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Tap Virgin Markets: Paul Polak's Strategy for Eliminating Poverty and Making
Millions
Copyright © 2002 - 2010 by Susan Harrow. All rights reserved.
 Paul Polak's enterprises have made over 200 million dollars. But he isn't
chasing after existing markets, he's creating new ones -- virgin markets
as he calls them, in the most unlikely of places. Places where people earn
less than $1 a day. Polak's premise is founded on his sound experience at
International Development Enterprises (IDE), a nonprofit he co-founded in
1981 to develop income-generating tools for subsistence farmers. Here's
how you can do the same for your business.
1. Think Simple.
I asked Polak how he came up with such brilliant solutions to people's
seemingly impossible problems. He told me that first he interviews his
subjects in depth. He listens deeply to people when they discuss all the
different aspect of their lives, how they interact with each other, how
they grow and gather food, what parts of their lives present the most
difficulties.
Then he thinks about what would help. He told me he finds the most obvious
solution that other people just don't see. When he develops products he
imagines the LEAST high tech solution that could be implemented. He
creates products that don't depend on a complicated infrastructure to
work. In other words, what product would work right now given the
limitations that exist. Take a look to see what is obvious that you may be
overlooking.
2. Find Virgin Markets.
So many of us are looking at markets that already exist and asking
ourselves what can we sell them that they don't already have. Polak says
go after the people who can't pay him now, but who can in one-six months.
These people will also be able to support your products through their own
innovation and expansion providing you opportunities to sell more in the
future. As they grow, you grow. As they expand you watch to see what else
they need that you can provide. Polak says it's his close connection to
his customers that lets him see what's needed next.
3. Create Customers For Life.
We've all heard this. It's challenging. Often once you've sold someone
something they become self-sufficient and no longer need you. These
circumstances demand constant innovation. Polak says he takes things one
step at a time, often not knowing what the next challenge will be or if he
can make it work. He takes the attitude that some things will succeed,
others fail, and so what. You move forward and discover what your next
move will be when it appears. As Thomas Edison said, "No I am not
discouraged, because every wrong attempt discarded is another step
forward."
Watch video
footage of Paul at a private party I attended recently.
Read about my
meeting Paul at a private party here
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Susan Harrow, CEO of
http://prsecrets.com, is
a top media coach, marketing strategist and author of
Sell Yourself Without Selling Your Soul® (HarperCollins),
The
Ultimate Guide to Getting Booked on Oprah, and
Get a 6-
Figure Book Advance. Clients include Fortune 500 CEOs, bestselling authors and entrepreneurs who have appeared on
Oprah, 60 Minutes, NPR, and in TIME, USA Today, Parade,
People, O, NY Times, WSJ, and Inc. |
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