At the bottom of a really good article explaining the fallacies of comparing $0.99 smart phone apps with $4 lattes at Starbucks are some good tips when it comes to building wealth.
- Build an app experience that’s unique and doesn’t feel “easily replicated”
- Provide something the user sees as valuable to their daily life
- Package it such that it shows off its craftsmanship
- Find creative ways to profit off of a “free” version (Starbucks doesn’t do this…. yet)
- Quit complaining about money wasted on cups of coffee
Provide real customer value. You may need to interview real customers. Talking to someone other than family and friends can provide a unique, objective feedback. Add the means for customers to fill out quick, short surveys, and you may found out about BIG issues. People rarely fill out surveys, and even rarer still when things are working great. But when something really sucks, they are more inclined to give you a piece of their mind. Make it easy for them to do such, and you will know what is really bad in your business.
Packaging is an interesting beast. I have noticed that in every Apple product that I buy, they package it in a special way so that opening it is an entertaining experience. It’s not silly and garish, just slightly sophisticated, enough for me to remember. Think about something similar that would fit your business.
Consider buying your competitor’s product and trying to use it from a consumer’s point-of-view. What was good? What was bad? What can you do to narrow any gaps where you are behind, and widen any gaps where you are ahead?
All of these things take time and money, but it is the sort of business costs you must invest to stay ahead of your competition.