How to build a billion dollar product | Michael Casey | TEDxFlowerMound

From Worst to Best: The Story of a Successful Entrepreneur

In this section, the speaker introduces himself and talks about his journey from creating some of the worst products to some of the best products of all time.

Creating the Worst Products

• The speaker admits to creating some of the worst retail products that very few people ever bought or used.

• Despite this, he went on to create some of the best-selling products at stores like Target and Walmart, as well as global shopping channels like HSN and QVC.

• He even had one product that made it to number one on Amazon Prime.

Learning from Failure

• The speaker encourages listeners to be empowered and confident in their ideas.

• He shares a quote from the head of the US Patent and Trademark Office in 1889 who famously stated that everything that will be invented has been invented. However, with over 8 million patents later, this statement has proven false.

• After filing many failed patents, the speaker decided to learn from his mistakes by examining his graveyard of dead products. He found similarities between his failed products and those of major corporations.

Examples of Failed Products

• The speaker shares examples of failed products from big companies such as Clearasil's yogurt-inspired shower gel, Burger King's soy-based french fries, and Segway's zero-calorie transportation device.

• He notes that these failures share a pattern for failure which can be turned inside out into a pattern for success.

Overall, this section highlights how failure can lead to success if you are willing to learn from your mistakes.

Why Products Fail and Succeed

In this section, the speaker discusses why some products fail while others succeed. He emphasizes the importance of timing, identifying the target market, disrupting the category, exclusivity, and customer satisfaction.

Factors that Contribute to Product Success

• Timing is crucial for product success.

• Identify your target market before creating a product.

• Design your product to disrupt the category.

• Make your product exclusive to stand out from competitors.

• Ensure customer satisfaction by meeting their needs.

Examples of Successful Products

• Elon Musk's Tesla car was successful because it was designed to be environmentally friendly and targeted executives who wanted an exclusive green option.

• Look for opportunities in niche markets like scuba divers in Idaho during winter months.

The Importance of Selling Your Product

In this section, the speaker emphasizes that creativity is only valuable if customers buy your product. He introduces his "25M times 2 rule" which states that at least 25 million people need to use or buy your product twice a week for it to be successful.

The Value of Creativity

• Creativity is only valuable if customers buy your product.

The "25M Times 2 Rule"

• To be successful, at least 25 million people need to use or buy your product twice a week.

Learning from Failure

In this section, the speaker shares his personal experience with failed products and how he learned from them. He emphasizes the importance of identifying a target market and ensuring customer satisfaction.

Failed Product Example - Hot Dog Express

• The Hot Dog Express failed because it was not targeted towards children who were not hungry to eat hot dogs.

• Identify your target market before creating a product.

• Ensure customer satisfaction by meeting their needs.

The Importance of Timing Your Product Correctly

In this section, the speaker emphasizes the importance of timing your product correctly and shares an example of a successful product that was timed perfectly.

Timing is Key

• The speaker stresses the importance of timing your product correctly.

• He shares an example of a successful product that was timed perfectly.

• Only 1% of the population will respond to your idea, so it's crucial to time your product correctly and make sure that 25 million people want what you're doing.

• If you time your product correctly and follow the program, your fortunes as an entrepreneur will rise, and more importantly, so will your bank account.