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BIZ LAW ONE - Pillars One & Two

Mike Pelland
Jun 7, 2022 1:00:03 PM

My background is in Product Development.

I spent 17 years doing it professionally for clients and building great ideas and Intellectual Property Portfolios for them. It was fun. See some of the creations on my portfolio page located here. I recently was hired by The Bose Corporation to help them with some patents I did for another client (back in the day) that was suing them on the patents I originally developed and had gotten through the USPTO, but that is a story for another day. It’s interesting, being on the “other” side of that IP war, though.

Back to products, as I recently mentioned in my inaugural Blog Post, my son, Hunter has this diagram on my desk, he called it BIZ LAW ONE (I hate the name, but we’ll use it for the time being). This diagram has six “pillars” and these things are required to be successful in selling. The interesting thing about it is that the first two pillars, have to do with the product, and I going to expound on these two pillars.

The Blue Ocean
The Blue Ocean - Look 👀 at the engagement.

Pillar One: You must have a quality product (or Service). It’s required in BIZ LAW ONE. There are a lot of companies that have quality products, and you’d think I wouldn’t have to point this out. But I’ll use two examples and that should give you an idea of what a quality product is and isn’t. We at CFS have successfully sold both.

(keep reading for a limited time offer)👇

  • First Example: The “Blue Ocean” watch (pictured). We drop-shipped this watch, and we were wildly successful at it. We sold tons of these watches rather quickly. It was a fun thing to watch (Rocket. Goes. Up.) The problem? The darn watch didn’t keep time… I mean it was stylish and the Facebook ads rocked! But the shipping took 21-days from China Post and after you waited that whole time (pardon the pun), it was a crapshoot if the watch would actually keep accurate time. Bad product, thereby violating BIZ LAW ONE, Pillar One.
  • Second Example: We just came off a contract with a client whom we helped go from nothing to millions in MRR with a quality product. I remember distinctly telling these people that if they didn’t have a quality product, I was out. The reason is simple. The internet giveth and the internet taketh away. If your product sucks, people talk and the rocket will start to go up, but gravity takes over and you’re done.

The good news is the second example was a good product (Pillar One ✔️). The problem? It violated BIZ LAW ONE, Pillar Two – You need an A+ Offering. This second product was an entry purchase into a membership (which was new for us) however, the product was good, but the membership stinks (The real offering) So you buy this first thing and come to find out that the membership - the customer is getting hosed.  People are just not stupid.

To complete the story on The Blue Ocean, the offer was great, but the product had issues, and thereby it violated one of the pillars and was a dead idea. If you violate ANY of the pillars, STOP and get those things corrected. BTW - We’ve kicked around resuscitating TBO with another manufacturer, but the math probably wouldn’t work, which violates Pillar Two, see how this works?

So, BIZ LAW ONE, Pillar Two is an A+ Offering. You must have it to make it work. Giving people 10 or 20% off for their email address, kind of works… but it's long in the tooth. Online selling needs to be less transactional and more inspirational. Like I tell people, you need to “compel someone to buy from you and then compel them to stay” if you don’t do that with an A+ Offering, you are lighting money on fire and you don’t have a sustainable business model.

These two pillars are required to build on as well as the other four, to make your: Rocket. Go. Up. 

If you don’t have all six, you won’t be successful. If you want to learn more about these two pillars, or the other four… sign up for updates to your inbox or reach out to us and have a professional product developer and digital marketing/growth guru,  look over your first two pillars!

Thanks for reading and Stay Tuned!
-P

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