PowerHomeBiz Small & Home Business Blog:
Ryan Allis, CEO of the marketing and online communications firm iContact Corp., in his book “Zero to One Million: How I Built a Company to 1 Million in Sales … And How You Can, Too” has a great section on what makes a product great.
According to Allis, the perfect product has the following attributes:
- It fulfills a need or want
- It has either niche market appeal or mass market appeal
- It has at least a 2:1 markup ratio; 5:1 or higher is optimal
- It has a high perceived value
- It must be replenished or repurchased by the consumer often
- It is easily up sold and cross-sold
- It has a related backend product
So how do you know if your product is great?
Read more.
Photo by McGraw-Hill.
aromahand on February 18th, 2008 at 9:13 am
Very wise post. Thanks, Brad