drucker puts it “Innovation and marketing makes money, others are cost”. That is one of the ways to make money from your product is to market it in order to sell it to the target market. Without this then, your product remains as a part and not as a whole.
3. The Demand Side Needs to be Created.
There are two components of a business that entrepreneurs create. They need to create the supply of a product and the demand for the product. These components don’t just happen, they are the result of cause and effects.
Even the famous first law of motion says every body remains in a fixed state of rest unless an external body acts on it.
While the supply side of your product is the making and production of the product, the demand side is the marketing that sells the product.
These two variables have to be created.
4. The Third law of Value.
One of the profound laws of business and value is the third laws of value stated in 3S Rules. It stated that the value of a product is only determined by the marketing test.
The market test is when the product gets to the users and in exchange the users pay the business. The only way to do this is to find the potential users of the product and take the product to them where they are. Without this, the value of your product is still $0.
Armed with these insights, you should pay special attention to your sales and marketing. What matters most to every business is that the product should get to them so as to solve their problems. As such, it has to be taken to them. Therefore, a good product does not sell itself until it is sold
The Business Models of Billion Dollar Worth Entrepreneurs
Have you ever wondered what makes some business start-ups to succeed and become global giants
while others fail?
With 3S Rules you will learn from global icons who founded companies such as Amazon, Microsoft, Lyft, Apple, Alibaba and many others on how they discovered their business ideas.
3S Rules will give you a first hand founder mindset on how to build your billion dollar startup idea.