Picture this: You develop a great new product, price it well, and profits begin flowing. This does not go unobserved by competitors who introduce a knock-off, causing prices to drop. Everyone noticed the initial success, but few noticed the failure: Aggressive patent homework might have kept those profits flowing for years. Depressing… if you noticed.
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Let’s substitute market research for reconnaissance… business strategy for battle plan… resource allocation for troop deployment. Many business leaders fail to 1) thoroughly understand their battle fronts, 2) determine the decisive points (markets) to attack, and 3) follow with an overwhelming assault here. These generals lose battles.
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Surprises in quality or cost control are unpleasant. But innovation relies on surprises. Without “non-obviousness,” an invention cannot even be patented. When a previously-hidden customer outcome becomes known, the discovering supplier has the luxury of seeking solutions in a competition-free environment.
More in white paper, Catch the Innovation Wave (page 10).
Neither will customers pay you for a product they don’t need. I call this new-product failure mode, “Nice shot, wrong target.” It is far too common. Most customers really do have something “broken” that needs fixed. Figure out what this is before you design your next new product, and they’ll pay you handsomely.
More in New Product Blueprinting article, Are You Maximizing Your Profits?