So now we know how to pick a product, let’s talk about why businesses fail to succeed. Well, there is a couple reasons. Number one, they are late to the party, or number two somebody's already been there and sucked up all the market. And so, we are talking about creating a blue ocean. I'm talking about getting into a nice blue ocean where nobody has been and you have the whole ocean to yourself that this is really big. You will want you to pay attention to this because most businesses online fail because of this reason. You can't be the last person of the party and expect to be successful. You can't beat someone who’s already been there and sucked up much of the market, and most of the audience. You can't come in with the same product and the same ad and expect to get very far because you end up fighting over the scraps. We surely don't want to fight over the scraps. So don't do the same thing that everybody else is doing for crying out loud. What we want to do is you want to do something where we have the advantage. Now look, here are some things that you don't understand. You have several items which are going to give you a competitive advantage.
There's a problem out there and you're the solution to the problem.
So, the number one example is ClickFunnels. ClickFunnels was really the solution to a problem. Prior to ClickFunnels there were a couple other software company out there that were similar. Leadpages was one of them, but the problem with these other softwares is that they were very, very restrictive. Very restrictive, landing pages, very restrictive, sales Pages. You can barely do anything other than change the font. So, ClickFunnels came in and they were the first ones who took landing pages and funnels and let you really customize it to your product.
Look at a traffic source that is not being utilized.
Now, Tai Lopez made his business on YouTube because he had a great following and a lot of it was Facebook and Instagram and he did a really good job at branding himself but when he hit YouTube, it was absolutely a traffic source that had not been utilized and still is to this day with two billion hours of video being watched every single day. It's so underutilized. Anyways, he took his product and he put it on YouTube, and it exploded with growth.
Superior Business structure
Henry Ford had a business structure that was superior. That business structure was an assembly line, that built one car with one color. His whole model was highly superior to anything else out there. In fact, there was nothing else out there like it. But he took the structure and was able to dominate.
Creating a new market for a product
For example, the iPhone. There was no such thing as a smartphone before that. All we had were those big, huge clunky cell phones that you probably saw on TV and that was it. Steve Jobs took a product and made a market for it.
Creating a new solution for a problem
Botox was a new solution to getting older and getting rid of wrinkles.
You can also come up with a new strategy to acquire a market
An example of that is Netflix. Prior to Netflix you had Jumbo Video and you had Blockbuster and these guys dominated. I don’t know how old you guys are but I'm 53. In my day it was a big thing on Friday night to whip over to Blockbuster to rent a couple of movies for the night or for the weekends and you go on when you stick your DVDs in your DVD player and then you have to bring them back. Well Netflix introduced a streaming service, that streaming service has dominated, killed, and destroyed Blockbuster. They just ripped apart that market, there was no market anymore and streaming became the new market, so congratulations to Netflix.
If you do all that, if you take your competitive advantage and you bring it to hot scaleable market the amount of money that you're bringing in is going to be enormous. Because I'm telling you it's just not that hard to make money. It's really not. But the advantage that you want to have you want to be the person who solves the problem. You want it hit a traffic source that's not being utilized. You want to have a product where your business structure is superior. You want to also have a new market for a product, that's really difficult to do. But if you keep reading, I'm going to show you ways that you can put a twist or spin on something and make it a seemingly new market, even though it's really the same product. You want to be a new solution for a problem. Lastly, you want a new strategy to acquire the market. These are all things are that are advantages and all areas that you want to hit when you have a product. An advnateg to developing a product is that you can present to this big blue ocean. However, what happens today is you find that most people’s strategies are basically just doing the same thing that other did before and selling things in the same way. Well, guess what? You are now putting yourself in a major league saturated market. And you cannot wonder why it didn't work. Why do you think it didn't work? because you weren't the first to the market and you don't have these competitive advantages. So, you can't do the exact same thing, it is not going to work, you have to have some sort of advantage. What did Godzilla social have? What was the advantage? Well the advantage was that we had a product that nobody else has. It’s a 5-step system that has been developed over the years. It's been applied, it's been tested, and It's made money. We talked about this a hundred times in our courses. So when looking at Godzilla social the competitive advantages we had were that number one, we addressed a problem. Nobody was showing you how to do YouTube ads, getting 3 to 5 times R.O.Is. Nobody was doing a properly that's for sure. Very few courses out there were taught by real entrepreneurs who actually ran businesses for years and made hundreds of millions. I don't know anybody right now who has made over $250 million over 20 years AND is prepared to sit there and tell you every single trade secret they know like I am with my students. Number two is that we attacked an underutilized traffic source which is YouTube. Number three, we have a business structure that is far superior to anything out there. Number four, we have a new strategy to acquire a market. This strategy is high levels of customer service with full access to me and my team with big, big value. I mean, listen, I used to get paid a lot of money to do consulting to go talk to a group of people at a company, they would pay me $10,000. So, my students don’t pay anywhere near that, and they have access to me for 8 weeks, and they have access to my team. Can you imagine having access to a team that works at a 20-million-dollar company plus their CEO. That was a strategy to hit the mark and try and steal it from other people and competitors. Number five is we can give students a complete done for you step-by-step process. Lastly, number six is we are in a hot, scalable market. Coaching is very, very hot. Everybody wants to know how to make money online. And so far us that was our competitive advantage. And what I'm seeing, most of the time is people saying “I have a product, how do I sell it with ads?” Oh, heck no, no, no, no, no, no, no. You have no strategy. You have no competitive Advantage. You need a competitive advantage and you need a strategy to scale up and be profitable. Now, when we talk about the big blue ocean, what we want to do is we want to make something that's easy. I talk with this all the time. Ask yourself, what do you have that you can adapt to and sell with ads. What’s the very best product and funnel that you can design to work with ads? So, I want to clarify this, you should always think of a product in terms of how you can bring it to the market. Let's stop and talk about this for a second because I want you to really understand it. Let's say your product is a bottle of water. What I don't want you to do, is think how can I run ads to sell more water? I want you to think of how can I structure my business? And how can I make this water marketable? What do I have to do? And how can I change it? It might be changing the size of the bottle, or it might be changing the shape of the bottle, maybe you need to add a fancy label or give it a fancy name. Whatever the case may be, you take your product and you think of the product in terms of how it goes to market, how can you advertise it better? How can you adapt your product so it will sell better with that case. I don't want you to think of how I sell my product ads. I want to think about, how do I take my products and design it to work with that?