We have discovered 10 guiding principles that separate successful consumer products innovators from unsuccessful ones in today’s environment. Master these and your innovation future will be bright.
Love the consumer and make her love you.
Everything you do should be about helping your consumers fulfill their needs. Make people passionate about your brand.
Opensource and out-source early and often.
Don’t be a slave to sunk costs and existing capabilities. Build the best products you can with the best tools and technologies in the industry.
Be authentic with transparency and integrity.
Your brand needs a personality and a higher-order mission to be loved. In the process you need to be transparent and honest.
Go deep, not broad.
You will build a stronger brand by selling multiple products to the same consumers than trying to sell individual products to the masses. Find the true fanatics for your brand and focus on helping them fulfill their dreams.
Find the right consumer connection.
Avoid mass marketing, which is generally unproductive. Target the right consumers in the right aperture when they are most receptive to your idea – and build a dialog.
Let the fans have a say.
Democratize your product. Listen to your consumers – and give them input into your future direction.
Use budget constraints to spur creativity.
Too much money makes you stupid. Use zero-based budgeting and impose financial constraints to drive creativity.
Harness the power of the network.
Let consumers sell your product for you. Make it exciting enough that they want to tell their friends – and make it easy to share
Develop products by selling them.
Get new products into test stores early, and use the selling experience to modify your proposition and get it right before you launch.
Create the right experience.
Consumers are not buying products anymore, they’re buying experiences. Make sure all aspects of your proposition deliver the right experience.