What Developing Raw Land Can Definitely Teach You About Product Development!
So do you happen to know anyone, (whose not) actually a land developer, try to develop some raw investment land they recently purchased?
And how or has things ultimately panned out? If their results to date, are like most (wannabe) amateur developers.It’s not good, correct? 😀
And of course, right about now, you’re wondering, (what?) if anything, raw land development, has to do with product development, correct? 😀 Fair enough.
The overall similarities, just might not only enlighten but, surprise you as well. As you’re about to discover.
So What In The World Can Raw Land Development Possibly Teach You About Successful Product Development?
Great question. Primarily, if you know of any amateur land developers.Most (if not all) of them, will readily acknowledge, prior to attempting to fully develop some raw investment land they recently purchased.
And or if it was inherited. They simply had no idea, of all the enormous hidden (or at least) unforeseen expenses they would ultimately and continuously incur.
Case in point. If it turns out, there were no readily available utility lines, near the complex or property.
Then the developer may easily have to pay (invest) anywhere from an additional $25 to $100 dollars or more per foot, in order to extend or access the proper lines.Say what?
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In fact, here’s another round of potentially outrageous expenses, the amateur developer, definitely didn’t expect and or plan on.
In the higher costs states, both the ongoing permits and various fees alone, can often costs nearly as much as purchasing the raw land to begin with. Say what? 😀 Nod your head cadets, because it’s true.
Which bring us to the first similarity, as it relates to your very own product development processes.
Before you even begin actively promoting and or marketing your extremely valuable products or services.
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You need to thoroughly research it first, do you not? Then after doing so, if it’s a physical product. You’re going to need some awfully deep pockets, to have it constantly massed produced, will you not?
And whether or not, you’re marketing and or actively promoting it, via the web or not. There’s no potentially expensive inventory, to first purchase and then figure out where to store it.
No ongoing staff to constantly pay ever increasing and wages to. There’s no shipping the product anywhere.
Which means you also don’t need any office and or commercial warehouse space.No collection process and or potential shopping cart issues to be constantly concerned with either. 😀
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Quickly switching back to some of the additional unexpected expenses, the amateur developer, will most certainly encounter.
If with the best and most complete packages they can purchase.
There could still be, some unexpected costs, for road paving, driveways and or patios. Outrageously expense (so called) “tap fees” in order to access, gas and or electricity to the structure.
And let’s not forget, the initial and final septic system design and installation fees etc. 😀 Basically, you’re starting to get the idea, correct?
There’s More Than One Way To Generate Some Extremely Profitable Results With The Right Lead Generation Strategies And Or Tactics!
Now switching back to your potential product development projects. With a physical product, you may need to either build and lease a huge and extremely costly commercial space of some kind, correct?
Then there’s heat or air conditioning needed. Just depending on the season and how severe and or mild the weather is.
Or, if you prefer,you can (and definitely) should be strategically leveraging, other non directly competing vendors various resources. Huh?
Because remember, they’ve already spent or invested a ton, in order to develop their audiences. Have they not?
Here’s Where And How Your Entrepreneurial Skills Can Potentially Pay Off Big Time!
Let’s suppose you currently run a fairly successful, (single location) retail appliance center. And your ideal customer, currently has a total lifetime customer value metric, of somewhere between $6,500 – $11,500 dollars.Give or take over the next five to seven years.
And since a local Mom & pop, family style restaurant, you and some of your top managers often frequents, caters to your ideal customer base as well.
Here’s what you initially propose, in way of a strategic alliance, (joint venture)to help both of you, consistently generate at least 200% more positive word of mouth buzz.
Not to mention, at least 200% more social media buzz as well.
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Going forward, every one of the restaurant owners customers, who spend at least $20 (or X number of dollars.)
The owners (along) with their professionally trained staff, will hand these extremely valued customers, a sealed envelop, with the words in big bold red letters, “Thank You!”
This sealed envelop, will contain one of the retail appliance centers, best market tested, two sided index cards.
Side (A.) will direct the recipients, to join your VIP opt in email list, for their chance, to win a 75 inch flat screen TV! Which all on it’s own is easily a blank dollar value! Right?
You Really Don’t Have To Be a Certified Marketing Genius In Order To Build An Extremely Profitable Sales Funnel!
And side (B.) , which is extremely time sensitive, invites them to come to your store, before the hand written date on side (B.) expires.
And if they do so, they can automatically 25 (or X%) off their very first purchase. However, simply for bringing a friend, whose at least 18 with them. They automatically save an additional 15%! For a grand total of 45% off their very first purchase.
With absolutely no minimum purchase requirements. Say what? 😀
In the interest of both time and space, you’ll discover at least three more potentially profitable reasons why, and how, raw land development, can definitely teach you some critically important lessons, about strategic product development, in part two, okay?
P.S.Now as is customary during this part of our show.
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