Appreciate a classic car


Need or Want: Your New Product or Service Will Succeed if it Addresses Need

I have always tried to teach my children theopportunity for market acceptance, finding
difference between needing and wanting alengthy sales traction and massive profits,
product. This is a value judgement thathowever, is typically smaller when attached
applies to every human, many times into "want" products.Everyone needs a
surprisingly differing ways. People born totoothbrush. Recently I discussed the
great wealth view need far differently thanbattery-operated spin-brush with my dentist.
those of us born to the lower classes. II had bought a spin-brush for everyone in my
might need an efficient baby stroller for myfamily thinking that it offered better dental
grandchild, while a Beverly Hills grandpacare. My dentist advised that there was no
needs a Bugaboo (the Danish stroller that canclinical support that the battery brush
sell for well over $1000). Both do the sameoffered better dental care than the old
job, I need a stroller that safely holds andfashion bristle brush. More important, he
transports my grandchild for about $130. Thesays, was how we actually utilized the brush.
Beverly Hills grandpa wants a stroller thatThe spin-brush is a want product, and priced
transports his grandchild safely, and also,about triple the price of the old fashion
stylishly, offering many more features thaneffective brush we grew up with.Visit any
my "need" vehicle.One of the areas offashion mall in the United States and you
greatest interest, to inventors andwill find Brookstone and/or Sharper Image
entrepreneurs, is the type of product orretail stores. I love to visit these stores.
service that can offer the greatest payoff;They are bastions of style, novel product
need, benefits and return on investment whenfeatures and creativity. They are also
marketed. My counsel is to always seekexclusively "want" stores. An inventor or
projects that offer performance benefitsproduct designer can do well by selling to
addressing needs. The opportunity to offerthese lifestyle stores. But, the big
fresh answers to problems will always trump aopportunity is in the creation and marketing
new feature enhancement on an existingof products that answer real unanswered
product.I have written about convergent andneeds, not added bells and whistles
divergent products and the overwhelmingdecorating clocks, foot massagers and wind
advantages of the latter. Need products orchimes.Design is crucial to success in many
services are often divergent. Need productsproduct categories. Design can enhance
create an offering and an opportunity wherefeatures and raise the perceived value of a
no product answers formerly existed: Theyproduct. Jimmy Choo design's ladies shoes:
face less competition, offer much greaterpriced at $300 and more per pair. What makes
profit potential, typically have a longerthis designer's shoes so highly desired,
product life and can often be extended withvalued and wanted, simply the design.
new features (thus, becomingInventors and entrepreneurs need to address
convergent).Obviously, it is much moredesign, but Jimmy Choo is only the latest
difficult to conceive a disruptive innovationpopular shoe designer. How long will he last?
technology or product than to tweak anThere is a very long list of fashion
existing item. This is the reason the reward,designers that were also the latest, just not
both financial and psychological, are so muchthe greatest.Great Britain based Clark Shoe's
greater when a need is answered.Let's look athas been providing the same styles for over
an ancient industry: jewelry. For centuries100 years. Initially Clark was boot-maker for
jewelry has been basically supplied and soldthe British colonial army. The Company's
in the same way. Precious stones and metalssignature shoe is the classic Desert Boot.
were mined. Craftsmen work the gems andThe unstylish Desert Boot, was, and is a
metals into artisan pieces. Wholesalestaple for outdoor comfort and performance
distributors or brokers sold the finishedeven today. Clark created a shoe to address a
pieces to retailers. Retail stores sell toneed, and is a recognized brand around the
the public. This has been the supply chainworld. Sales traction, pedigree, brand
for the jewelry industry, essentially sinceawareness and generations of devoted users
biblical times. But, times have changed.Ihave made Clark a very profitable and
consulted on a project several years agoexcellent model for entrepreneurs to study.We
built around the concept of placinglive in the worlds most energetic consumer
computerized jewelry kiosks in departmentdriven marketplace. Television, magazines,
stores. Software was written enabling thebillboards, and the inter-net scramble to
customer to customize over 1,000,000 stylesbreak through market clutter and deliver
of jewelry based on desired price, gemadvertising messages to stoke our desire to
choice, stone placement, karat, etc. The endpurchase jeans, perfumes, watches, Scotch
design can be viewed on the computer screen,whiskey and automobiles. The intent is to
and an order placed. So, what is the needdrive our "want' emotions.The real
addressed here: In this case, personalizedopportunity for any aspiring entrepreneur is
customized artisan jewelry at significantto address "needs". A product that addresses
savings for the customer and, retailersour crisis of childhood obesity would fill a
drastically reduce the expensive inventoryhuge need. An aging population will need
that jewelry demands plus payment is made atwellness technologies to minimize contact
time of sale, well before delivery. Here thewith an expensive health care system.
consumer, the factory and retailer enjoy aAnswering this type of need will pay huge
unique triple win. This disruptive type offinancial dividends and offer the added
innovation can shake older, slower channelsbenefit of doing societal good.Geoff Ficke
of distribution and force snowballinghas been a serial entrepreneur for almost 50
advances in benefit delivery.A woman mightyears. As a small boy, earning his spending
need a $7 jar of Oil of Olay moisturizer. Shemoney doing odd jobs in the neighborhood, he
may want a $155, ½ ounce jar of Crèmelearned the value of selling himself,
de la Mer. Most of us need an automobile foroffering service and value for money.After
basic transportation. The Ford Focus or Hondaputting himself through the University of
Civic is a practical, economical choice. ManyKentucky (B.A. Broadcast Journalism, 1969)
of us desire much higher end models such asand serving in the United States Marine Corp,
BMW or Lexus. Each of these choices have anMr. Ficke commenced a career in the cosmetic
engine, four wheels and brakes. They all getindustry. After rising to National Sales
us where we need to go. The logical Honda isManager for Vidal Sassoon Hair Care at age
needed. The Mercedes is wanted.As an28, he then launched a number of ventures,
entrepreneur, ease of market entry is usuallyincluding Rubigo Cosmetics, Parfums Pierre
much greater for a product that answers theWulff Paris, Le Bain Couture and Fashion
need for new usage benefits. Innovation isFragrance.Mr. Ficke and his consulting firm,
often a matter of degrees and definition. ADuquesa Marketing, Inc. ( has assisted
new medical technology might address a rarebusinesses large and small, domestic and
disease that affects only a few thousandinternational, entrepreneurs, inventors and
people. Nevertheless, an important need hasstudents in new product development, capital
been addressed. Typically such a technologyformation, licensing, marketing, sales and
will command very high pricing perbusiness plans and successful implementation
application or treatment.Features thatof his customized strategies. He is a Senior
embellish already existing product models canFellow at the Page Center for Entrepreneurial
be profitable. It is usually easier to re-fitStudies, Business School, Miami University,
or re-design these features. The overallOxford, Ohio.



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