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