If you are looking to create a hit product there are times when the splash of being first pays big. What you have it new, and exciting. It gets lots of attention and catches fire.
Here are five examples from How to Create Million Dollar Products:
- The Inner Game of Tennis – sparked a boom in sports psychology
- How to Pick Up Girls – great timing when society was horny
- Krazy Glue – what is that stuff? Holy cow it works!
- Lifestyles of the Rich and Famous – wealth porn is fascinating
- The Satanic Bible – broke a centuries old taboo
Each of these products made money for their creators. And while I am saying they were first, that is not exactly true. Maybe more accurate to say they broke new ground? That they did so in a new and concise manner? That they benefited from timing?
All of the above. My point is being first with something familiar that is new, or offers a new angle on a known concept, is a way to win big. If you are in the market to create a million dollar product my hint would be to look for something that hasn’t been done in awhile.
Or think of well-worn niches that are getting stale. Can you review an industry, maybe look up things from the past and get a feel for the trend? By understanding where it came from, what it looks like today and where it might be going?
Let’s take fitness as an example. American used to be fit, then they got fat. Then running happened, then gyms happened. Then we had fitness trainers and trackers and now with the death of gyms, we have Peloton and virtual in-home training.
Once Covid is finally gone, my bet is the great outdoors is going to get re-discovered by some enterprising health junkie, like oh my god! Fresh air! Muscles pumping in the sun! Actual sweat!
Further, I am thinking about a group activity, no-contact, involving a ball and running, maybe with bases? (Allowing for a safe harbor from contact.) Maybe a progression from one end of a field to another?
Or, I would say something that gamifies calisthenics.
Point is, someone is going to come up with a new angle on fitness. The indoor training stuff gets old, and people need social. So I would be thinking about something that is outdoors and a group activity. In my town there are a couple tennis, basketball and volleyball set-ups and they are busy during normal times.
You can do the same exercise with any niche. Ask yourself:
- What is the state of the niche today?
- Where did it come from?
- Where could it possibly go?
- This can benefit from historical research
- What might people like? (And for this you should be familiar with the emotional triggers as detailed in our MANIPULATION program)
There are new products, or first, coming out all the time. Many of them are going to be Million Dollar Products.
Another way to do this exercise is ask yourself – how do I get in front of where money wants to go?