How to pick winning products

Have you ever felt stuck brainstorming a business idea, one that could generate more than enough money so you can live well with your family?

So that one day, when you decide you want to sell the business or just work on it 10 hours a week, you can actually get there?

This is the core behind the book 12 Months to $1 Million. Ryan Moran, who had a $10M liquid net worth in his early 30s, suggests the following framework:

Never start with brainstorming the business idea. The difference between a lasting business and a cash-flow machine is this: in the first, you need a target audience; in the latter, you don’t.

Instead, start by brainstorming your target audience, not the winning product. What kind of person would you feel excited to sell to?

What kind of person is so similar to who you are that you can fully understand their needs, know their pains, and relate to them?

Example: If you target yoga enthusiasts, you can sell them a yoga mat. But you can also sell them yoga clothes, natural and vegan supplements, essential oils, body care products, and more.

In contrast, you could run an Amazon business selling fidget spinners. You might do well, making $10K months.

But who’s the target audience for fidget spinners? Undefinable. Anyone could buy one. It’s not tied to identity.

This is crucial for a few reasons:

1/ Expansion. After a successful product, you’ll need a second one. Then a third. Then more and more in the pipeline.

2/ Marketing. One of the most powerful marketing strategies is identity marketing, speaking to your target audience in a way that resonates and drives action. But it’s impossible to write a message that speaks to everyone in the world.

No matter how skilled you are at copywriting, the way you speak to Gen Z is completely different from how you’d speak to Boomers. The way you’d talk to a hunter is different from how you’d talk to a vegan.

In business, your products will change over the years. The target audience will not. Read that again.

OK, now you’ve brainstormed your target audience. How do you pick the product and make it great?

Find what these people are already buying. It’s that simple. Look at what they buy (don’t reinvent the wheel) and read reviews online.

Especially the negative reviews. What do people complain about? That’s your market opportunity. Where can you fill the gap and solve the pain?

For face creams, maybe they’re too sticky, or the oils irritate skin. For flip-flops, maybe the most comfortable ones look ugly or feel too bulky.

Whatever it is, write it down and brainstorm your winning product.

So, are you still searching for the perfect product, or are you ready to search for the perfect audience?

If you listed out the complaints of your target audience right now, what product idea would jump off the page?

“The people who change your life the most are rarely the people you change your life the most for.” - Alex Hormozi

Best wishes,

Maxi | The Warrior’s Newsletter