You may have superior technology or a great feature set, but if your product doesn’t create value for the customer, its chance of success is slim.
We’ve heard a number of CEOs say, “Our product is more advanced than anything else on the market. How can we fail?” Unfortunately, you don’t have to look far to find great products that were commercial failures. Take for example,
- Betamax vs. VHS
- Sony Playstation 3 vs. Nintendo Wii
- Android (4G) phones vs. iPhone 4 (3G)
- The Slanket vs. The Snuggie
In each, the creators of the first product believed they were creating a better product, but the market proved, through better customer adoption, that the competing product created more customer value.
When does the better product win?
Better products win when the total value – that is, the benefits… [read]