I’m glad I get to do business in the connected economy rather than times past such as the industrial age. You can make your ideas happen so quickly without a ton of gatekeepers that had to give you access and permission to create, distribute or sell something.
If you want to put a book out, you can do it by getting to work and publishing on Amazon.
If you want to launch a business, you can put an idea out there by getting a new customer and refining your product.
The hard part is about how you approach testing your ideas. There’s such a temptation to be narcistic and think about what you want. The idea has to start with your own assumptions, creativity and zeal.
However, whether people want to pay for your idea or value what you are selling is entirely up to them. And it’s hard to break through the noise when everyone has access to any goods, content or information from their iPhone. You are competing for attention as well as quality presented by every major brand out there.
I don’t like to assume anything. At the end of the day, people want what they want and it’s our job in business and selling to figure out what resonates.
I like to come up with ideas all the time. That creative process is critical. Furthermore, what is valuable today becomes old news and stale in a short time. So that idea machine has to be continually running.
I think the critical part is dialing in on what people want and one of the best ways to approach making money is to watch people’s faces closely. That’s right, look for their reactions. When you have something you are presenting the world, the ultimate question is not the intrinsic value you believe exists in your idea, product or service. It’s the value perception and reaction your customer carries in their mind.
There are 3 outcomes when you risk presenting your idea:
- Your customer perceives immense value.
- Your customer is indifferent and does not perceive value.
- You are close, but something is missing.
The first reaction is the home run. You can expand and repeat. Great job.
The second means you have to pivot. People vote with their wallets. Either the idea is majorly flawed and you have no hope. Or your idea needs refinement, thus number 3. More work and engagement is required to see what is missing. It’s an exercise in filling in the gaps.
This is why you have to watch people’s faces. See how they react. Probe and find out where you need to tweak or whether you need to abandon the idea altogether to put your energy into a better concept.
If you miss the reaction and refinement then you lose opportunity to delight, connect and make money. You don’t get to be the judge. The customer is the judge and is incapable of being wrong when it comes to determining value.
Unfortunately, many entrepreneurs get too married to their idea and miss that value perception is the key thing that matters.
You can affect your own revenue and loyalty by taking heed and watching people’s faces closely. See what they truly value and keep coming back with positioning, framing and enhancements to your offering.
How are people perceiving your value? How can you increase it 100%?