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New Product Approach: Address an Existing Need or Create the Need?

There is a line of thinking that says, “People don’t know what they want, until you show it to them.” I think Steve Jobs said this.

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Thinking of  a new product to sell? Or service to offer?

Conventional wisdom will tell us to assess the market, the target customers and see what it needs or what it wants. Conduct a SWOT analysis and fill the gaps. Address the demand. Well usually this approach works.

sari-sari-store

As this say, “necessity is the mother of invention.”

But another approach in creating a product or service to sell can also be a hit, if done correctly.

There is a line of thinking that says, “People don’t know what they want, until you show it to them.” I think Steve Jobs said this.

This one is more on the aggressive and adventurous side because it aims to create a need or a want for the new product or service. It acts on perceived market sentiment (versus an actual obvious one), with the expectation that people will actually like it, have a need for it, and actually buy it.

That’s why sometimes, I see lots of seemingly lame products, products that I won’t buy but in hindsight are very clever and at times revolutionary because it creates a need and want.

Such as a book full of blank pages (and the buyer is supposed to write his/her own story), or very creative kitchenware you never thought existed. Or a monopod for a selfie-addict country. Or colorful and catchy cellphone casings, jackets, protectors etc whereas before we were used to plain pouches and jellycases. Japanese and Chinese are usually good in creating products that in turn create a need and want that are not obvious to begin with. Cool.

Seemingly lame but people actually buy them. Who would have thought. Worth the risk I suppose.

And so I’m back to thinking of  a new product to sell or service to offer.

Photo: Asian Family Customer Shopping in the Supermarket by  epSos.de 

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About Geri (355 Articles)
Founder and main author. Husband, used-to-be-breadwinner, God-made multi-millionaire, employee, financial planner and adviser, investor, stocks trader, entrepreneur, agri-preneur, book author. Firm believer that all Pinoys deserve a richer life. Not a guru, but a forever student of the investments world, a work-in-progress.

1 Comment on New Product Approach: Address an Existing Need or Create the Need?

  1. Just saw some fancy tape dispensers (pink high heels, soccer inspired, wine glass etc) and gadget accessories while window shopping in the “red official country bookstore” last night. That's creating a want right there. Lol.

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