Morning Folks!!
Need, want desire are things I cannot stress enough. It is at the core of any and all business and unknown to most.
When I see it there, I see a winner. When I see it not there, I question the premise.
Now you can create need, want and desire but that takes some work.
In an article that just came out in BusinessInsider.com it may help you understand just how important this really is.
"I believe great innovations evolve from studying products that already exist in the market, thinking about how they can be improved and asking: What do consumers need and want?"
I will continue to validate this, write about it and how it is key to what we all do.
Need, want , desire, value =sale
Rick Schwartz
Red
Amen. Thank you professor Rick!
Red
During the Ynot days and erealestate.com I used to ignore you…too flashy and self important…not anymore…you are just confident and trying to help people. I still disagree with you on the economic future. Anyway, I read your blog daily and thank you again.
Rick Schwartz
Glad to have won you over!
J Kanbi
Hi Red, I would like to know why you disagree with Rick on the economic future. What is it you see on the economic future that differs to Rick?
Nice to get different perspectives.
Kind Regards,
Jay.
UFO
I’m a bit out on KFC because the question should be ‘why has it taken them so long to develop this product’
25% of ALL meals are drive through in the US.
Billions and billions are spent on meals and via drive thru’s. Just a simple walk through of the issues that driver purchases have, should quickly highlight areas for improvement.
Great companies should be proactive and always have a mechanism for employee and customer input into ‘Process improvement and product development’ and this should be backed up with CASH rewards.
I’m a little bit suspect on KFC as I remember some designers had a major issue with them (If I remember correctly) because they showed them a new concept only for a couple of years later for something very similar to appear. I think it was something to do with sauce and even cup holders as well. Can’t for the life of me track it down on the net though.
patrick
Great post again rick,that is exactly how i’ve been choosing my domains since reading your blog i only choose a generic product where i see a change coming because of consumer awareness and consumer desire, find out if the top companies are working on it, how long for market acceptance,market share,patents,ect and purchase the generic keyword only, i have two such names that are now just coming into the mainstream both are multi billion dollar annual industries and i still may have to wait a year or two before they really catch on.My trick is to read a hell of a lot and pay attention to the news, science, consumer thoughts,those you can pick up on through the comments section on any topic you are studying.Sometimes it can seem forever when you are waiting for said products to hit the mainstream but patience is a virtue.Thank you for the inspiring posts.
Red
Really not much to say except that I disagree with him in that I think the economy is due for a major pullback. Too much debt (my view has little to do with current debate in Congress)…just that our country is going the wrong direction economically. The market seems artificially high due to low interest rates…I do not think anyone (including me) can predict the World’s economic future…too many variables. Just my view…take my opinion with a pound of salt. I’m an entrepreneur…not an expert on the economy.
M Altaf Hossain
Yes, great example of KFC. Innovative ideas create desire, need & wants. But what new ideas we could create on domains then developing. Again I am not an expert in development. I could hold some great portfolio and wait & see what demand they get from the end users.
Kassey
@patrick, Great strategy. Thanks. But, patience is something that most people lack.
Scott Smith
IMHO…
This is the most valuable piece of information you have imparted in many a year…
“I believe great innovations evolve from studying products that already exist in the market, thinking about how they can be improved and asking: What do consumers need and want?”
Cheers,