How Great is Your Product?

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February 18, 2008 by Rich Whittle | 1 Comment

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.