The Customer Information That is Essential For Innovation Success
Today, every marketer talks about the “buyer personas.” While personas can be powerful tools for guiding all kinds of value creation activities, such as messaging, positioning, and new product development, the critical information marketers need to discern is “What are people trying to accomplish with your offering?” While there may be a strong correlation between various customer characteristics and certain purchasing behavior, people don’t buy products and services because of their characteristics; they buy products and services to accomplish functional, emotional, and/or social ends.
Read MoreHow Nike Comes Up With Great Ideas
“Just do it.” I love this Nike slogan. It conveys a can-do attitude that encourages me to stop procrastinating, get off the couch, and take action! But, just do what, exactly? Take what action? If you want to drive growth through innovation, how do you know where to focus and what to do? There a lot of companies “just doing it” and most of them are just failing! In many cases, entrepreneurs are wasting time and money pursuing the flawed approach of launching a minimally viable product and “failing faster” before they have clarified the market need. This is a huge waste of time if you don’t know what the customer is trying to get done first. Let’s take a look at how Nike is winning and what we can learn from them.
Read MoreLean Startup: Doing The Wrong Thing Better
Eric Reis has created a movement with the publication of his book The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses. Based on his experience with consumer software, he encourages entrepreneurs to launch “minimally viable products,” run as many “experiments” with these minimally viable products as is possible to accelerate learning about what customers want, and thereby “pivot” to a value proposition that customers want. It sounds quite compelling until you realize that this entire approach is based on one of the great myths about innovation: that customers have latent unarticulated needs, needs that they cannot tell us.
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