The greatest phase to attend in any product vision is PERFECTION. Reaching that point is a huge mistake. Yes, any company that does that dies. And because no great company ever does, they do exist to continue to serve customers. The whole essence of doing business is to perfect product visions on the way of fixing market frictions for clients and customers.
And if you think the product is perfect, it means you would cease to innovate. And doing that creates paralysis because the tastes of customers are not static. In the age of Customer Expectations and Perceptions, pursuing that “perfect product vision” is the element that should keep you working. Never imagine that you have a “perfect product” because if you do indeed think that way, you would lose your market. Why? You would not have iterations and new versions.
In this videocast, I discuss why organizations must focus on developing products and services that go beyond the needs of customers to their expectations and perceptions. Focusing on the needs of customers is a recipe for disaster. The whole desire must be to deliver products and services at the level of customer perception where they are offered products and services which they might not have even imagined would be possible. But the day they see the products they will say wow: That is the thing I have been thinking. This also explains the limitations of focus groups because focus groups are tethered to what the customers think they need. Perception of customer level service is offering something which could not have been requested during focus groups, because such products will not come into the imaginations of the people being studied.
Tekedia Mini-MBA edition 13 (Feb 5 - May 4, 2024) has started, join Prof Ndubuisi Ekekwe and our global faculty here.