7 Characteristics Of Hot Products
Picked up a TON of great stuff at Live 7: here’s Paul Lemberg’s 7 characteristics of hot products:
It’s a WANT, not a NEED. Let’s face it, people don’t like to buy things they need. For instance, people hate to buy insurance, but go out of there way to buy products that improve their health or make them money.
Has a high perceived value. The key here is “perceived.” It doesn’t matter how much YOU think your product is worth, but if your customer thinks it’s worth more than you’re charging, you’re going to sell a lot of it!
Has credibility. They have to know, like and trust you.
Gives immediate gratification. “Lose 20 pounds in 5 years” isn’t going to cut it. People want results NOW.
Easy to use. The iPod wasn’t the first MP3 player available, but it was the simplest (and coolest!) so it left the others in the dust.
Differentiation from competitive products. Would somebody really pay $27,000 for a cell phone? They would and they do. The Vertu doesn’t have any more functionality than any other phone, but having a sapphire crystal face and inlaid diamonds makes it the most expensive phone on the planet.
Wow factor. Is it cool, bizarre, crazy, or surprising? People buy on emotion, then justify their decision with logic. If your product has the wow factor, people will buy.
So check your product line, and make sure your product has some, if not all, of these things. If it does, make sure you are communicating that to your customer!
