Found this on a old blog that I’m decommissioning — insight from an old WSJ article.
- Tip 1: Don’t slap your name on just anything to make a buck.
- Tip 2: Find weaknesses with existing products and fix them. The you can charge more.
- Tip 3: But raise prices cautiously; make consumers feel they got more than expected and don’t hide company inefficiencies behind price hikes.
- Tip 4: Seek new consumer bases, and design for them.
- Tip 5: Invest in products that consumers will always need.