According to Clayton Christenson, a professor at the Harvard Business School, approximately 95% of new products created every year fail. Whether it’s the concept, design, or sale strategy, something goes amiss along the way, and the product falls into obscurity and ruin.
So how can you prevent your product from becoming a part of that staggering 95%?
Well, it may have something to do with new and exciting product features. Data from SalesForce shows that consumers are constantly on the hunt for innovation and for businesses who are willing to push the envelope. The bottom line is that consumers are willing to pay more for innovative features and an improved customer experience.
What Is It About Innovation?
If we’re not innovating, then we’re staying static. We’re not falling behind, but we’re not moving forward either, and frankly, maintaining the status quo simply isn’t appealing to consumers. In this day and age, we’re used to getting more, better, faster. We thrive on the fresh and exciting, and there’s no denying the magnetic attraction of innovation. We as consumers are constantly pursuing the new and improved, that game-changing technology or mind-blowing feature that no one else is using yet.
We’re obsessed with innovation and exclusivity. So, of course, it makes perfect sense that businesses are creating new product features with the sole intent of attracting new blood to their consumer base. This strategy is called feature marketing, where businesses use new features as a selling point, bringing new buyers into the fold and up-selling their current clientele.
And as a result, product features create benefits. In the world of marketing, it’s crucial to create positive outcomes—or benefits—for your consumer. Investing in your business via product purchasing should leave the consumer better off than when they started.
Benefits are the answer to your value proposition—it’s a term that asks, ‘why should a consumer do business with you?’ Benefits are what set you apart from the rest and make you a compelling choice for prospective buyers.
Your business has to promise big and then deliver on those high expectations. Don’t let your product fall through the cracks like the 95%!