Quick reminder to myself, on the subject of successful innovation:
Doug Hall, who is an engineer by profession, and began career in product development in Procter and Gamble, has devoted himself since leaving P&G to the study of innovation. He works with many of the most innovative companies, such as Disney and Nike and has developed a methodology around innovation. One of his discoveries has been the features that are common to successful innovative products.
He has found three characteristics of a product that are essential for success;
1. Overt benefits of the product - what does the customer get that matters to them?
2. Reason to believe - how can you prove that your promise for the product will deliver? (guarantees, testimonials, trials periods all help here)
3. Dramatic difference - how is your product in a different league to others with which it might be compared? Better still, if it creates a new league for itself.
All thee features above aree essential for a new product to be successful, but by far the most important is number 3 - dramatic difference!
Reference
Hall, D, (2001), Jump Start Your Business Brain, Betterway Books, Cincinnati OH
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