57. The Inventors Blueprint for Amazing Products and Success! (Bullseye Method)

Send us Fan MailLooking for a step by step guide as to how to build a successful invention, supply chain and life from your invention?  Look no more, the Bullseye will guarantee you focus on the right things at the right time for your invention.Questions? [email protected] to join an exclusive Discord community of seasoned inventors and be on a first name basis with people who LOVE this world of product development?  Access the exclusive Discord through the Patreon below for just $6/Month! ⬇️By popular demand... introducing Grant's "Invent With Me" Patreon.-You may want to join if...1. You have an invention idea but don't know where to go from here...2. You need access to engineers, lawyers, inventors or manufacturers.3. You need inspiration and weekly tips to bring your invention to the market and start making 7-figures from your idea.https://patreon.com/InventWithMe?utm_...  IWM Engineer; Lance at https://www.freelancedesigns.ca/The Invent With Me Podcast⬇️Spotifyhttps://open.spotify.com/show/2YAZqvv...⬇️Applehttps://podcasts.apple.com/us/podcast...The Problem:Inventors and entrepreneurs are always full of ideas. They’re like a dog scratching at the door to get out into the yard and chase squirrels. The squirrels represent the ideas. Not only is any single squirrel tough to catch, but if you try to catch more than one, you’re unlikely to catch any. The Innovator’s Bullseye gives you a tool to zero in on the squirrel you need to run down.The Bullseye Approach:The tool has four levels. The most important thing to get right is at the center (your customer), with each outer level becoming less critical to your success.Note: Your goal is simplification. When you complete your bullseye, just a few words (or a short phrase) in each area is enough. That way, you’ll be able to understand your strategy at a quick glance!The Center of the Bullseye: Target CustomerWho is your target customer? What pain are they experiencing, what gain do they want, or what job are they trying to accomplish? This is not the place to focus on solutions. You must be able to write this in one sentence. Example: Vacationers struggling to secure items on their vehicle.First Ring: The Marketing MixAlso known as the “4Ps” (Product, Price, Place, and Promotion), this ring of the bullseye helps you clarify how your product or service will satisfy that customer job, problem, pain, or gain.ProductWhat features matter to your target customer and their problem/job/pain/gain, and which are distracting? Choose no more than three features (ideally, one!) that are the most critical or unique to your product or service.PriceIs it better to be cheaper? More expensive? Free? Sell on a subscription basis? Don’t worry so much about the specific price. Settle on a pricing strategy. The specifics will change. The strategy should not. PlaceWould it be better to sell on Amazon? On your own website? Direct through live salespeople? In a retail store? Through a partner? On social media? In the Marketing Mix, “place” refers to where your customer goes to buy your product or service. PromotionHow can your brand or your advertising create a meaningful difference in the mind of your target customer? This isn’t the place for all your messaging or advertising plans. Focus on the promotional strategy—the most important message to communicate or the most important tactic to use.The Invent With Me Podcast, where each week we help aspiring inventors and product creators to turn their innovative ideas into reality.  Join us on youtube to have the ultimate show experience!  www.youtube.com/@inventwithme