| I have always tried to teach my children the difference | | | | opportunity for market acceptance, finding lengthy |
| between needing and wanting a product. This is a | | | | sales traction and massive profits, however, is typically |
| value judgement that applies to every human, many | | | | smaller when attached to "want" products.Everyone |
| times in surprisingly differing ways. People born to | | | | needs a toothbrush. Recently I discussed the |
| great wealth view need far differently than those of | | | | battery-operated spin-brush with my dentist. I had |
| us born to the lower classes. I might need an efficient | | | | bought a spin-brush for everyone in my family thinking |
| baby stroller for my grandchild, while a Beverly Hills | | | | that it offered better dental care. My dentist advised |
| grandpa needs a Bugaboo (the Danish stroller that can | | | | that there was no clinical support that the battery |
| sell for well over $1000). Both do the same job, I need | | | | brush offered better dental care than the old fashion |
| a stroller that safely holds and transports my | | | | bristle brush. More important, he says, was how we |
| grandchild for about $130. The Beverly Hills grandpa | | | | actually utilized the brush. The spin-brush is a want |
| wants a stroller that transports his grandchild safely, | | | | product, and priced about triple the price of the old |
| and also, stylishly, offering many more features than | | | | fashion effective brush we grew up with.Visit any |
| my "need" vehicle.One of the areas of greatest | | | | fashion mall in the United States and you will find |
| interest, to inventors and entrepreneurs, is the type of | | | | Brookstone and/or Sharper Image retail stores. I love |
| product or service that can offer the greatest payoff; | | | | to visit these stores. They are bastions of style, novel |
| need, benefits and return on investment when | | | | product features and creativity. They are also |
| marketed. My counsel is to always seek projects that | | | | exclusively "want" stores. An inventor or product |
| offer performance benefits addressing needs. The | | | | designer can do well by selling to these lifestyle stores. |
| opportunity to offer fresh answers to problems will | | | | But, the big opportunity is in the creation and marketing |
| always trump a new feature enhancement on an | | | | of products that answer real unanswered needs, not |
| existing product.I have written about convergent and | | | | added bells and whistles decorating clocks, foot |
| divergent products and the overwhelming advantages | | | | massagers and wind chimes.Design is crucial to |
| of the latter. Need products or services are often | | | | success in many product categories. Design can |
| divergent. Need products create an offering and an | | | | enhance features and raise the perceived value of a |
| opportunity where no product answers formerly | | | | product. Jimmy Choo design's ladies shoes: priced at |
| existed: They face less competition, offer much | | | | $300 and more per pair. What makes this designer's |
| greater profit potential, typically have a longer product | | | | shoes so highly desired, valued and wanted, simply the |
| life and can often be extended with new features | | | | design. Inventors and entrepreneurs need to address |
| (thus, becoming convergent).Obviously, it is much more | | | | design, but Jimmy Choo is only the latest popular shoe |
| difficult to conceive a disruptive innovation/technology | | | | designer. How long will he last? There is a very long list |
| or product than to tweak an existing item. This is the | | | | of fashion designers that were also the latest, just not |
| reason the reward, both financial and psychological, are | | | | the greatest.Great Britain based Clark Shoe's has |
| so much greater when a need is answered.Let's look | | | | been providing the same styles for over 100 years. |
| at an ancient industry: jewelry. For centuries jewelry | | | | Initially Clark was boot-maker for the British colonial |
| has been basically supplied and sold in the same way. | | | | army. The Company's signature shoe is the classic |
| Precious stones and metals were mined. Craftsmen | | | | Desert Boot. The unstylish Desert Boot, was, and is a |
| work the gems and metals into artisan pieces. | | | | staple for outdoor comfort and performance even |
| Wholesale distributors or brokers sold the finished | | | | today. Clark created a shoe to address a need, and is |
| pieces to retailers. Retail stores sell to the public. This | | | | a recognized brand around the world. Sales traction, |
| has been the supply chain for the jewelry industry, | | | | pedigree, brand awareness and generations of |
| essentially since biblical times. But, times have changed.I | | | | devoted users have made Clark a very profitable and |
| consulted on a project several years ago built around | | | | excellent model for entrepreneurs to study.We live in |
| the concept of placing computerized jewelry kiosks in | | | | the worlds most energetic consumer driven |
| department stores. Software was written enabling the | | | | marketplace. Television, magazines, billboards, and the |
| customer to customize over 1,000,000 styles of | | | | inter-net scramble to break through market clutter and |
| jewelry based on desired price, gem choice, stone | | | | deliver advertising messages to stoke our desire to |
| placement, karat, etc. The end design can be viewed | | | | purchase jeans, perfumes, watches, Scotch whiskey |
| on the computer screen, and an order placed. So, | | | | and automobiles. The intent is to drive our "want' |
| what is the need addressed here: In this case, | | | | emotions.The real opportunity for any aspiring |
| personalized customized artisan jewelry at significant | | | | entrepreneur is to address "needs". A product that |
| savings for the customer and, retailers drastically | | | | addresses our crisis of childhood obesity would fill a |
| reduce the expensive inventory that jewelry demands | | | | huge need. An aging population will need wellness |
| plus payment is made at time of sale, well before | | | | technologies to minimize contact with an expensive |
| delivery. Here the consumer, the factory and retailer | | | | health care system. Answering this type of need will |
| enjoy a unique triple win. This disruptive type of | | | | pay huge financial dividends and offer the added |
| innovation can shake older, slower channels of | | | | benefit of doing societal good.Geoff Ficke has been a |
| distribution and force snowballing advances in benefit | | | | serial entrepreneur for almost 50 years. As a small |
| delivery.A woman might need a $7 jar of Oil of Olay | | | | boy, earning his spending money doing odd jobs in the |
| moisturizer. She may want a $155, ½ ounce jar | | | | neighborhood, he learned the value of selling himself, |
| of Crème de la Mer. Most of us need an | | | | offering service and value for money.After putting |
| automobile for basic transportation. The Ford Focus or | | | | himself through the University of Kentucky (B.A. |
| Honda Civic is a practical, economical choice. Many of | | | | Broadcast Journalism, 1969) and serving in the United |
| us desire much higher end models such as BMW or | | | | States Marine Corp, Mr. Ficke commenced a career in |
| Lexus. Each of these choices have an engine, four | | | | the cosmetic industry. After rising to National Sales |
| wheels and brakes. They all get us where we need to | | | | Manager for Vidal Sassoon Hair Care at age 28, he |
| go. The logical Honda is needed. The Mercedes is | | | | then launched a number of ventures, including Rubigo |
| wanted.As an entrepreneur, ease of market entry is | | | | Cosmetics, Parfums Pierre Wulff Paris, Le Bain |
| usually much greater for a product that answers the | | | | Couture and Fashion Fragrance.Mr. Ficke and his |
| need for new usage benefits. Innovation is often a | | | | consulting firm, Duquesa Marketing, Inc. ( has assisted |
| matter of degrees and definition. A new medical | | | | businesses large and small, domestic and international, |
| technology might address a rare disease that affects | | | | entrepreneurs, inventors and students in new product |
| only a few thousand people. Nevertheless, an | | | | development, capital formation, licensing, marketing, |
| important need has been addressed. Typically such a | | | | sales and business plans and successful |
| technology will command very high pricing per | | | | implementation of his customized strategies. He is a |
| application or treatment.Features that embellish already | | | | Senior Fellow at the Page Center for Entrepreneurial |
| existing product models can be profitable. It is usually | | | | Studies, Business School, Miami University, Oxford, |
| easier to re-fit or re-design these features. The overall | | | | Ohio. |