Today stressing a product’s point of difference is critical. Research by consultant Jack Trout suggests that, on average, American families repeatedly buy the same 150 items, which account for 85 percent of their household needs. To break those habits, consumers need to have heard of you and to understand what your product can do for them that existing ones don’t.
Today, the consumer industry is less about what companies can create and more about what consumers want. - Jessie Qian, Head of Consumer & Retail at KPMG China.
Josh Valman, CEO of RPD International, which advises several large companies on this issue says, “one in every thousand products gets to market but so many end up in a Museum of Failed Dreams, which is expensive and wasteful.”
There are, he says, so many ways that a company can kill innovation, starting with the idea that innovation is an enormous system diagram with 300 stages to get to market. “Each has a conversion rate, a percentage of times that something doesn’t make it to the next stage. With 300 stages with losses at each of them, you’ve got this tiny success rate, so companies end up looking at the 99.9 percent of the times it doesn’t work – and that makes innovation look terrifying.”
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