5 minutes to master the method of product innovation, do second kill peer products

2022-09-02 0 By

“The author | | Huang Weiquan source contributions in the product innovation need to do this, the first step, through in-depth survey what is the value of customers to buy;The second step is to come up with a way to achieve customer value, which is the product we should be selecting.The third step, combined with their own resources, choose their own products.Finally, make the product to perfection.The product is very important. It’s the core value of the customer. What the customer pays for is our product, not anything else.Therefore, the most important thing for customers is the product, and customers are our parents of food and clothing. What parents value most is the product, so the most important thing for enterprises should also be the product.In addition, there is another factor. With the development of social networks, customers can express their opinions on enterprises, especially products, on the Internet, which will affect a group of people, which is like a word-of-mouth amplifier.A good product can influence a group of people to buy from one person, and a bad product can influence a group of people to refuse to buy from one person.The fact that customers can express their opinions on social networks makes products even more important.After emphasizing the importance of the product, let’s talk about what is the product?The fact that we are asking this question here shows that it is not an obvious question.Earlier we said that the product is the value that the customer buys.The question “what is the product?” should be derived from “what is the value of the customer’s purchase?”So now we have to solve the question of “what is the value of the customer’s purchase?”To help you understand, let’s start with a classic marketing quote: “Customers don’t buy electric drills, they buy holes in the wall.”So to the enterprise that produces electric drill, the value that the customer buys is not your product – electric drill, but through electric drill to make a hole in the wall, this hole is the value that the customer buys.So, the drill is not your only product, it’s just a solution for you to achieve customer value.You can also come up with many ways to punch holes in walls, such as door-to-door home improvement services and hammer and nail combinations.If one of your competitors came up with a convenient and low-cost way to drill holes, it would mean customers would no longer need power drills, which would be devastating to the industry.Therefore, entrepreneurs should not be limited to existing products, but should focus on customer value, all the solutions that can achieve customer value will be one of the product options of the enterprise.Let’s take the case discussion a step further.A customer might not be buying a hole in the wall, but a picture to hang.We can go one step further, and customers want to hang a painting to show their taste to others.That’s what customers are worth.So at this time, the products are not necessarily holes, but may become calligraphy works, professional books in a certain field on the shelf, photography, decoration sculpture and other ways to show customers’ taste.So power drill makers may never figure out that they’re losing their business to art sculptors.So to summarize, when you do product innovation, the first step is to go deep into what the customer is buying;The second step is to come up with a way to achieve customer value, which is the product we should be selecting.The third step, combined with their own resources, choose their own products.Finally, make the product to perfection.Let’s emphasize why we want to do it to perfection.Judging from the current situation of most domestic industries, we are not short of products, but lack of good products.This is the logic behind the popularity of yanxuan shopping platforms such as NetEase and Xiaohongshu shopping recommendation apps.The underlying reason is that people’s income is higher and higher, the quality of life is naturally higher and higher, but the quality of our products is getting worse and worse, which is obviously unreasonable.The popularity of imported goods such as overseas shopping and overseas shopping is also due to the fact that many of our domestic products do not meet the requirements of affluent consumers, so we turn to overseas imported goods.Many of our enterprises are still in the old thinking, the old road, still in solving the “whether” problem, but did not further improve the quality of products, transferred to solve the “good or bad” problem.To sum up, consumers want better products that are either not available or not available.So this is an opportunity for entrepreneurs.Adding the social network as a word of mouth amplifier we mentioned earlier will amplify this advantage.Finally, product innovation is needed to break the profit pattern of the existing industry and improve the competitive advantage of enterprises, both for new enterprises and for the transformation of old enterprises.The key to product innovation is to answer the question “what is the value of what customers or users buy?”Then figure out how to achieve user value, and that could be your product.This article appears on the world Manager website (www.ceconline.com)