Will Your Product Launch Fly?

Will It Fly?Marketing Podcast with Pat Flynn

You have a great idea for a product or service. You sweat and toil and crank out your shiny new baby and launch it to the world. Only thing is, it turns out the world doesn’t need that thing you just spent several months of your life building. Now what?

Sure, you can get lucky and build something that fills a need so big you create the next Uber or Airbnb, but those are rare. Today, a much more stable approach is to think in terms of business development, product creation or course creation as more of a collaborative approach.

If you want to build a sure thing – build it with a market hungry to buy it once you build it just for them.

My guest for this week’s episode of the Duct Tape Marketing Podcast is Pat Flynn, founder of Smart Passive Income and author of the new book Will It Fly? How to Test Your Next Business Idea So You Don’t Waste Your Time and Money. We discuss product testing, planning for a successful product launch and audience building.

Flynn has been showing people how to build low-risk, high-profit businesses for a number of years now and his practical approach to launching a business is a plan that anyone can follow.

Questions I ask Pat:

  • Why should you test a product before spending too much money developing it?
  • How do you prepare for the evolution of your idea?
  • How do find and build your audience for a new product?

What you’ll learn if you give a listen:

  • How a quote from Henry Ford informs Pat’s views on Entrepreneurship.
  • The 4 stages of launching a product.
  • How you can get early adopters to help develop your product.

This episode of the Duct Tape Marketing Podcast is brought to you by FreshBooks, small business accounting software for non-accountants. Freshbooks is offering a free month of unrestricted access just for Duct Tape Marketing podcast listeners. You don’t even need a credit card to register. To get your free month, go to freshbooks.com/ducttape and enter DuctTape in the “How Did You Hear About Us?” section.

How Much Transparency Is Too Much?

Marketing podcast with Pat Flynn

Transparency is a business concept that’s been tossed around liberally these last few years. To some extent social media has forced organizations to be more transparent, because they no longer had the luxury of hiding behind press releases and company spokespersons.

I believe first and foremost in transparency in all things, but how far is too far? I’m not offering a prescription or solid opinion on that. For this post I want to start a discussion as much as anything.

transparency

photo credit: jah~ via photopin cc

I believe that transparency, sharing information, revealing the numbers, opening the books or whatever form it takes is a healthy core value and not a marketing play.

Internet marketers have often misused the power of transparency by attempting to “prove” how much money their system makes through the display of large checks and bank statements. This is precisely the manipulative guise of transparency I’m not talking about.

One of the truly innovative good guys in this space is my guest for this week’s episode of the Duct Tape Marketing Podcast, Smart Passive Income creator Pat Flynn.

From the very beginning Pat has published his money making numbers in his monthly report as a way to validate the advice he is giving to others. Here’s where Pat is totally different than most and why he’s so immensely popular. Pat reports on how he does what he does, even when and as it doesn’t work as often as when it does. He refers to himself as a human crash dummy taking all the lumps and sharing in an often open and sometimes humorous way. Don’t get me wrong, Pats wins far outweigh his losses, but it’s this level of openness that has created a large, loyal and trusting community.

My interview with Pat is actually a ramble through a number of online topics, but I wanted to anchor it with the specific topic of transparency that has served him so well.

If information is power then when you share the information you spread the power and that’s one of the best ways to build a healthy internal culture. A healthy internal culture usually seeps out into the market and defines how the world sees your brand.

When everyone in an organization knows how much everything costs, how profit is made and how to save money or make money for the organization, they are better equipped to make decisions like an owner. Have you ever wondered why nobody cares about your business like you do? Maybe it’s because you know more about why you care, how you care and what difference you’re trying to make – have you shared that information?

I stared this post with a title that asked if you can share too much and I pose that question to you the reader really.

Buffer, an organization I’ve written about in the past, takes public transparency to a place few have. In addition to publishing goals and business performance updates, Buffer recently published how their salaries are determined and who, by name, makes what. This move created a tremendous amount of buzz both from those that thought it was bold and innovative and from those that thought it was reckless and overboard.

I believe that transparency along with consensus and autonomy are essential elements of any healthy business and wrestling with getting these elements just right is one of the greatest challenges that small business face.

So, now your turn. How do you make transparency work?