Welcome back to the End Hype podcast. Today is Part 2 of Product Launch and Brand Breakdown with host Callye Keen. If you missed part 1, check out episode 110. In today’s episode Callye continues the conversation with business coach and operations expert, Julie Traxler of SB PACE, Tim Kincer and Logan Sanburn of Timberwolf Supply Co.
In Part 1 we talked about the importance of your business name, the power of telling stories, how to build an audience, and how money doesn’t solve problems, it just buys you speed. In part 2 we talk about leveraging other people's products, why it pays to care more about your audience, brand development, marketing strategy, brand strategy, and speed to market.
[00:25] Planning horizon
Right now, because you don't have a brand, if it takes you more than a couple of weeks to get a prototype in hand, your idea is too complicated. If you have to invest more than a handful of dollars in it, it's too expensive.
[01:25] Develop better products
I come from a product development world. And in that world, we think of everything as prototypes. And what a prototype's job is to reveal and answer questions. It's to reveal the gaps in our knowledge so we can make a better version of it. It's to help develop a solid product roadmap. Maybe improve an existing product.
[02:22] Traction products
I have a different strategy I think works for physical products better. We've had clients make millions of dollars in a strategy called traction products. It's a tremendous tool to acquire new customers, clarify your target market, and get wins in the early stages.
[03:01] Other people’s products
This is why I like beauty products. I like supplements because there's whole companies that provide white labeling and co-packing for you. You don't have to have an infrastructure business. You don't need to follow a product development process. You can focus on white label products. You can look across the market for product ideas.
[08:59] Care more
When you actually care and actually know your audience, it's really easy to step into that role of saying this is what I would want and reasonably assert that other people would want it as well.
[14:34] Think fast and scrappy
A big mistake that people make is making a walled garden for their business. They think it's gotta be perfect before releasing it, having a really cool website and an awesome logo. When in reality, for a lot of supplements and supplement companies that are starting, it looks like getting a vile of stuff in a white jar. We need to start thinking fast and scrappy.
Communication breeds clarity. If you can't communicate your brand, it's very hard to do any type of meaningful marketing or any type of B2B sales.
[21:43] Customer acquisition
In general, acquiring a customer is getting more expensive. So then if you look at your costs and your margins, especially when you're starting, it's a really easy way to lose a lot of money.
I want you to think about this, how are you going to acquire a customer? Where are they going to buy from you? What's going to capture their attention on that platform? And once you can answer some of those questions, we can back into what you can do.
“Businesses are here to make money and a business should be making you money and giving you freedom.”