 Thomas Edison said that invention was 1% inspiration and 99% perspiration. For most people this is true. Ideas and opinions are cheap, and just about everyone has an idea or an opinion on what would make a good product. . Taking an idea and transforming into a successful new product however, is a much more challenging proposition.
The wizard of Menlo Park did not invent the light bulb, but he did invent the first commercially viable one. Ideas for light bulbs had existed for some time before Edison with the help of workers in his Menlo Park laboratory tested literally thousands of different conductive materials to find an economical reliable filament that worked. That work brought him acclaim and fortune even though the initial idea was not his.
To be successful in new products you don’t always have to be first. Sometimes great execution is better. Vince Lombardi was quoted as saying. “I don’t care if the other team has our playbook. We are going to out execute them!” Since not everyone can motivate teams like Lombardi, it does often help when you can be first. It is especially helpful when you can obtain some intellectual property like a patent or trade secrets that will help you shelter you idea while you develop its execution. Still, where do the really good ideas come from?
To develop a really good idea it helps to understand human nature and why people change. After all to have a successful new product you need to get people to change from what ever they are buying or using now to switch to your product or service. Psychologist will tell you that there are two primary reasons why people change. One reason is to avoid pain. The other is to get some sort of gain. Usually pain makes people move faster. If your arm is on fire you will be looking for ways to solve your problem with a great sense of urgency. Finding gain however is not as immediate. Explaining gain often takes more time and money in the form of advertising and sales persuasion. Most people know that they should be saving for retirement or their kid’s education but many put it off or never do it because they don’t get any immediate gratification. Even something like falling in love can take a long time before you may be convinced.
Identifying where people have pain and what they hope to gain are usually two good places to look for new product opportunities. Since avoiding pain is more top of mind and immediate, it is often the easier place to identify problems to be solved. If you have a fire extinguisher when someone’s arm is on fire it probably won’t be a very difficult sell.
To develop new products ask: What is the causing the biggest problems for your customers? What keeps them up at night? Also consider problems that might not be so obvious. Sometimes people just accept things that are causing them problems of pain because they assume that there is no solution for their situation. They may not even mention their issues if they are not aware of a possible solution. This is where developing a deep understanding of how, when, and why your customers do their business or go about their daily task is very important. Where are the areas where you can help them better than any of your competitors? Finding the biggest problems to be solved is the 1% inspiration. Solving the problems profitably is the where the 99% perspiration comes into play.
About the Author – Scott Francis is President of Topline Development LLC a Strategic Marketing Consulting Group that provides helps companies determine how they can make the most amount of money with the least amount of resources. To learn more about Topline Development LLC visit their web site at www.ToplineDevelopment.com or contact Scott directly at scott@toplinedevelopment.com. |
