Monday, May 07, 2012

Innovation is Not a Good Marketing Plan

George Torok on Segue
Don't bet your marketing plans on innovation. That's not enough. It's easy to note the success of APPLE and delude yourself into believing that the secret to success is simply to be innovative.

Remember the Segway?

It was innovative. Even showed up in some future themed movies - but it didn't sell. Because there wasn't a realistic and practical market.

Why did the Segway fail?

The name didn't mean anything.

There was no compelling need (imagined or real) being met.

There were major legal issues about where it could be used. (Not on the street and not on the sidewalks)

It was expensive compared to the alternative - bicycles and walking.

When the owner (who signed up to become a dealer) of this Segway described it to me he praised the technology instead of explaining benefits. Clearly the Segway company had emphasized technology instead of customer emotions

Innovative - yes
Successful product - no

George Torok Keynote Marketing Speaker Co-author of Secrets of Power Marketing
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