4 Ways to Make Your Product STAND OUT - Derek Pankaew, Digital Nomad Millionaire Entrepreneur
Derek Pankaew - From Bootstrapping to Millionaire Mindset
Yoo guys! These were my notes from the Nomad Summit in Chiang Mai January 2018 ... see you there January 2019!
This are very incomplete notes, obviously so, please leave your thoughts, tips & experiences in the comments and I'll add to this! Cheers!
Derek Pankaew went from bootstrapping small businesses to making $10,000 a month, to thinking big with the millionaire mindset. You can see his Flexr: Travel Pull Up Bar product here.
Summary: basically, you gotta be unique!
As more and more people use the same business models…
- Increased Cost per Acquisition
- Decreased Margins
- Platform Actions
- Customer Skepticism
The Quest for a Strategic Advantage
- Intellectual Property
- e.g. Sportsmemorabilia.com - using that brand they were able to contact the NFL etc. and ask to sell the sports memorabilia.
- Unique Product
- e.g. Dereks Travel Pullup bar got featured on Mens Health & more\
- e.g. Thisiswhyimbroke is a weird fun niche affiliate site
- e.g. have a normal looking guy explain how the product works
- Have something affiliates would be proud to promote
- Network Effects
- Where each additional user makes the product / platform more valuable
- Customer Lists & Audiences
- Derek spent 10k on building a huge fb email list before his kickstarter
- Got him 30k+ is first 24 hours.
3 Tips for Developing your Strategy
"Focus on a unique strategy so your business won’t die suddenly"
1. Never position yourself against the platform
- Avoid low quality experiences for customers
- if your biz is dependent on your customers not finding out that you’re doing something.. its prob gonna fail in the longer
- e.g. Aliexpress drop shipping should transition to a more solid foundation business.. because customers may figure out they can order from Aliexpress, thus get annoyed by the product fb ads.
2. Position yourself in a Rising Tide
- E.g. a product that is not a fad, and will gain MORE potential customers over the years, not less.
3. Consider the Whole Ecosystem:
- Consider ALL THESE THINGS! It's not enough to just throw up any product nowadays.. Especially for Amazon.
Derek's product creation story: it cost Derek 1.2k for first engineering design travel pull-up bar, and 3k for revised design. Then took it to China .
then.... ENTER CHINA.... lol. That's for a whole nother blog...
In fact I did do a podcast with Nick Ramil of the "Enter China" program - he shares his story & tips on how he's created Million Dollar products in China. Watch Here:
(Again, these are very incomplete notes, obviously so, please leave your thoughts, tips & experiences in the comments and I'll add to this! Cheers mates!)