Great Product does Win. There is a lot that can be wrapped up in that very simple statement.
These are my 4 core beliefs on how Great Product Wins.
1. Bend the Light Beam. Innovate.
Most business leaders I know believe their product offering can be better. The easy path is making existing product refinements – stronger, improve ergonomics, sharper, durable, easier operation, longer battery life, waterproof, and the list goes on. Hopefully you get my drift.
Where many struggle is in developing and instilling a vision to make a dynamic shift. A shift to offering a superior product. A product that the end user really wants. A product the target audience will gladly pay (a lot more) for. A product that will make other products in the category inferior. I Believe Great Product Wins.
2. Know Thy Customer
This is where the path to greatness begins to falter. Many leaders will confuse the customer and distribution channel.
The railroad track mindset directs many leaders to solely focus attention on the distribution channel. I am not suggesting a total disregard related to distribution channels, but to expand thinking to consider all distribution venues for the purpose of reaching the targeted customer. Many times the Customer (end user) is overlooked or unintentionally abandoned. It’s been said many times; “Start with the customer.” So true.
For example; a focus on big box retailers (i.e.; distribution channel) for new or great product. The big box stores are focused on the mass. That is; the lowest common denominator to maximize sales. The merchant is focused on serving “the known”, not the unknown. This will many times limit effectiveness in gaining traction with great product.
3. Value Delivered
Expressing the value delivered is primarily marketing’s job. However; what I have experienced numerous times is an integrated, collaborative, team approach that validates the value proposition. The process tests hypothesis and theory to force reality.
The value proposition is a conviction of truth. It is a message to be delivered with total confidence and expressed in clear, plain & simple words. This go-to-market approach is for the warrior – not the faint of heart.
Great Product That Wins has an undisputable message of truth behind it.
4. Price is Commensurate to Greatness
I can see my inbox filling up on this comment. Allow me to debunk what many will want to argue – Price is important. Price must be relative. A poor pricing strategy can (and likely will) sink a terrific product.
Where most businesses fail is they think and actually believe their product have tangible and meaningful benefits. They are lying to themselves. These businesses and products are ignoring the marketplace and the voice of the customer.
The reality is the perceived value being offered is not worthy and the product is relegated to price and only price. Ouch – that is painful. In a global economy and a world that is very flat, the battle for a lower price always looms. In my opinion, this is a terrible and indefensible competitive position to be in. Who wants to “fight it out” on just price?
Great Product That Wins commands a price and the value be market weighted. Innovate and price the product to the real value it delivers. Easier said than done.
Reaching the status of Great Product to Win is challenging. It is hard work. It requires a tribe of committed professionals doing heavy lifting. I can personally attest to doing it right pays huge dividends. Here’s to the journey of knowing Great Product Does Win!
Business leader and continuous learner in consumer durable products sold through various partner channels; retail, capital goods, infrastructure product.
Seeking senior leadership role with a company with a vision to grow, innovate, and create a sustainable value-proposition. www.davidkearsley.com