Part 4: Build Your Business
4.1. How to Spot a Great Idea
âThere are three elements to every great idea:
- It solves for âwhy.â Long before you figure out what a product will do, you need to understand why people will want it. The âwhyâ drives the âwhat.â [See also: Chapter 3.2: Why Storytelling.]
- It solves a problem that a lot of people have in their daily lives.
- It follows you around. Even after you research and learn about it and try it out and realize how hard itâll be to get it right, you canât stop thinking about it.
Related Quotes
If you brilliantly move through all the key principles in Stages 1 through 3, you will likely create a very successful company. In Stage 4, you make your company built to last. There are three key principles in Stage 4:
- Practice productive paranoia (avoid the 5 Stages of Decline).
- Do more clock building, less time telling.
- Preserve the core/stimulate progress (achieve the next BHAG).
Think about another analogy. Building a great company is similar to writing a great novelâyou need an overall conception (vision), a plot (strategy), and creative ideas to move the plot along. You also must sweat over each sentence, executing the book word-by-word, line-by-line, page-by-page. Hemingway was once asked why heâd rewritten the last page of A Farewell to Arms 39 times. He responded simply, âGetting the words right.
3.2. Why Storytelling
âEvery product should have a story, a narrative that explains why it needs to exist and how it will solve your customerâs problems. A good product story has three elements:
» It appeals to peopleâs rational and emotional sides.
» It takes complicated concepts and makes them simple.
» It reminds people of the problem thatâs being solvedâit focuses on the âwhy.
Your productâs story is its design, its features, images and videos, quotes from customers, tips from reviewers, conversations with support agents. Itâs the sum of what people see and feel about this thing that youâve created.
And the story doesnât just exist to sell your product. Itâs there to help you define it, understand it, and understand your customers. Itâs what you say to investors to convince them to give you money, and to new employees to convince them to join your team, and to partners to convince them to work with you, and to the press to convince them to care. And then, eventually, itâs what you tell customers to convince them to want what youâre selling.
And it all starts with âwhy.â
Why does this thing need to exist? Why does it matter? Why will people need it? Why will they love it?
5.4. A Method to the Marketing
â1. Marketing cannot just be figured out at the very end. When building a product, product management and the marketing team should be working together from the very beginning. As you build, you should continue to use marketing to evolve the story and ensure they have a voice in what the product becomes.
- Use marketing to prototype your product narrative. The creative team can help you make the product narrative tangible. This should happen in parallel with product developmentâone should feed the other.
- The product is the brand. The actual experience a customer has with your product will do far more to cement your brand in their heads than any advertising you can show them. Marketing is part of every customer touchpoint whether you realize it or not.
- Nothing exists in a vacuum. You canât just make an ad and think youâre done. The ad leads to a website that sends you to a store where you purchase a box that contains a guide that helps you with installation, after which youâre greeted by a welcome email. The entire experience has to be designed together, with different touchpoints explaining different parts of your messaging to create a consistent, cohesive experience.
- The best marketing is just telling the truth. The ultimate job of marketing is to find the very best way to tell the true story of your product.