“Ever worked on a (existing) Solution looking for a (new) Problem?” How often do you get sucked into this black-hole of retrofitting (read redefining or repositioning) an existing solution/ product/ service into new business scenarios (read target segments) - and then wait in vain for the phone (and cash registers) to start ringing?
As you can tell it’s very tough indeed to make a success out of an existing dud. I am sure there are many exceptions out there - but none that could be associated with any meaningful “break-throughs” or “disruptions”.
Which brings me to Pointer # 1 for Successful New Product Introductions: “Forward Thinking” (have written on this Concept in one of my previous posts).
When working with an existing solution/ product, it is very difficult (if not impossible) for a marketer to detach herself from taking the product/ business centric (inside-out) approach, and do a genuine blue-sky, outside-in type of thinking required to be able create highly ”relevant” and “remarkable” stories.
Which is why most “recastings” of old stories are doomed for failure right from the start - or at best help the marketer to extend the shelf life of the product/ line (typically through what is called as line/ brand extensions).
Forward Thinking Concept, in a stark contrast, is driven by fresh, unconstrained, outside-in view of the marketer - leading to the creation of highly relevant and remarkable stories - and not the other way round.
Unlike the product centric thinking (which leans heavily on the past data), a Forward Thinking marketer or entrepreneur almost always starts with an INTUITIVE feel of a certain trend, or the hint of a change in the worldview of a narrow segment (or a class of customers). Followed by a quick hypothesis of the needs/ requirements, and a matching story (read product/ feature set) designed to appeal to the world-view of this “class of customers”.
The marketer then proceeds to take the story to a few of these customers (read sponsors/ visionaries) to test out the hypothesis.
If the story works then the concept is taken to a broader customer base, if not then the story is fine-tuned or even killed…and the marketer starts over. And the cycle repeats again.
In summary, Forward Thinking Concept for New Product Introductions flows something like this:
Prevailing Worldview/ Experience –> Potential Needs/ Requirements (driven by Intuition/ Personal Experience of the Entrepreneur/ Marketer) –> A Compelling Story Framed in the Prevailing World-view (Product/ Service) –> Shaped Experience/ Altered World-View (because of the “story”)
As you’d notice, Forward Thinking for a successful new product introduction starts from an existing “world-view”/ experience of a customer (group), and ends with a permanently changed/ altered “world-view” of this (and overtime much larger) group.
Think Sony Walkman. Think Apple iPOD. And very recently - President (Elect) Obama.
Think Again.