Turning Great Mousetraps Into Revenue

I am regularly in conversations with founders who have built "better mousetraps," and only need to find a way to sell them.  They are confident that their mousetraps are game-changers over the existing ones and are convinced that customers will flock to buy them once they learn about them. 

The reality is that building a better mousetrap is just the beginning of the entrepreneurial journey, and selling it requires a lot of effort, time, and resources. 

And as I often say, every company on the planet is the same in their two most fundamental processes: making stuff and selling stuff.  All other processes should be in support of these two facets of the raison d'être of a company. The corner bakery and the world's largest industrial conglomerates are the same at this level. 

Selling a product or service involves many deliberate steps, including market research, target audience identification, messaging, branding, pricing, distribution, sales channels and an overall GTM strategy. A founder needs to know their customers inside-out, understand their needs and pain points, and communicate or demonstrate how their product can solve their problems or enhance their lives better than any alternatives. 

One of the most common mistakes that founders make is assuming that if they build a better mousetrap, the customers will come. This is rarely the reality. Customers have countless options in the market, and unless the founder can convince them that their mousetrap is not only better but also worth the investment of their time and money, they are unlikely to switch. 

Another mistake is focusing too much on the product and neglecting the importance of branding, messaging, and marketing. Building a brand is more than just creating a logo or a website. It involves creating a story, a persona, and a value proposition that resonates with the target audience and differentiates the mousetrap from the competition. Messaging is critical in conveying the brand's story and value prop effectively, and marketing is crucial in reaching out to the target audience through appropriate channels and touchpoints. 

Pricing and distribution strategies can also make or break a business. Founders also need to find the sweet spot between pricing the product too high that it becomes unaffordable or too low that it undermines the value proposition. The distribution channels also need to align with the target audience's preferences and behaviors. For example, if the target audience prefers online channels, the founder needs to prioritize e-commerce platforms over physical outlets.  

While building a better mousetrap is a great start, it's just the beginning of the entrepreneurial journey. Selling it requires an intensive focus on the customer and the pain points being solved. 

Assuming these key steps have been taken, founders don't need to know how to sell their mousetrap, they need to find the right sales leader who can translate value into revenue.   

Let's chat about finding that right sales leader.