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“If you’re not embarrassed by your first release, you probably spent too much time on it.”
Less is More — a MEVO Mindset
Imagine this: You start a new management job at a large Fortune 500 corporation. It is week two and you attend a major boardroom meeting. You and the production leadership team anxiously wait for the distinguished guest.
There’s a loud chatter in the room but then — dead silence. The door opens and he enters the room. I’m nervous but remain calm.
After team introductions, I pull out a pen and take notes.
The VP of Supply Chain was in town to discuss: plant performance, growth and the corporation’s outlook. An hour into the meeting, we had discussed gigantic dollar figures that would make your head spin.
But there was one thing the VP said that would change my business mindset forever.
The VP said that our sales team was already getting orders for the next generation of our product. Huh? How can this be? How do you take orders for a product that isn’t even built yet? (thinking to myself)
You might be wondering the same thing…But I will explain.
Minimum Viable Product (MVP) - is a simplified product or service that early customers can use and give feedback to improve the final version.
Pre-selling - is all about selling a product or service before it’s released. It helps determine customer interest, gather feedback and fund the idea.
These concepts are important because they reduce risks. What do you mean? How many times have you developed a big idea — only to find out that the market doesn’t have that same interest? What did you risk? Thousands of dollars? Hundred’s of hours?
I’ve been there too…
Remember this phrase — “people vote with their wallet”. It is great to build buzz and interest in your product idea. Until someone hands over money, you have not validated the idea. (talk is cheap!)
Take a minute to identify current pre-selling examples.
Here are some examples:
Crowdfunding Campaigns (KickStarter)
Pre-ordering of Gadgets and Electronics (PlayStation, Apple)
Concert or Event Ticket
Real Estate (new developments)
Book sales
Shameless plug: when I was putting out my album "Chillax Vibes," I was able to collect pre-sales. I will admit the barrier to entry using modern technology is lower which limits risk. How so?
Imagine you recently created a product or service: Here are three things to get you started:
Teaser Campaign - generate photos, sketches, video or media that will help explain your idea. Remember it could be a demo, excerpt, pitch deck — but should translate into what the real product will be.
Collect leads - setup a landing page to collect email addresses and/or contact information. Update this audience on the progress and make them a part of your validation journey. Get feedback!
Pre-Sale Offer - provide a monetary incentive for customers who pre-order. Create a sense of urgency to encourage early commitments.
By this time, you have validation without building a single product. Dan Martel calls it MEVO instead of MVP. MEVO - “Minimum Economical Viable Offer” You can decide to move forward or not. You have the data!
As a creator, builder and entrepreneur, I get excited about creating the next great thing. But now — I ask myself these two questions: "Am I building this for myself to learn, or am I building this as a product?" If it's something you want to learn to pick up new skills, go for it. If it's something you intend to monetize, validate first.
Remember less is more!
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I don’t know exactly where you are on your journey, but I share words of encouragement, lessons learned, and ideas to help you grow your business.
If you find value here, please share this newsletter with a friend. Deal?
❤ Rudy
💻 In Today’s Edition
TP’s Marketing Lesson
TP’s AI Artwork
TP’s Tech Trends
TP’s AI Tool of the Week
💡 TP’s Marketing Lesson
PAS - Framework
In our first newsletter, we went over the AIDA framework. The PAS framework is complementary to AIDA. Great for email copy, sales letters, and landing pages.
PAS: Problem, Agitation, and Solution
Problem - raise or address your prospect’s most pressing problem
Agitation - press on the pain (examples below)
are you struggling with your team?
are you dreading Mondays
Are you avoiding conflict?
Are you avoiding an employee?
Solution - present your product as a solution
Assignment: See if you can identify how PAS is used at Basecamp
🎨 TP’s Architectural Inspired AI Art
PROMPT:
Architectural project of a house designed by the architect Kengo Kuma with an cascading river rock water on a paradise mountain, flat with river, tropical, hyperrealistic finishes, brigth, centre, rendered hyperrealism, rendered exterior, realistic environment, architecture, exterior, exuberant vegetation, design, photorealism, beautiful surroundings, high quality fine cleaning , details, image, max 3d studio graphics engine, vray rendering, all vray architecture, vray 6
“Beauty perishes in life, but is immortal in art” - Leonardo da Vinci
🤖 TP’s AI Tool of Week - “Notion”
Notion.so
Notion.so is a versatile all-in-one productivity platform for note-taking, project management, and collaboration. It offers customizable layouts, powerful integrations, and a user-friendly interface.📢 We are working a Notion template store for businesses and entrepreneurs to save you time setting up business structure so you can focus on growing your business.
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Thank you for taking the time to read today's TechPreneur Newsletter. I hope the information was helpful and inspiring. As always, I'm here to support you in your business journey, so please don't hesitate to reach out to me on Twitter at @rudybanx Keep striving for success!
Until next time!
~Rudy
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