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