By Dan San
Build a Great Product That’s Good Enough
When it comes to becoming a popular product that not only resonates with a lot of people but can actually last in our rapidly changing world, it’s important to focus on innovation. Many people build marginally better products than those that are already out there. As Peter Thiel teaches in his book Zero To One, you need to build a product that is at least 10 times better than any competitor. The product should be innovative so you can own the space. If you do this, you have a good chance of becoming the market leader. The first version doesn’t have to be perfect, simply good enough for someone to say “wow.” In fact, your first version should make you blush a bit because it may have some bugs. But as long as the core value proposition stands out, it will be attractive. Don’t take forever to ship. Our first version of our product wasn’t perfect but people loved what it meant for them and what it could become.
Make Your Marketing Presentable and Professional
When it comes to presenting your product, make sure your brand, values, communication and style are not only congruent but stand out. Don’t be lazy with your presentation because people will judge you on it. When you keep providing a consistent, well designed, well thought-out brand along with a stellar product, people will go out of their way to scream your company’s name from the mountaintops. However, if you have a sub-par brand, name, logo or just poor overall presentation, don’t expect people to become your proud ambassadors.
Make your website, videos, pictures, logo, writing and overall style look nice and be congruent with how you brand yourself. When you meet buyers at stores, they want to feel that you are a refined and growing company that will be able to scale. They want to know you are professional. Present and conduct yourself as a professional who is part of a serious enterprise and they will treat you like one.
Get Some Press
Press is important. When we first started, we didn’t have any real marketing except for a few write-ups in a handful of publications. This initial press sparked the growth of a small audience who then began to share our product. If you get the first two steps in this process down, this step will create a spark that will lead to a fire. People will talk about your product and what your company is doing.
When it came to getting press, we worked with a contractor at first, then a PR firm and eventually hired a full-time PR manager who has done a wonderful job of getting our name out there and sharing our mission with the world. We have now been featured in TIME, Entrepreneur, Forbes, Fortune, TechCrunch, The Today Show and many other media outlets and publications. This has helped our brand gain credibility and exposure, two things that are crucial for a growing startup.
Reach Out to Retail Buyers
We sell to consumers and resellers, which allows us to expand our business in a way that is mutually beneficial to our partners while also enabling us to build a relationship with general consumers. We also realized early on that just our website wouldn’t be enough to make our company a household name. The next step was to get on other e-commerce websites, then get into national stores and eventually establish partnerships with international distributors. In just 18 months, we went from selling solely on our website to being in over 115 stores in over nine countries with thousands of customers across 60-plus countries. We still have a long way to go and never allow ourselves to feel we have done enough.
The key is to focus on growth. You can connect with buyers by reaching out cold (talking to strangers) or through a warm introduction (connecting via a friend or mutual acquaintance). First, focus on getting a buyer's attention, then share with them how you can provide value. That first call or email should be short, build credibility and most importantly, say exactly what you can do for them. From there, you want to meet them in person and get the product in front of them, ideally at the same time. Once this is done you can negotiate. If you do a good job, you can build a solid partnership where you almost always surpass their expectations and manage things well when you don’t.
Expand Opportunity by Providing Value
Now that you have finally gotten your startup to a point where you have a decent e-commerce presence, national accounts, international distributors and solid press, you may think that you can sit back. Remember, you are a startup. You probably won’t get this right in the beginning but a good rule of thumb is to sell your product for two to five times what it costs to make. This can vary depending on whether or not you will have additional incoming cash flow in your business model, such as a subscription. In the game we’re playing, you want to dance the fine line between making your product as accessible as possible while growing a sustainable business that can scale.
When it comes to providing your retail accounts with value, focus on making sure they have the proper marketing materials, copy, guidelines, schedules, signage and support they need from you to make your product a success in their environment. Ask questions, get feedback and refine the way you work with retailers to make them more and more successful so they want to put you in additional stores. Crunch the numbers to ensure that they make money and you make money. Then everyone wins.
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Dan San is Director of Sales @ Meural. He's generated millions at the intersection of tech and media.