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    How to Compete in a Commoditized Industry
    What is a commodity? According to the Webster Dictionary the word commodity is defined as a a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (as brand name) other than price.In a commodity market, many companies compete and none enjoys a competitive advantage. Meaning, that each firm has equal access to such necessities as technologies, capital, clients, and labor. For example, a financial service firm that sell stock. Let’s face, all stock is the
    ng customers to tell you how and what to innovate. Instead:

    *Focus on the jobs your customers need to get done
    *Work to uncover measurable outcomes your customers hope to achieve
    *Isolate important customer constraints

    By directing your research towards these key areas, you will make more appropriate and better-informed decisions about what represents meaningful innovation for your customers.

    A Good Investment

    For me, the best and most practical part of the book lies in Ulwick’s eight-step approach, which dramatically improves every aspect of the innovation process from segmenting markets and identifying opportunities to creating, evaluating and marketing breakthrough produ

    Joint Venture
    A joint venture (often abbreviated JV) is a legal entity formed between two or more parties to undertake economic activity together. The parties agree to create a new entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. The venture can be for one specific project only, or a continuing business relationship such as the Sony-Ericsson joint venture.Generally, joint venture is the merging of two (or more) companies, enterprise or organization towards a more profitable,
    Several years ago I came across one of the most useful and practical articles on market research I have ever read -- “How To Turn Customer Input into Innovation” by Anthony Ulwick.

    Published in the January 2002 Harvard Business Review, the article briefly outlined a methodology and set of tools for gathering customer input in a way that actually drives product innovation. In addition, the article illustrated how Cordis -- a medical device manufacturer specializing in products for interventional vascular medicine -- used Ulwick’s approach to innovate the heart stent and gain market leadership in the angioplasty balloon market. As a result, Cordis’ stock went from $20 to $109 per share when it was acquired by Johnson and Johnson.

    Now, Ulwick has updated his tools and provided a more comprehensive look at his methodology in his recently released book, What Customers Want McGraw Hill). This book should be required readying for anyone involved in product development and marketing. Partly because it offers a comprehensive, step-by-step approach for converting innovation from a random hit-or-miss process into a more methodical approach, but also because it greatly reduces the risk of new product failure and substantially increases the odds of success.

    In a world where some 80 to 90 percent of new products fail, the ROI for using Ulwick’s methods is substantial.

    New Solution to an Old Problem

    According to Ulwick, most customer research provides little real value to the companies conducting it. Worse, it often misinforms their decisions and steers them in the wrong direction.

    Why? Because the methods most companies use to gather customer input are inherently flawed. In fact, Ulwick argues that faulty research methods represent both the source and the cause of most new product failures. Based on my own experience, I tend to agree.

    Traditional qualitative research methods ask customers to define their needs, benefits, specifications and solutions. However, the most frequent responses to questions about product improvements focus mainly on “better quality” and “lower price.” Besides indicating that the product category under question might be perceived as a commodity, these generic answers leave little room for new product developers to devise truly innovative new products.

    The reality is that customers have a hard time articulating why they do what they do and what will motivate them to buy a new product. Therefore, traditional research methods -- such as talking to customers about the solutions they want or can envision -- essentially ask them to act as product developers and marketers, and that’s a job most customers are ill equipped to do.

    How do you gather customer input in a way that supports innovation?

    Start by silencing the literal voice of your customers. In other words, suggests Ulwick, stop asking customers to tell you how and what to innovate. Instead:

    *Focus on the jobs your customers need to get done
    *Work to uncover measurable outcomes your customers hope to achieve
    *Isolate important customer constraints

    By directing your research towards these key areas, you will make more appropriate and better-informed decisions about what represents meaningful innovation for your customers.

    A Good Investment

    For me, the best and most practical part of the book lies in Ulwick’s eight-step approach, which dramatically improves every aspect of the innovation process from segmenting markets and identifying opportunities to creating, evaluating and marketing breakthrough produ

    Give a Little, Gain a Lot: Philanthropic Marketing Yields Big Rewards for Small Businesses
    Branding is a big buzzword in corporate marketing. Creating a distinct identity for your company in the marketplace is about more than getting the word out about your products or services. At its best, branding includes getting consumers to feel good about who you are as a company.One way big-name corporations seek to garner consumer goodwill is by linking their brand to a philanthropic cause. Consider these companies: Home Depot promotes volunteerism and supports community projects such as refurbishing playgrounds
    nd Johnson.

    Now, Ulwick has updated his tools and provided a more comprehensive look at his methodology in his recently released book, What Customers Want McGraw Hill). This book should be required readying for anyone involved in product development and marketing. Partly because it offers a comprehensive, step-by-step approach for converting innovation from a random hit-or-miss process into a more methodical approach, but also because it greatly reduces the risk of new product failure and substantially increases the odds of success.

    In a world where some 80 to 90 percent of new products fail, the ROI for using Ulwick’s methods is substantial.

    New Solution to an Old Problem

    According to Ulwick, most customer research provides little real value to the companies conducting it. Worse, it often misinforms their decisions and steers them in the wrong direction.

    Why? Because the methods most companies use to gather customer input are inherently flawed. In fact, Ulwick argues that faulty research methods represent both the source and the cause of most new product failures. Based on my own experience, I tend to agree.

    Traditional qualitative research methods ask customers to define their needs, benefits, specifications and solutions. However, the most frequent responses to questions about product improvements focus mainly on “better quality” and “lower price.” Besides indicating that the product category under question might be perceived as a commodity, these generic answers leave little room for new product developers to devise truly innovative new products.

    The reality is that customers have a hard time articulating why they do what they do and what will motivate them to buy a new product. Therefore, traditional research methods -- such as talking to customers about the solutions they want or can envision -- essentially ask them to act as product developers and marketers, and that’s a job most customers are ill equipped to do.

    How do you gather customer input in a way that supports innovation?

    Start by silencing the literal voice of your customers. In other words, suggests Ulwick, stop asking customers to tell you how and what to innovate. Instead:

    *Focus on the jobs your customers need to get done
    *Work to uncover measurable outcomes your customers hope to achieve
    *Isolate important customer constraints

    By directing your research towards these key areas, you will make more appropriate and better-informed decisions about what represents meaningful innovation for your customers.

    A Good Investment

    For me, the best and most practical part of the book lies in Ulwick’s eight-step approach, which dramatically improves every aspect of the innovation process from segmenting markets and identifying opportunities to creating, evaluating and marketing breakthrough produ

    Principles and Practice of Advertising - The Law Of Fusion
    According to this law an observer does not analyze his feelings of agreeableness and disagreeableness, strain and relaxation, comfort and distress, so as to attribute them solely to their actual sources. No matter what the real source of discomfort, it colors all that we do or think at the moment. Thus when I have a bad toothache everything else in the world seems wrong too - the weather was never quite so mean, my friends were never quite so insistent nor my enemies so annoying. In other words, the discomfort caused by a toothach
    to Ulwick, most customer research provides little real value to the companies conducting it. Worse, it often misinforms their decisions and steers them in the wrong direction.

    Why? Because the methods most companies use to gather customer input are inherently flawed. In fact, Ulwick argues that faulty research methods represent both the source and the cause of most new product failures. Based on my own experience, I tend to agree.

    Traditional qualitative research methods ask customers to define their needs, benefits, specifications and solutions. However, the most frequent responses to questions about product improvements focus mainly on “better quality” and “lower price.” Besides indicating that the product category under question might be perceived as a commodity, these generic answers leave little room for new product developers to devise truly innovative new products.

    The reality is that customers have a hard time articulating why they do what they do and what will motivate them to buy a new product. Therefore, traditional research methods -- such as talking to customers about the solutions they want or can envision -- essentially ask them to act as product developers and marketers, and that’s a job most customers are ill equipped to do.

    How do you gather customer input in a way that supports innovation?

    Start by silencing the literal voice of your customers. In other words, suggests Ulwick, stop asking customers to tell you how and what to innovate. Instead:

    *Focus on the jobs your customers need to get done
    *Work to uncover measurable outcomes your customers hope to achieve
    *Isolate important customer constraints

    By directing your research towards these key areas, you will make more appropriate and better-informed decisions about what represents meaningful innovation for your customers.

    A Good Investment

    For me, the best and most practical part of the book lies in Ulwick’s eight-step approach, which dramatically improves every aspect of the innovation process from segmenting markets and identifying opportunities to creating, evaluating and marketing breakthrough produ

    No Accidental Business
    Sociologists put 100 people in a room for fifteen minutes. They secretly instructed two of those people to say only negative things, and the other 98 to say only positive things. Guess how long it took the two negative people to find each other and talk? Fifteen minutes! Like attracts like.Some entrepreneurs love to blame their bad financial circumstances on others. But when things are good, they’re quick to take credit for it. That doesn’t make sense. Two entrepreneurs in exactly the same city, same market, selling the same
    uct category under question might be perceived as a commodity, these generic answers leave little room for new product developers to devise truly innovative new products.

    The reality is that customers have a hard time articulating why they do what they do and what will motivate them to buy a new product. Therefore, traditional research methods -- such as talking to customers about the solutions they want or can envision -- essentially ask them to act as product developers and marketers, and that’s a job most customers are ill equipped to do.

    How do you gather customer input in a way that supports innovation?

    Start by silencing the literal voice of your customers. In other words, suggests Ulwick, stop asking customers to tell you how and what to innovate. Instead:

    *Focus on the jobs your customers need to get done
    *Work to uncover measurable outcomes your customers hope to achieve
    *Isolate important customer constraints

    By directing your research towards these key areas, you will make more appropriate and better-informed decisions about what represents meaningful innovation for your customers.

    A Good Investment

    For me, the best and most practical part of the book lies in Ulwick’s eight-step approach, which dramatically improves every aspect of the innovation process from segmenting markets and identifying opportunities to creating, evaluating and marketing breakthrough produ

    Auto Insurance
    Auto insurance can make all of the difference in the world in the unfortunate event of an accident. Not only does it cover property damage, but auto insurance offers other protections as well.For example, liability coverage will cover damage you cause to other vehicles in an accident, and it can also cover others' medical expenses.The type of policy you have will determine the dollar amount of coverage you receive in these areas. The cost of the policy will be affected by the level of protection you buy, and other fact
    ng customers to tell you how and what to innovate. Instead:

    *Focus on the jobs your customers need to get done
    *Work to uncover measurable outcomes your customers hope to achieve
    *Isolate important customer constraints

    By directing your research towards these key areas, you will make more appropriate and better-informed decisions about what represents meaningful innovation for your customers.

    A Good Investment

    For me, the best and most practical part of the book lies in Ulwick’s eight-step approach, which dramatically improves every aspect of the innovation process from segmenting markets and identifying opportunities to creating, evaluating and marketing breakthrough product ideas.

    Drawing on more than 200 complete studies, Ulwick loads his book with real life examples that bring meaning and insight to the process and make it easy to translate his principles to companies of all shapes and sizes.

    For less than $20 and a few hours of reading time, What Customers Want delivers a remarkable return on investment. A can’t-miss formula that delivers real innovation that your customers will value, it just might ensure that your next new product introduction hits the target in regards to the jobs your customers need help with and delivers measurable improvements to their most important outcomes.

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