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