| I have always tried to teach my children the | | | | to re-fit or re-design these features. The overall |
| difference between needing and wanting a product. | | | | opportunity for market acceptance, finding lengthy |
| This is a value judgement that applies to every | | | | sales traction and massive profits, however, is |
| human, many times in surprisingly differing ways. | | | | typically smaller when attached to "want" |
| People born to great wealth view need far | | | | products.Everyone needs a toothbrush. Recently I |
| differently than those of us born to the lower | | | | discussed the battery-operated spin-brush with my |
| classes. I might need an efficient baby stroller for my | | | | dentist. I had bought a spin-brush for everyone in my |
| grandchild, while a Beverly Hills grandpa needs a | | | | family thinking that it offered better dental care. My |
| Bugaboo (the Danish stroller that can sell for well | | | | dentist advised that there was no clinical support that |
| over $1000). Both do the same job, I need a stroller | | | | the battery brush offered better dental care than |
| that safely holds and transports my grandchild for | | | | the old fashion bristle brush. More important, he says, |
| about $130. The Beverly Hills grandpa wants a stroller | | | | was how we actually utilized the brush. The |
| that transports his grandchild safely, and also, | | | | spin-brush is a want product, and priced about triple |
| stylishly, offering many more features than my | | | | the price of the old fashion effective brush we grew |
| "need" vehicle.One of the areas of greatest interest, | | | | up with.Visit any fashion mall in the United States and |
| to inventors and entrepreneurs, is the type of | | | | you will find Brookstone and/or Sharper Image retail |
| product or service that can offer the greatest | | | | stores. I love to visit these stores. They are bastions |
| payoff; need, benefits and return on investment | | | | of style, novel product features and creativity. They |
| when marketed. My counsel is to always seek | | | | are also exclusively "want" stores. An inventor or |
| projects that offer performance benefits addressing | | | | product designer can do well by selling to these |
| needs. The opportunity to offer fresh answers to | | | | lifestyle stores. But, the big opportunity is in the |
| problems will always trump a new feature | | | | creation and marketing of products that answer real |
| enhancement on an existing product.I have written | | | | unanswered needs, not added bells and whistles |
| about convergent and divergent products and the | | | | decorating clocks, foot massagers and wind |
| overwhelming advantages of the latter. Need | | | | chimes.Design is crucial to success in many product |
| products or services are often divergent. Need | | | | categories. Design can enhance features and raise the |
| products create an offering and an opportunity | | | | perceived value of a product. Jimmy Choo design's |
| where no product answers formerly existed: They | | | | ladies shoes: priced at $300 and more per pair. What |
| face less competition, offer much greater profit | | | | makes this designer's shoes so highly desired, valued |
| potential, typically have a longer product life and can | | | | and wanted, simply the design. Inventors and |
| often be extended with new features (thus, | | | | entrepreneurs need to address design, but Jimmy |
| becoming convergent).Obviously, it is much more | | | | Choo is only the latest popular shoe designer. How |
| difficult to conceive a disruptive innovation | | | | long will he last? There is a very long list of fashion |
| technology or product than to tweak an existing | | | | designers that were also the latest, just not the |
| item. This is the reason the reward, both financial and | | | | greatest.Great Britain based Clark Shoe's has been |
| psychological, are so much greater when a need is | | | | providing the same styles for over 100 years. Initially |
| answered.Let's look at an ancient industry: jewelry. | | | | Clark was boot-maker for the British colonial army. |
| For centuries jewelry has been basically supplied and | | | | The Company's signature shoe is the classic Desert |
| sold in the same way. Precious stones and metals | | | | Boot. The unstylish Desert Boot, was, and is a staple |
| were mined. Craftsmen work the gems and metals | | | | for outdoor comfort and performance even today. |
| into artisan pieces. Wholesale distributors or brokers | | | | Clark created a shoe to address a need, and is a |
| sold the finished pieces to retailers. Retail stores sell | | | | recognized brand around the world. Sales traction, |
| to the public. This has been the supply chain for the | | | | pedigree, brand awareness and generations of |
| jewelry industry, essentially since biblical times. But, | | | | devoted users have made Clark a very profitable and |
| times have changed.I consulted on a project several | | | | excellent model for entrepreneurs to study.We live in |
| years ago built around the concept of placing | | | | the worlds most energetic consumer driven |
| computerized jewelry kiosks in department stores. | | | | marketplace. Television, magazines, billboards, and the |
| Software was written enabling the customer to | | | | inter-net scramble to break through market clutter |
| customize over 1,000,000 styles of jewelry based on | | | | and deliver advertising messages to stoke our desire |
| desired price, gem choice, stone placement, karat, | | | | to purchase jeans, perfumes, watches, Scotch |
| etc. The end design can be viewed on the computer | | | | whiskey and automobiles. The intent is to drive our |
| screen, and an order placed. So, what is the need | | | | "want' emotions.The real opportunity for any aspiring |
| addressed here: In this case, personalized customized | | | | entrepreneur is to address "needs". A product that |
| artisan jewelry at significant savings for the customer | | | | addresses our crisis of childhood obesity would fill a |
| and, retailers drastically reduce the expensive | | | | huge need. An aging population will need wellness |
| inventory that jewelry demands plus payment is | | | | technologies to minimize contact with an expensive |
| made at time of sale, well before delivery. Here the | | | | health care system. Answering this type of need will |
| consumer, the factory and retailer enjoy a unique | | | | pay huge financial dividends and offer the added |
| triple win. This disruptive type of innovation can | | | | benefit of doing societal good.Geoff Ficke has been a |
| shake older, slower channels of distribution and force | | | | serial entrepreneur for almost 50 years. As a small |
| snowballing advances in benefit delivery.A woman | | | | boy, earning his spending money doing odd jobs in |
| might need a $7 jar of Oil of Olay moisturizer. She | | | | the neighborhood, he learned the value of selling |
| may want a $155, ½ ounce jar of Crème | | | | himself, offering service and value for money.After |
| de la Mer. Most of us need an automobile for basic | | | | putting himself through the University of Kentucky |
| transportation. The Ford Focus or Honda Civic is a | | | | (B.A. Broadcast Journalism, 1969) and serving in the |
| practical, economical choice. Many of us desire much | | | | United States Marine Corp, Mr. Ficke commenced a |
| higher end models such as BMW or Lexus. Each of | | | | career in the cosmetic industry. After rising to |
| these choices have an engine, four wheels and | | | | National Sales Manager for Vidal Sassoon Hair Care at |
| brakes. They all get us where we need to go. The | | | | age 28, he then launched a number of ventures, |
| logical Honda is needed. The Mercedes is wanted.As | | | | including Rubigo Cosmetics, Parfums Pierre Wulff |
| an entrepreneur, ease of market entry is usually | | | | Paris, Le Bain Couture and Fashion Fragrance.Mr. Ficke |
| much greater for a product that answers the need | | | | and his consulting firm, Duquesa Marketing, Inc. ( has |
| for new usage benefits. Innovation is often a matter | | | | assisted businesses large and small, domestic and |
| of degrees and definition. A new medical technology | | | | international, entrepreneurs, inventors and students in |
| might address a rare disease that affects only a few | | | | new product development, capital formation, licensing, |
| thousand people. Nevertheless, an important need | | | | marketing, sales and business plans and successful |
| has been addressed. Typically such a technology will | | | | implementation of his customized strategies. He is a |
| command very high pricing per application or | | | | Senior Fellow at the Page Center for Entrepreneurial |
| treatment.Features that embellish already existing | | | | Studies, Business School, Miami University, Oxford, |
| product models can be profitable. It is usually easier | | | | Ohio. |