Tom outlined that there are 4 ingredients that make money fly to you.

Flying Money Ingredient 1: Know what pain your customers are experiencing, and ensure you can provide a solution that is better than the one the customer could come up with themselves, and better than your competitors. Be the best. This could be the cheapest, fastest, highest quality, most convenient, most fun, most admirable values – whatever sets you apart.

Flying Money Ingredient 2. Be the best solution for the pain, don’t under-price it – position yourself appropriately. Talk about your solution in the terms of your customer pain. All sales are emotional. Make sure your customer understands why you fix their pain as they know it.

Flying Money Ingredient 3. You have to have the best brand (not just the best features). This means people believe you have the best stuff (even if you don’t). Perception is reality. Make sure that your potential customers understand that you are the best.

Tom also told everyone a real truth – Kevin Costner in the Field of Dreams was wrong. “If you build it, they will come” isn’t true. You need to get customers aware of your product when they are feeling the pain. Advertise! Word of Mouth is through social networks becoming far more powerful. It’s timely, it’s strong. It uses someone’s existing relationships to help sell your product. And they do it because they love your product. You can’t buy their love. Be proactive and ask any customer who’s had a good experience to tweet, blog or Facebook about it.

Flying Money Ingredient 4. You don’t need a big ad budget, you need vocal, raving fans. The fans who will tell other people about their love for you and your brand. You build them not by pontificating but by conversing with them. You don’t get to tell them to love you, instead you need to give them a reason to love you.

Tom then described how these four ingredients form a circle. When you have a group of Raving Fans, they then lead back to finding more customers in pain (step one), helping you drive the business.

For anyone who missed the workshop, some video clips are below and you can also find the entire audio file here.  Thanks to Joanne White for guest blogging.

With those odds, entrepreneurs need to step into their customers’ shoes.  A lot has to be right for a successful product launch.  The concept should meet a real need, the design has to work and the product has to be positioned well.  You’ll get these decisions right, says Dr. Moreau, if you know your customer.

80% of product development costs get locked in on the “fuzzy front end.”  That’s because we get attached to our ideas.  The key is to challenge your assumptions and talk to your customers.

So how do you talk (or better yet, listen) to your customers?  “Abstract up” to hear what they need.  A customer might not pinpoint the solution, but they know when they’re dissatisfied.  The entrepreneur’s job is to fill that abstract need: The CEO of Revlon says they sell hope.

And – profitability depends on the diffusion of your product.  Will the early adopters convince the majority to buy it?  Word of mouth is powerful, but it depends on how similar the two groups of customers are.  The early adopters might be very different from the majority.

Who first adopted digital cameras?  Not professional photographers. Real estate professionals, early web developers and others who needed online pics, even if they were grainy.  Every product has to get across the chasm between early adopters and the majority.  How many of you own a Segue?

Finally, recognize the little ways you’re asking your customers to change by buying your product; it can be the difference between flying colors and stuck in the mud.  As one student put it, if you use Skype, now you have to “get gussied up” just to talk on the phone.  On the other hand, a new insulin pen reduced the prep time from 1 minute to 10 seconds: sales went up by 30%.

For anyone who couldn’t make it to the marketing workshops with Page, we’re posting the slides on the New Venture Challenge blog.  Thanks to Mark Wiranowski for guest blogging the event.