MBA2194 How To Create a Hell Yeah Product

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With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

Oh, that sounds easier than I thought.

You got this?

Yeah, I do. Now where did I put my keys?

You will find them where you left them.

Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC Member NYSE SIPC There are six attributes to a Hell yeah Product. I can't emphasize how important it is to make sure that this is your product or service. Otherwise, you're making things so much harder for you and your customers and your ability to make regular sales. Let's start with number one. A hellier product fully addresses the problem it solves. There are no holes. There are no yeah buts. A good example of this is Amazon's Kindle. The problem that Amazon Kindle solves at its core is that it allows you to be able to travel with thousands of books. You have thousands of books in the palm of your hand. You can read it in the day, you can read it in the night. Battery life 40 days. It completely solves the problem of being able to travel with a library of books. What does this mean? That means when your customer learns about this product like the Kindle, and they like to read and they like to travel, they this solves this problem. Too many products out there, too many services halfway solve the problem or require them to do other things or buy other things to make the solution complete. But a Helio product solves the main problem fully, no questions asked. It's just super clear and doesn't leave the customer hanging. Number two, a Helio product has a unique selling proposition. A usp. It has something that allows it to be special compared to its competitors. For example, my software webinar Ninja, its USP is that it allows you to create a webinar in 10 seconds flat. It's fast. It's easy. That's how I differentiate myself from other webinar software, Other products, other services have so many steps. It's complicated and for those who are not software engineers, it's an intimidating task. So I have a USP for my product. You should have a USP for your product because it allows you to easily say, hey, this is a big reason why you should use my product over other products. It's clear, it's unique, it's valuable. The third aspect of a hellier product is that it communicates the solution clearly. You might have a great product or service, it might solve the problem completely. It might have a unique selling proposition. But if you don't communicate that solution clearly, where people can fully understand that, hey, you have the solution, this makes total sense, then it's not a hell yeah product. Let me give you an example. Before the ipod. Remember the ipod, the music player from Apple, before the ipod came out, there were a lot of different MP3 players out there that played MP3 files and music. One of them was like the Zune by Microsoft. And before the iPod, these MP3 players, like the Zune would sell its players by saying, hey, it has X amount of storage. It has 1 gigabyte, 2 gigabyte, 3 gigabytes of storage. Now for the company, like Microsoft, they thought, this sounds great. We're telling them how much storage is in the device. But that doesn't actually communicate the solution clearly. That doesn't really mean anything to the average buyer. Apple comes in and says, hey, buy the ipod. And their tagline was 1000 songs in your pocket. This clearly communicates the solution that you can have a thousand songs, a thousand songs on the ipod and you can carry with you and you can take it anywhere you go. Now guess what? Other MP3 devices like the Zune actually would allow you to have more songs, but they communicated it with gigabytes. So people didn't actually see the value Apple understood. People understand songs. They understand, how many songs can I have on this thing? How many gigabytes equals an album? And therefore they said, a thousand songs in your pocket. That clearly communicates the solution to the problem. Another attribute of a HelyA product, number four, is that they market themselves real valuable Helya products will grow, will sell without any marketing. A good example of this is Tesla. Tesla spends no money on advertisement. No Facebook ads, no billboards, no TV commercials, no radio ads, nothing. You'll never see a Tesla commercial. And yet they're the most profitable automobile company in the world. They've sold more cars than any other company in the last few years. That's because their product is so powerful, unique, all the things I mentioned, they solve the problem completely. It's clearly communicated that when people buy it, they can't help a tail. 10, 20, 30, 50 people they know. And that word of mouth marketing becomes more powerful than any ad because it's a recommendation from people you trust. So creating a product that is so good, people can't help but tell other people about it. Number five, a Helio product doesn't seem expensive at any price. What does this mean? That means when the product is so good, it completely solves a problem. It's clearly communicated. It's just amazingly perfect for the ideal customer. Price is not the factor here. Price is not the deciding factor. In fact, they're asking themselves, how can I afford this? What do I need to do to make enough money to save enough money to buy this thing? Good example of this is Apple products. The iPhone, Apple watches. These things are expensive, right? AirPods, for what they are, they are the more expensive option when it comes to smartphones, smartwatches, earphones, you name it. Well, people don't think twice about buying a $2,000 smartphone. They figure it out, they finance it, they save up whatever it takes because it's that good. And a lot of this has to do with the fact that value is communicated. There's so much value that is being communicated with these products. It's overwhelmingly more than the price. The actual value you're getting feels a lot more than the price. And that's why price is not a factor that people that buy a Mercedes or a BMW or even a Rolls Royce, these are expensive products, but they're not expensive in the eye of the actual customer, because what they're getting in return seems so much more. They're not buying four wheels or mode of transport. They're buying prestige. They're buying significance. They're buying how it makes them feel when they get up in the morning and drive to work. These all equal more than the price. So even though it's expensive and a whole lot more money than their competitors, other cars, it's not really a factor. They don't cheapen their brand. They don't go on sale. They don't lower their prices. They do the opposite. They increase them every year.

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All right, guys, one more attribute of a hell yeah product and that it's easy to use and consume. Helya products do not create overwhelm. In fact, just the opposite. It's intuitive to actually get the value or use it. For example, ziploc freezer bags. Very simple product, but has a lot of value because people that like to put their food in the freezer, steaks, chicken, even bread, they want to make sure it's preserved and it's airtight. When you buy a box of Ziploc freezer bags, there are no instructions. It's easy, easy. You just open the box, you take the bag out, you open it up, you put your thing in there, you put your steaks, your food, whatever, and you seal the bag, you just slide the little plastic thing and it closes. You pop it in the freezer, you get the value easily. There's no complication, there's no video to watch. And therefore when you run out of those bags, you go and buy more. Because it's not a pain to use, you're not suffering to get the value. Too many people create products or services that are a little bit hard to use or hard to consume. For example, I want one of those gold class movie theaters where they're supposed to be like some sort of first class experience with big seats and great service. I went to the theater and before my movie started I said, hey, I want to buy a drink and popcorn. And they said, oh, we made it easy for you. Just head on into the theater and you can order from our app. Just scan this code to find the app. They thought they were making things better by making it convenient, but it was more of a pain and they were really solving a problem that existed. So I had to get in the theater, settle down, find this app, download it. The Internet connection in the theater was non existent, so I had to leave my seat because they kind of block the signal so people's phones don't ring. I had to leave my seat and go outside of the theater, download the app, order my popcorn, my drink, enter my credit card details on an app I've never seen before just to order some popcorn and a soda, when before I could just go up to a counter, pay for it, grab it, sit down, simple, easy to consume, easy to use. They thought they were creating some sort of deluxe experience, but instead they created a cumbersome and difficult user experience for somebody to actually enjoy. Something very simple. So look at your business, look at your products and services. Are they Hell yeah. Products and services. Is it one, solving the problem completely? Two, does it have a unique selling proposition? Three, does it clearly communicate the solution to the problem? Four, does it market itself? Five, is price not the deciding factor for the customer? Is it even relevant compared to the value? And six, is it easy to use and consume. There you have it guys. That's today's lesson. I hope you found it helpful. And if you did leave us a rating and review. Let us know what you think of the show, what your favorite episode is, what's your favorite takeaway? You can leave us a review on Apple Podcasts or you can leave us a rating on Spotify. Just hit follow and you'll be able to do it easily on the app. Before I go, I want to leave you with this Creating a Helya product or service is not a once and done situation. It's a process. You refine your products and service over the years, you improve it over time, and you may work your way through all six of the things I mentioned today and focus on one of the things every month for the next six months. This will increase your likelihood of success tremendously because you're not making it hard for your customer to say, hell yeah, I want to buy this. Thanks so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care. Hey Fidelity, how can I remember to invest every month?

With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

Oh, that sounds easier than I thought.

You got this?

Yeah, I do. Now. Where did I put my keys?

You will find them where you left them.

Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC Member NYSE SIPC.