I have a Facebook DJ friend. The Nostradamus of popular electronic music. He claims to have the ability to know where electronic music trends will go.
One of his posts read something like: “2 years ago (2009) I started spinning Dubstep – it became popular. last year (2011) I started spinning Electro -now it’s the hottest thing. Now its time for ____ genre. I know it, and I predict it. I am basically the god of electronic music.”
We all have friends like this. They say “I knew it” “I told you so” “I predicted it”.
We do this ourselves as well. You single out a few songs on the radio -and they make the top charts. You have high hopes for an employee -they become one of the company’s most prized possessions. You experiment with a new sneakers brand -they become super popular. But YOU were the first one. You KNEW a good idea before it became good.
It’s the idea ahead of its time. The money making idea. Someone once said: The key to wealth is to act out a good idea, before everyone else arrives at it.
Only a small percent of breakthrough ideas get acted out. And, only a small percent of breakthrough ideas get acted out smartly.
Everyone has good ideas and good hunches. Not everyone has the brains or the experience to act them out in the appropriate way.
Don’t deliberate on how good an idea is. Instead deliberate on how to execute the good idea skillfully.
A company called WWWMiracle just came up with a new phone app that delivers needed coupons to the user, depending on his/her location.
There is no doubt that WWW has a golden idea. We all wish we had an ever present coupon book with us at all times wherever we went. When checking out at a supermarket, we blame ourselves for forgetting our coupon cut-outs on the counter at home(!!! Damnit!)
In order for this type of app to GET THERE FIRST, gain popularity before all other similar ideas do, it needs a good execution plan.
I don’t feel like blabbering, I’ll just bullet point this.
1. Catchy, self-suggesting name, that occupies unique space in consumers’ mind, that no other idea occupies. “OnSite Coupon” to connote the idea coupons are always with you no matter which site you are on. “Ubi Coupon” the ubiquitous coupon.
2. How to get people to see the app. Ubi Coupon has the most suggestive power when a person is (a) in dear need of coupon search. Most likely venues: Point of Checkout at stores, online stores. Bring in app advertisement to existing coupon sites: Coupons.com RetailMeNot.com etc. Advertising will be cheap since the app works FOR these coupon sites. (b) when person is planning a trip. Ubi Coupon will work with maps (google, apple, mapquest etc,) Again, advertising and making deals with these sites is cheap because it works FOR these maps.
3. Coupon sites largely rely of people’s ratings. Which means best marketing strategy is to market through friends, i.e. social networks. Facebook advertising (“Your friend Rob likes Ubi Coupon!” will be effective, because coupon users primarily rely on other people’s reviews of the coupons. They will rely on their friends’ reviews the most. This type of advertising is also cost effective because if gives you better cost control. Facebook uses very targeted, measured audiences, and it’s advertising can be programmed on a daily basis.
4. Youtube. Make a low budget graphic/vector art video about Ubi Coupon under 1:00. Make it funny. Video content gets noticed 3x better than text or image content.
All this -to start. A safe and low budget start. Let the social nature of this product do most of the talking for it.
STAGE 2 is to better the product after it is already in many people’s minds.
5. Ubi Coupon now gives statistics on which locations have most coupons attached to them. Influential when planning a trip. (Can now advertise with hotel search engines)
This is an example of focusing on Executing an Idea. Instead of just blabbering about the idea and how good it is.