I’m grateful that the universe has brought you to my little corner of the world. My name is Fortuna, and I turned my passion project into a million-dollar company, which I sold in June 2022. I started my hair supplement brand, It Really Works Vitamins in 2015 and it scaled very quickly – and in all honestly, it was all very stressful!
Since I sold my startup, I have been reflecting on all the stuff I’ve been through and where I’d like to go next with a new startup.
Today, I’m excited to share with you the lessons I’ve learned from reading Seth Godin’s “Purple Cow” and how they can help you transform your side hustle into a profitable business. By implementing the author’s insights, you can cut your learning curve (and costs) and reach financial independence faster.
I summarise my review in this video up on my youtube channel 👇🏾
🔑 Key Points:
- Be Remarkable and Stand Out Like a Purple Cow
- Target Early Adopters For Maximum Impact
- Create Products with Marketing in Mind
- Use Simple Slogans and Direct Targeting
- Embrace Risks and Criticism for Growth
Today, I’m reading “Purple Cow” by Seth Godin – Transform Your Business by Being Remarkable. Seth Godin is an entrepreneur, marketing guru, and founder of Squidoo.
Let’s jump in:
Be Remarkable and Stand Out Like a Purple Cow
Imagine you’re staring at a field of cows: brown, black, and white. Now picture seeing a purple cow. Seth says your business needs to be exceptional, a Purple Cow. Advertising is everywhere and it’s losing its power. We’re constantly being bombarded with advertisements, to the point that we’ve actually stopped noticing them – this makes capturing attention almost impossible.
This is where the idea of the Purple Cow comes in: you need to do something different and eye-catching. The marketing that goes into this is called remarkable marketing. A great example of a Purple Cow is the new Volkswagen Beetle, which had a successful relaunch due to its distinctive shape, attractive colors, and word-of-mouth marketing.
Target Early Adopters For Maximum Impact
In general, companies target laggards when they should be honing in on the early-adopter segment!
Godin underscores the importance of being remarkable in a cluttered marketplace.
One of the key tactics to achieving this standout status is to target early adopters. But why is this segment so crucial, and how do they differ from laggards or the late majority?
Early adopters are those individuals who are quick to try out new products, services, or ideas before the majority does.
From my own personal experience, the first customers of my hair vitamin brand were early-adopters.
They’re not just consumers; they’re trendsetters. In the context of the diffusion of innovation theory, they sit right after the innovators in the adoption curve and play an essential role in the success of any remarkable product.
Targeting early adopters has several advantages:
1. Word of Mouth: Early adopters are typically more vocal about their experiences. They are the ones who write the first reviews, post on social media, and share their thoughts with their networks. In essence, they act as brand ambassadors without being formally tied to the brand.
2. Feedback Loop: They are not just consumers but also constructive critics. Their feedback can help refine and improve the product, making it more appealing to the larger majority that comes after them.
3. Credibility: As they are perceived as thought leaders in their circles, their endorsement carries weight. When an early adopter approves a product, it gains credibility.
However, to leverage this group effectively, companies need to understand their behaviour. Early adopters thrive on discovery. They want to be the first to find the ‘next big thing’. Thus, they are more receptive to innovative, out-of-the-box products – the kind of products that would be termed “Purple Cows” in Godin’s parlance.
So, when a company introspects on questions like “How effortlessly can people recommend your product to others?” or “Does your target group talk about products they like?”, they’re essentially trying to gauge the product’s appeal to this early adopter segment. If a product can get the early adopters buzzing, it stands a significantly higher chance of becoming a mainstream success.
In conclusion, in a marketplace that’s saturated with monotony, the real winners are those who can capture the imagination of early adopters. By focusing on this group and ensuring that the product resonates with them, companies not only guarantee initial traction but also set the stage for broader acceptance and success.
Create Products with Marketing in Mind
In “Purple Cow”, Seth Godin underscores a profound shift in product creation: don’t just build a product and then market it; instead, craft it with marketing at its core. This philosophy suggests that every facet of a product, from its design to its pricing, should be developed with the aim of making it buzzworthy.
When the advertising invents the product, it’s no longer about pushing a product into the market, but pulling the market towards a product. This intrinsic appeal becomes the product’s USP. By aligning production with promotion from the get-go, companies don’t just chase attention, they command it. The product, in essence, becomes its own best advertisement.
Use Simple Slogans and Direct Targeting
In “Purple Cow”, the emphasis on simplification and precision in marketing is evident. Seth Godin suggests using straightforward slogans like “Should have gone to Specsavers” that immediately resonate with the audience. Such slogans are memorable and create instant brand recall. Additionally, instead of casting a wide net, it’s essential to market directly to those actively seeking solutions that your product offers. By targeting this specific audience, companies ensure higher engagement and better returns on marketing investments. This precise approach is more than just a strategy; it’s about acknowledging that every potential customer has a unique problem and positioning your product as the ultimate solution.
Embrace Risks and Criticism for Growth
In the quest for innovation, taking risks and facing criticism is part and parcel of the journey. Seth Godin emphasizes that venturing away from the norm can invite ridicule. Yet, in this criticism lies an underlying advantage: people are discussing your product. Being the topic of conversation, even in a critical sense, provides visibility. This notoriety can be harnessed as a form of word-of-mouth advertising. Instead of fearing criticism, embracing it can fuel growth. It challenges companies to refine their offerings, strengthens their brand identity, and reinforces their position as trailblazers in a saturated market.
In summary, to become remarkable, you need to boldly take risks and no worry about criticism. Embrace the challenges and learn from them to make your side hustle more successful and profitable.
Actionable advice:
- If you find that your company is lagging behind the leader in the industry, resist the urge to just copy them. Instead, take a pen and paper and make a list of how you might close the gap between you and the leader, but only include items where you do something differently from the leader.
- If you’re a product designer, take a course in marketing. If you’re a marketer, take a course in product design. Expanding your skillset will give you a more comprehensive understanding of how to make your side hustle successful.
By implementing these strategies from Seth Godin’s “Purple Cow,” you can turn your side hustle into a profitable business and achieve financial independence, or at least save many years of working a 9-5. Remember, when turning your side hustle into a full-time gig, it could cut your learning curve (and costs) to take on board the author’s insights.
I hope you guys have found this article useful. Keep experimenting, innovating, and striving for greatness. Financial independence is within your reach. Good luck on your journey!
See you soon for another one guys,
Appreciate you!xx
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