Facebook discoveries

#1: Introducing Products in a "Mature" Market

Consumers aren’t looking for brand-new products. They are looking for clever new adaptations of products they already know and love. When it comes to new, the human brain can take only a little bit of it. Eighty percent of the old and 20 percent of the new is a good ratio. Your goal is not to develop brand-new ideas, but to notice trends that are beginning and develop products that anticipate that trend by a little - just enough to catch your customers’ attention.

Stanford Students’ Discovery: "It’s Never Too Late to Create a Winning App." When Stanford launched its project, over 6,000 Facebook apps already existed. Just 10 weeks later, the students had six apps in the top 100. None of them were radically innovative.

#2: The Power of Simplicity

You can sell your product very well by talking about its many benefits, but the most successful advertisements are those that highlight a single benefit above all the rest. When this benefit can be presented as uniquely characteristic of your product, you have an advertising proposition that can last and last and last. Consider any great marketing campaign - MacDonalds, Camel, Marlboro. Examine any best-selling, non-fiction book - The 7 Habits of Highly Effective People, What Colour Is Your Parachute?, Chicken Soup for the Soul, etc. What do they all have in common? Simple themes. Ideas so simple they can be expressed - and understood - in a few short words.

Stanford Students’ Discovery: "Simplicity & Clarity Are Key to Success." Too many and too clever features must be avoided. Make the app easy to understand and easy to use.

#3: Ready Fire Aim

Prudent entrepreneurs do not want to risk all their time and money on a single product. For the best chance of having a successful business, they need to be flexible about what they are going to sell. If their first product idea doesn’t sell well, they have to be able to generate a second one. Innovation matters. And so does speed.

Combined, they give your business extraordinary growing power.

Stanford Students’ Discovery: "Speed & Flexibility in Launch & Iterations." Many fast and imperfect trials beat deep thinking. Flexibility beats quality. Getting too attached to one app idea can be fatal.

#4: Teamwork Accelerates Success

Don’t even try to be a solo creator. You will get much better results much faster by working with a creative team. Sometimes you might get ideas while showering or exercising or sitting on an airplane. But don’t act on those ideas. Write them down and bring them up when you’re brainstorming with a group.

Stanford Students’ Discovery: "Community Cooperation Leads to Success." Students helped each other a lot, sharing app development tools, tips, and insights.

#5: Check Your Ego at the Door

How do you know your product idea is good? Because you think it is? Business is not and must never be about what the business owner thinks is good or right. Business is about providing value to the customer. And that value can be determined only by the customer. Don’t let your ego convince you that you can teach the marketplace what it should and should not buy, or you and your ego will soon find yourselves in the poorhouse.

Stanford Students’ Discovery: "Individual Opinions About Apps Are Worthless." Don’t be swayed by one person’s opinion. Just get the app out there and see what happens.

#6: Don’t Be a Pioneer in a Market

When it comes to answering most of the fundamental questions about selling your product, the best answer will always be this: Imitate the industry norm. If you are always trying to come up with product ideas that are completely new and different, you will likely have a very poor success record. Let others live (and die) on the "bleeding edge."

Stanford Students’ Discovery: "Copying Success Is a Cheap/Fast Way to Succeed." Novelty isn’t the best approach to apps. If you’re desperate for a win, just copy something that’s working. Flipside: If your app is doing well, expect imitators.

#7: Accelerated Failure

Success isn’t usually about genius. It is more often about trial and error. Money loves speed, so spend your time trying new permutations of existing successes rather than endlessly hoping to find the "next big thing." Don’t be satisfied when things are "running smoothly." An entrepreneurial business should never be running smoothly. Accelerate failure. Cut your losers and run with your winners.