Monday, May 07, 2012
Innovation is Not a Good Marketing Plan
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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