For MBA 680: Strategy 2 We have been reading The Innovator's Solution. Chapter 3 of this book has by far my favorite advice on how to position and advertise a new product. I recommend this book to anyone trying to launch a new product. The whole book is great, but at the very least, you need to read chapter 3.
This Chapter refers to big-business's tendency to segment the market and find underserved opportunities. This is ok, but it doesn't help with products you've already made and it doesn't help you discover emerging markets or provide a whole lot of differentiating abilities because anyone else can easily imitate at this point.
Instead the advice in this chapter is to advertise to the Circumstances a Customer find herself in. What specific job is the customer hiring the product to do? This could be something like kill a little time, entertain myself, avoid studying, feel cool, or keep my job. Or many others.
Lets use entertaining myself, I could easily do this by reading a newspaper or magazine, playing a video game, watching the variety of people at my local 7-11, TV, amusement park........ almost an infinite list. See all these companies are competing with each other. So if I'm making a new news website, instead of just loading up with all the same news that everybody else has, I'd seek to display the news in an entertaining way. Then I'd be positioned as the news company you go to when you want to be entertained. I'm not a journalist website, I'm a entertainment website. I'm using the news to entertain instead of reporting the news.
Lots of other applications here, but I just wrote a very long (and probably confusing) paragraph so I won't pursue other apps further. Rest assured though, I am about to turn my computer off
work on an advertising campaign centered around what a certain business customer would be trying to do when I put my product in front of them.
This Chapter refers to big-business's tendency to segment the market and find underserved opportunities. This is ok, but it doesn't help with products you've already made and it doesn't help you discover emerging markets or provide a whole lot of differentiating abilities because anyone else can easily imitate at this point.
Instead the advice in this chapter is to advertise to the Circumstances a Customer find herself in. What specific job is the customer hiring the product to do? This could be something like kill a little time, entertain myself, avoid studying, feel cool, or keep my job. Or many others.
Lets use entertaining myself, I could easily do this by reading a newspaper or magazine, playing a video game, watching the variety of people at my local 7-11, TV, amusement park........ almost an infinite list. See all these companies are competing with each other. So if I'm making a new news website, instead of just loading up with all the same news that everybody else has, I'd seek to display the news in an entertaining way. Then I'd be positioned as the news company you go to when you want to be entertained. I'm not a journalist website, I'm a entertainment website. I'm using the news to entertain instead of reporting the news.
Lots of other applications here, but I just wrote a very long (and probably confusing) paragraph so I won't pursue other apps further. Rest assured though, I am about to turn my computer off
work on an advertising campaign centered around what a certain business customer would be trying to do when I put my product in front of them.
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