Ever considered why a university will approve a research development team million dollar budget?
Why this article is going to allow you to understand how research and development teams in university think and function.
And more importantly, how to set up your products so that it can go viral.
So what am I am talking about?
Interesting enough, I was reading the economist and the University of Illinois, recently created a product that allows microchips and circuit Boards to bend.
Taking potential electronics to a whole new level.
Potential usage is heart rate devices, to the common toy that requires the instrument to bend.
In the past they were limited by the technology due to the ridged nature of the circuit board. But now the possibilities are endless.
Now at this point you are probably wondering why this is important to you and your business.
What was interesting is when they were interviewing the professor; he said something that was profound.
In the sense that they will conduct research on existing products for which there is a commercial viability.
This will increase the marketability of the products they create and take the product to a profitability level much faster, than normal.
He indicated they were not trying to reinvent the wheel, or introduce a new product from scratch
The idea, do not create a product that has no commercial viability or does not exists in the market.
Unfortunately I had to learn that lesson the hard way, when we created our first product which failed.
To cut a long story short. Do not create a product that requires the customer to be educated about the features and benefits.
But how can you use lessons learnt by the university to make money.
Let me explain.
This concept is great as you can use this strategy to grow your list.
Choose a product that has high commercial revenue in your business.
If you are a servicer, like a gym owner, you can choose to give away at least 1 week of free trial. But you get the idea.
Using the Groupon effect, if you have a product that you can give away at a lower price, you will have the ability to up sell the individuals when they come over to your website.
You also have the ability to get another referral, but offering a similar discount/offer again.
Using the strategy above as illustrated by the university, you need to choose a product that compliments the first product and make sure the first offer is awesome.
The goal is to get as many people into your sales pipeline as quickly as possible, that is going to have a high commercial viability for you.
You can only do that by getting the first product offering correct. TO learn more and how you can automate this process, click here. Groupon marketing effect…