Here’s the truth: predicting the success of a product or service launch based on opinion (no matter how informed) is a fortune-telling exercise, not a reliable green light.
I’ve seen a lot of successful and unsuccessful launches throughout my career, so I get asked about my opinion on whether a new product or service will tank or not.
When someone asks me this question, I always say: it sounds good but, you’re not going to know until you sell it.
Good and bad launch knowledge isn’t helpful in determining success because:
Pricing — it’s either a friend or a foe to you.
When it’s a foe, it’s a stressor, an annoying bug you can’t seem to get out of your head. You waver back and forth on being priced too low but are fearful of raising that price because you don’t want to lose any customers.
When you nail it, you hit it at that sweet spot where your prices are high enough to make you happy and your customers are willing to pay that price. It feels great when you hit this pricing nirvana.
The journey to pricing nirvana is riddled with challenges, confusing contradictions, and analytical spirals that’ll make your head spin. There are plenty of opportunities where you’ll be tempted to fall off course. …
There’s a lot of chest-puffing that happens in entrepreneurship.
For most, the chest-puffing still happens when things are truly going like sh*t for the entrepreneur.
It even happens when there’s complete chaos happening behind the scenes in the business.
To everyone watching, it seems like things are flowing superbly from the outside. It gives the impression to other entrepreneurs that it’s easy running a business, or that things will get easier for the business once my business looks like that person’s.
There are many wonderful aspects and benefits to entrepreneurship, but there are equally pretty unsavory truths about becoming a successful entrepreneur that not many people talk about. …
Whenever Black Friday and Cyber Monday roll around this time of the year, I prepare myself for all the marketing and sales crimes that are about to be committed.
This is the time of year when you hear from brands you had no idea you were still subscribed to. When your inbox receives an onslaught of “Our Cyber Monday sale!” emails, sales announcements, and other unnecessary garbage.
It’s the time of year when businesses lose a good chunk of audience if they don’t play their cards right.
Riding on the hype train of Black Friday, Cyber Monday (I’m going to shorten this to BFCM for ease in the rest of this post) is a potentially disastrous decision if you follow every competitor’s lead without sensitivity to what your audience expects and wants to hear from you. …
Wouldn’t it be nice if you could sniff out how a long-term commitment would end before actually spending years pursuing the desired outcome?
If you knew that the guy you dated for a year would end up being a terrible partner, wouldn’t it have been nice to avoid the relationship? If you knew that going to graduate school would be useless because you’d switch careers after graduating, wouldn’t you have wanted to avoid the student debt? If you knew that you’d blow $20,000 building a new business, only to lose it all, wouldn’t you have liked a heads up?
Yes to all of the above, right? …
Sales for many of you is the one thing you can’t seem to master and mold. You’re not in a place of controlling your flow of revenue to bend to your will. When you see a low cash flow month coming up, you don’t know what to do in order to increase sales in a meaningful way.
Rather than pushing play on a strategy, you’re reactive to your circumstance.
Rather than feeling like a scientist who knows which concoction leads to success, you feel like you’re playing Wheel Of Fortune and hoping that you win big money.
When you haven’t mastered your sales, every attempt may feel like a spin of the wheel. You get a good spin now and then, but you spin to lose the majority of the time. …
Have you ever looked back at a year of your life or your life overall and been pleasantly surprised at how much you’ve accomplished?
We most appreciate our growth when we can collectively see all of the accomplishments stacked up after years of trying. We don’t see our growth progression as clearly when we’re in the thick of it. In fact, it can feel like we’re not doing much at all when we measure our growth in hours and days.
It’s easy to downplay how much we’ve grown as entrepreneurs when the improvements take place over a long stretch of months. These subtle movements are often difficult to notice unless you get into the habit of recognizing when you’ve grown. …
The end of a year and the beginning of a new one triggers a mass reflection moment.
Not all reflection is productive though. If you spend a lot of time reflecting on the negatives, and very very long-term goals, your reflection will simply be a reflection (which is important too) without providing many breadcrumbs for immediate action.
When you focus your attention on an end-of-year reflection with a targeted goal of changing how 2021 will look like for you, your questions should become very specific with the intention of producing an action plan.
Here are 3 questions you should be asking in order to produce tangible movement on your business in 2021. …
When you left your 9–5 job, you did it so that you could build the business of your dreams and be your own boss. Now that the transition is complete and you’re pre or post year-one of your business, you’re not feeling as elated about the business as you envisioned. Instead, you’re either feeling super burnt out or bored.
When you’re in year one and hustling to prove that you can work full-time for yourself, you get caught up in cash flow and wrangling as much of it as possible. …
I read somewhere that Netflix’s biggest competitive threat isn’t other streaming platforms — it’s actually the video gaming industry and heavy hitters such as Fortnite.
The logic behind this insight is that Netflix’s most important success metric is “consumer screen time”. Under this metric, Netflix’s competitive analysis expands beyond streaming and includes appropriate competitors like Fortnite, Animal Crossing, and more.
I love this insight because it’s forward-thinking. It’s an approach that pulls Netflix out of the bias of its own industry and helps the company think through plausible time cannibalizers for its consumers.
It helps Netflix from falling into the demise that the music industry didn’t properly prepare themselves for — a shift away from CD sales to streaming. …