Business Innovation and Marketing with Mike Parsons
business innovation. storytelling. lifehacking. music

Business Innovation Blog

Read about marketing, innovation and emerging technology

The Single Tool That Will Reveal if a Product is 10x.

 

 

I talk a lot about moonshots and the need to make a product 10x. But how do we know if a product is ten times better than what's on offer today?
 

Build for users

Understanding if you’ve created a breakthrough product or services starts and ends with the user. The customer! 

Sure you need to figure out business models and distribution. But that comes after a 'wow' product. Look at Warby Parker. They sold out within days of launching. They didn’t have much organised at the time, but the one thing they did have was a product 10 times better than anything else on the market. Facebook had a very similar journey - launched with a killer product and no business model.

going10x.jpg

 

The 10x Equation

At the heart of understanding a great product is a balance between what it gives and takes. A point of equilibrium between user benefits and their efforts. 

The effort and behaviour change a new product demands is the most dangerous part of product design and innovation. Users hate change. The more behaviour changes your product demands, the less likely they are to adopt it. 
 

The Framework

 More gains, less pains

More gains, less pains

 

The Endowment Effect

Think about switching between iPhone and Android. Either way, you’re so locked into the ecosystem that the cost of switching is high. Losing iMessage and iTunes is such a big problem for me, the chances of me switching are low.

Creators of new products often become infatuated with the new thing. They become blind to the customer truth: the customer see’s the new product as more losses than gains. And that's why most new products fail.

Here are the six areas of behaviour change, designed by BJ Fogg, that should be reduced by new products:

  1. Time
  2. Money
  3. Physical Effort
  4. Brain Cycles
  5. Social Deviance
  6. My Routine

 

Essential User Benefits a Product Should Offer

Hopefully, your new product is quick, easy to use and affordable. Now it’s time to load up on benefits. And I mean these benefits need to be huge. If the user benefits you offer are not ‘WOW’ on the first read. Forget about it.

Lemonade Renters & Home Insurance has more than a 10x offering. They promise to get you insured in 90 seconds and get paid out in 3 minutes. This benefit is so remarkable; it’s closer to 100x better than the current insurance experience.

Warby Paker offers the benefit of being more than half the price of standard glasses and each time you buy a pair they’ll give a pair to a person in need. This offering is abundant with benefits. Afforability and the highest benefit of them all - personal impact.

Here are the essential user benefits of our age

  1. Simplicity
  2. Mobility
  3. Affordability
  4. More personal time
  5. Wellness
  6. Freedom
  7. Higher performance
  8. Fulfilment
  9. Impact 

 

Miracles Do Happen

When a product stands out as a beacon of 10x it's a moonshot come true. It’s dramatically better than anything. Customers see more gains that losses. There's no end of products that have done this: the Sony Walkman, Commodore 64 and more recently the iPhone and iPad.

Go out into the world and build for users. Reduce the need for behaviour change and pile on the real and validated benefits to delight your customers.