Yes this is big news indeed. Really BIG. Groupon selling an iPad2 worth 500 $ for just 50 bucks? Most of you have already sensed that there is something fishy out here. Some of us who always fantasize Apple products but never buy one are jumping here and there to find the golden link to click and just grab a part of history! Isn’t it? (And yes I know some might have not even read this page. They came looking for the Groupon page and ended up on this Business Blog. And they left). Whatever the case be your mind is all of a sudden so active. It is very important to hold this feeling tight, because whether you get an iPad or not I have something which will add more value to you than an iPad.
Why Groupon CAN’T sell an iPad
This is a simple question. The answer – because an iPad is an iPad. Isn’t it? We know Apple will never want to sell an iPad on a deal site, why? Because iPad sells on its own. That’s an important thing to understand. They build products capable enough to speak for themselves rather than having a nice looking sales girl impress you why the crap she sells will change your life.
Let us even think – who are interested in selling their stuff on deal sites? Probably the ones who can’t sell it on their own. They want us to go crazy with deal sites, though there are enough disadvantages of a deal sites. But we don’t buy Apple products that way. People stand in queues either to visit a temple, a church or to buy an Apple product. You never see that in today’s hyper sensitive world for anything else. We are emotional about God and an Apple gadget.
The simple guide to Kill your killer product/business
I have interacted with many startups across last two years, while volunteering for HeadStart. I have always seen a common killer idea. The only thing that this killer idea can do is simply kill your own business. I call this as the pricing button. We feel we will take a hot selling product, copy its features as it is and simply go ahead and reduce the price by a few dimes. And heck the world will go crazy. They will dump their existing products and come running to pay you. We all have at some points in our lives thought how we will simply reduce the price and increase our market share by x%.
Apple launches premium products. After iPad there were multiple cheaper and even costly iPad alternatives introduced. They are lying dead on shelves while iPad is out of stock. They have the features, they have the price yet they just don’t click. Probably your product is doing the same thing in your industry it just doesn’t click.
So to succeed, concentrate on what matters
I hope you understood the essence. The secret formula
Your product IS NOT Equal to Price + Feature + benefits + blah blah + yada yada
Your product IS Equal to the experience it delivers
The pain it solves or the pleasure it gives. If it has to sustain, remove the price barrier. If you sell cheap, people should buy. If you sell it at a higher price, people should buy. Just don’t allow market, competition, price, economy rule the fate of your business. Let your business flourish basis the experience and the connect it makes with the consumer. End of the day it’s the experience, connect and consumer that drives sales and not the price, market or competitors.