What does it mean to have something of real economic value that customers want? Is it to have the best product within a category worth an extra charge, or is it to have a product that sits so well with the belief system of the customer that they are willing to pay a premium price for?
Luckily, it seems to be the latter. And it is great for a couple of reasons.
First of all, it vindicates those who strive for domination within a niche by building run-of-the-mill products that are just cheaper for customers to buy. Personally, I have never been a big fan of competiting on price because I don’t fance the end game; essentially free offerings. Second, I find it reassuring that despite everything else that is going on, customers are still looking to pay decent money for offerings that fits well with their personal belief system(s). This should be a welcome call-to-arms for everybody working on making customers better off.
Greg Satell makes a very important point when arguing that even the best ideas cant’ make it on their own – they all need an ecosystem to thrive. Without they risk losing out to lesser ideas properly seeded through various channels. And that is – often – a real shame.
The point is worth mentioning because a lot of people with great ideas are very protective of them. For one, they fear someone will steal their idea, while in reality there are most probably already at least one or two competing teams working on the same thing somewhere in the world. Second, they want the most possible ownership to the idea, fully forgetting that it’s better to have 50 percent of a winner than 100 percent of a loser.
From all my experience in working with partnerships and – by extension – ecosystems, it seems to me that people still don’t really ‘get’ it when it comes to creating win-win relationships. If you start to think about it, it is a scary amount of potential value creation that gets left on the table every single day.
Having worked with technology and product development for close to 20 years, I have never considered myself someone who was fascinated by technology for technologys own sake. Rather I have been – and continue to be – fascinated by what kind of problems technology can help solve.
Case in point: New search seems to indicate that in a not too distant future, Amazons Alexa can predict a lot of cases of cardiac arrests by listening in on your breathing patterns potentially saving thousands of lives in the process by triggering an emergency call and making sure that help arrives in time.
It is a huge win, if it somes to market. Of course there are all the usual caveats about privacy, surveillance and such, but if the promise is that a device can potentially save your life, is that a tradeoff you as a customer is willing to make? My bet is that it will be for a lot of people. Because this kind of appliance of technology truly matters in the deepest most personal sense of the word.
Just because ideas can be hard to turn into something concrete, it doesn’t mean you should stop having them. There always should be – and there always is – room for the bright idea.
What you could do however is to stop thinking about the quantity of ideas you could have and focus all your energy of the outcome, you want to achieve.
If you have a great – sorry – idea about the problem you’re trying to solve and where you want to take your company down the line, you need fresh ideas. And chances are the ideas you will get by having a sharp focus on the outcome will be both relevant, valuable – and absolutely worth pursuing.