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You don't have to reinvent the wheel when thinking of a physical product
When people start up a new company they tend to think their product has to be the only one out there in order to profit a large amount. Sure, if you have something in the works that is unique and fills a void that a lot of people don't know is there, you'll make a billion dollars fairly quickly. But, if you don't have a unique idea, that doesn't mean you can't be wealthy after pushing your business towards success.
You don't have to be the most unique person in the room in order to be rich, you just need to market the reasons why your product is better than the rest of your competitors in the same space. You'll likely need a unique spin on how you do something with your product or service in order to convince people to try you out, but that's not difficult at all to do, it just takes a little bit of imagination
Let's get into it, here are a few things to think of when you're setting up a new product or service.
People don't always need the most unique product
Branding is a big thing when it comes to purchasing products online, so if you can set up a great branding campaign while having something just like your competitors, you can still outsell them 10 to 1 and laugh all the way to the bank because you understand how marketing and how the human brain works haha
There are bad products out there pitching themselves as amazing, and the amazing products don't have proper branding, but the bad products outsell the great ones by far. People are sheep and follow the leader, so if you can show them you're the best, they will follow you. Of course, you'll actually want to have a great product or service because the outlash might be pretty severe if you get a ton of orders and everything breaks in their hands when they receive the item lol.
Solve a problem the current market isn't
Think about it, there wasn't a great way to just post pictures with a click of a button, and that's why Instagram was so big and eventually acquired by Facebook. They solved an extremely small problem and people flocked to it. The same thing goes with Twitter, they wanted people to have a place to post 140 characters as a sort of platform that lets them voice their thoughts, and it's now one of the biggest companies in the world.
If you can solve even the smallest problem that your market currently isn't focused on, you could be the next billionaire Your systems and setups don't even have to be unique, you just need to be out there marketing your products or business to the right people and getting in front of the right eyes
People want updated products
When it comes to a great website or business never showing it's real potential it's usually because the updates were few and far between, sometimes they were never there. If you're not updating, you're slowly going to die, and that means you were never invested in the first place.
People want to see small or large updates to a product, service, or business before they start to become very loyal to you. They want to know you're invested in the business or product and actually like what you're doing. If you're constantly updating and removing flaws or adding features for people to use, they will like it more, and that means more positive press online
Investors look for proprietary, not 100% unique
I watch Shark Tank a little too much and noticed if a product being pitched isn't at all proprietary, the sharks laugh it out of the room. One of the sharks, Daymond John, regularly says "You don't have to reinvent the wheel" and he's absolutely right but there needs to be something unique about your product if you're trying to carve out a large space in your niche.
Investors want to see a unique approach to a problem, something your competitors aren't even thinking about before they start to think about investing. Now, if you're Mr. Wonderful from Shark Tank, you won't invest if a big box company can mimic your product in a very short amount of time and drown you out, because that means you won't be as profitable lol. But, being the first to market means you had the idea and everyone else is just copying you, which gives you more credibility
If you have a patent, and a big box store copies you, now you have a battle on your hands and you're likely going to win because they didn't do their homework and stepped on your feet lol.
You don't have to be 1,000% unique when it comes to starting a service or manufacturing a new product, you just need to get out there and show people you have a better product or service than your competitors and the customers will start to flock to you. You'll need to update your products and services regularly, for the better, before people start to trust you more since they now see you as dedicated and not a 1-time product launch. Investors will do their homework, and they don't always look for unique, but they usually want to see something that is slightly proprietary before they step in and help you out.
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