< 3 The Power of Value | Home | 5 The Power of the Heart >
18. Things either work or they don’t
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/740040#overview
Does this thing do the thing I need it to do.
- MS Zoon
- Apple Neuton
- Edsel cars
- Gremlin cars
- Pinto (exploded)
- McSpaghetti
- Colgate frozen foods
- Cosmo yogurt
- Kellog breakfastmates (cereal and milk together)
- Harley Davidson perfume
- New Coke
19. Why does this happen
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/740042#overview
The 9x Effect
Customers
- Skeptical of new product’s performance
- Unable to see a need for it
- Satisfied with status quo
- Over-value current product benefits by factor of 3
Companies
- Convinced their innovation works
- See a need for the product
- Dissatisfied with existing alternatives
- Over-value new product benefits by factor of three
Need
Everyone has different need states
- Procrastinated
- Immediate
- Induced
- Receptive
- Explorative
Developing Needs
- Original Need
- I need a widget
- Education and Experience
- Research, word of mouth
- direct and indirect experience
- I still need a widget
- Research, word of mouth
- Determine the value
- Actual value
- “I need it to resell for X”
- Psychological value
- “All my friends have Y”
- Performance
- “It needs to have the Z attachment”
- Actual value
A decision is made
- One of these may trump the others or all three may be equally important
- Some people may be fully aware of their need while others it has not yet fully developed
20. Jobs to be done
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/740064#overview
How to use the Power of Performance
- When you understand Customer Needs, you can profit from the power of performance
- Break away from the status quo
- Disruption
How to implement disruption
- Vision
- A projection of the company into the future
- A bit idea to aspire to
- Disruption
- A radical new idea help reach the vision faster
- Convention
- A widely held belief
Products meet their market
No matter what the innovation is, products only find a market when they help non-customers get the job done that they’ve already been trying to do.
Often what is discovered is:
- The market is much larger than anticipated
- Your share of it is much smaller
Three levels of job architecture
- What is the fundamental job or problem the customer is facing? These should include
- Function
- Emotional
- Social
- “How can I ____”
- What are the experiences in purchase and use which would sum up the job perfectly”
- “The Hiring Criteria”
- What are the necessary product attributes, technologies and features that are needed to provide the necessary experiences?
Translate every product into a Purpose Brand
- A well designed product that gets the job done
- Give it a brand that uniquely links it to that job
- As people hire it to do that job and find it does it well, they learn to trust the brand for that purpose.
- They beign to hire it or talk about it whenever they land on that job space
- Advertising can only then remind other that they, too, land on this job and hthey should hire this branded product when they do.
It is better to have a market in search of a product than to have a product in search of a market.
21. The 18 performance questions
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/740068#overview
Customers Ask Questions
- How long does it take them to find the products they need?
- Is the place of purchase easily accessible?
- How much time does it take?
- How long will it take to get delivery?
- How difficult is set up?
- How difficult is financing?
- How much training will they need?
- How effective are the product features and functions?
- Did they get more power/performance than really needed? Not enough? Are they regretting this purchase?
- Do they need other products and services to make it work?
- If so, how much will that cost?
- How much pain will that cause them?
- How easy is it to maintain and upgrade?
- How costly is all this maintenance? Why didn’t you tell them that to start with?
- What’s the resell market?
How to profit from these questions
- Shift to a “Jobs to be done” mindset
- People have jobs to do. Are you there to help them?
- Become a designer of better business
- Think like the Business Designers already discussed (Hyundai)
- Customers will always prefer a great experience over the features of a product.
22. Case Study – Apple
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/8547352#overview
Apple sales personnel are taught not to sell, but to help.