Hello high performers!
I’m back after a few days off in the Lebanese mountains. Managed to sneak in a few “hilly” runs in pine forests (not smashing my iPhone this time) and ate a ton of freshly picked fruits and veggies!
Here is today’s tip for entrepreneurs:
If I were to take a random sampling of startups and early stage businesses struggling to scale up or even maintain adequate cash-flows, I would venture that the majority of them have difficulties generating enough sales.
The odd thing is that a good portion of those entities actually have really good products. After all, entrepreneurs often start out with an obsessive passion about their product and spend fortunes and years perfecting it. Yet they often smash their heads again the wall of an all too common question: "my product is amazing! Why isn't it selling!?"
Did you ever notice that many established market leading products were not the original creators of those products? Apple didn't invent the tablet or the smartphone, Amazon didn't invent online shopping, eBay wasn't the first auction site, Google wasn't the first search engine seeking advertising revenues, Tesla isn't the first electric car, Starbucks isn't the first coffee chain etc.
What they have is phenomenal sales and marketing teams, which are even embedded with their product development!
When they develop a product, they make sure that they don't just make it "as perfect as possible", but they make even more sure that it's a product "which will sell like hot cakes"! They MAKE you want their product, even if there is a better product out there.
Ask any tech savvy person and they'll tell you that the HTC smartphone is arguably better than the iPhone, yet the iPhone outsells the HTC 20x over. An iPhone is "sexy", it's "desired", regardless of whether it's a better product or not.
I've personally invested in startups, and once again, in most cases, the reason for the struggle is the lack of strong sales and marketing capabilities.
And by the way, hiring strong sales and marketing people is essential and a strong boost, but no one can sell a product as well as the person most passionate about it: you, the creator!
Steve Jobs personally presented the Apple products to the world, Elon Musk personally unveils the latest Tesla models... You ARE your product. YOU have to be the one presenting it to the world and drumming up its amazing features, and why it’s a “must have”!