So, I am fidgeting on this thing, which I think is the world’s dumbest product. And you might be familiar with, what is this thing called, Gilbii?
[Gilbii] It’s just a Fidget Cube.
Just a Fidget Cube.
This Fidget Cube was on Kickstarter and did hundreds of thousands of dollars in sales for something that you just mess with.
What a random idea. But this product got creamed by a young kid who took the exact same idea, remade it, and then put it on Amazon. And now there’s a whole bunch of competitors doing all kinds of volume selling these ridiculous fidget cubes.
So the person who had the idea was first to market, technically, at least to go out there and make a sale, put it on Kickstarter, raise hundreds of thousands of dollars. And now they have no chance at having a business, because there are all kinds of knockoffs on Amazon, selling the exact same thing.
That is why execution always trumps ideas.
I always laugh when people say they don’t want to talk about their ideas or they don’t want to talk about their products, because they are afraid someone else is going to steal the idea. Ideas are a dime a dozen.
We can sit here and talk about ideas all day long. Execution is where all of the money is.
So the people who saw this and saw it doing well on Kickstarter, and went out and actually put it for sale in places where people wanted to buy, those are the people who are really cleaning up right now. The person who came up with this idea and put it on Kickstarter did well for a short while and probably will have to now sit and come up with another idea.
You know, at Freedom Fast Lane Live 2016, Tom Bilyeu, the founder of Quest Nutrition, was talking about how they were the first to market with a high-fiber protein bar in the marketplace, and now they have all kinds of competitors. They have people knocking that off all the time.
He says, if you have a good runway, then you’ll enjoy two years of exclusivity on a product before you have a whole bunch of knockoffs. That’s just the nature of things.
What is the solution? Continually innovate, and continually stick to your brand message. Again, execution always trumps ideas.
By the way, what’s the brand message of a Fidget Cube? Nothing. It’s just a thing! You’re never going to go back and say: You know, that one Fidget Cube was so good, I really want to see what else they’re doing in the world. No! It’s not going to happen. There’s no brand equity to this.
Now they could have that, if there was a big problem that they were trying to solve. But if you just think that an idea can exist in the marketplace, and you can sell more of product without anybody else coming at you, you’re living in a fantasy world. So execution always trumps ideas, and speed of execution trumps all.
If you want to learn about building a brand, check out our Brand Builder Bootcamp on Freedom Fast Lane!
The faster you can take an idea and get it out into the marketplace, and build an actual business around that, the more successful you will be, rather than sitting around and hoping that your idea will somehow manifest into being a world-changing company. It’s your execution, not your ideas, that make an impact.
Tune in to the full episode to learn about why execution always trumps ideas, how to get product reviews, doubling a brand in six months and much more!
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