The "Assume Success" Strategy for Creating Hit Products
Last night, I had a live session with Dr. Su Jun, the founder of Zhimi Technology. Zhimi is a global leader in the air purifier market, boasting the highest market share worldwide. One of their models alone has shipped over 5 million units, setting a record for single-product sales in China's electrical appliance market.
When discussing how to create a hit product, Dr. Su shared an insightful strategy called "Assume Success."
Step-by-Step of "Assume Success"
- Start with the End in Mind: Assume your product will be successful. For example, if you're making an air purifier, set a goal of selling 1 million units.
- Estimate Costs Based on Scale: Use this production volume to forecast supply chain costs.
- Reverse Calculate the Sales Price: Determine your pricing based on these costs.
When Zhimi launched their air purifier, they priced it at 899 RMB, while the mainstream air purifiers were selling for around 3000 RMB, despite no significant difference in quality. In fact, Zhimi's design and user experience were arguably better. This competitive pricing and superior product design led to explosive sales right from the start.
The "Looks Like a Hit" Mindset
Dr. Su also mentioned another crucial perspective: "Looks Like a Hit." If your product doesn’t amaze potential customers at first glance, it's unlikely to become a hit. Therefore, during internal evaluations, if a product doesn't have the wow factor, it shouldn't be launched. Releasing ten mediocre products is pointless. Instead, focus on designing standout products that captivate customers from the get-go.
Zhimi Technology’s products are prime examples of product-focused design.
In essence, combining the "Assume Success" and "Looks Like a Hit" strategies can significantly increase the chances of creating a blockbuster product. By aiming high, managing costs effectively, and ensuring your product stands out, you can capture the market’s attention and drive remarkable sales.
