How to Innovate and How to Market

To INNOVATE a product for real humans, you need to know their:

  1. Wants and needs.

Distinction between wants and needs:

Wants: are desires or preferences that are not essential for survival or basic well-being - Nice to Have

Needs: are necessities that are required for survival, physical health, and overall well-being - Must Have

When you are looking to purchase a new smartphone, these are the “wants” you expect in it

  • Advanced Features - high-resolution camera, a powerful processor, ample storage capacity, and a large display.

  • Sleek Design - Sleek and stylish design which is visual appealing

  • Long Battery Life - After a single charge battery should withstand for a whole day

  • User-Friendly Interface - Easy to navigate and operate.

Here are the “needs” you expect in it

  • Communication: Making calls, Sending messages,

  • Internet Access: Web Browser, Social media

  • Reliability: Without frequent glitches and crashes

  • Durability: Have to withstand daily wear and tear also accidental drops.

  • Affordability: Affordable price range.

  1. Pain and Struggles

Distinction between Pain and Struggles:

Pain refers to discomfort, distress, and negative sensations experienced over a temporary or longer period. On the other hand, struggles refer to challenges, difficulties, or obstacles that one has to face to overcome a problem.

Here's an example of a "pain" experienced by customers:

Due to terrible mattresses, customers experience several problems, including:

  • Back pain

  • Insomnia

  • Poor posture

  • Tossing and turning

  • Partner disturbance

  • Reduced productivity

  • Poor mood

  • Allergies

  • Increased stress.

When Casper understood these "Customer pains," they changed their sales approach from preaching about benefits and features to "How(customer) they can achieve a sound sleep with a Casper mattress."

Now, they understand that they are not just "selling mattresses," but rather, they are "selling sleep."

Example of a “struggle” faced by customers

When people want to create a social media post, their lack of knowledge in Adobe Photoshop forces them to hire a designer to create one. But after the arrival of Canva, Customer obstacles in creating a social media post has been removed.

Canva understood that they are not just a graphic design company but also serves as a virtual assistant for people to do their graphic work.

  1. Circumstances

Circumstances encompass wants, needs, pains, and struggles. However, customers may use the same products for different circumstances. Sometimes they buy a product to satisfy a need in one situation, while other times they buy the same product to fulfill a want in a different scenario.

 For example, a corporate employee working for a Fortune 500 company mentioned that they have been instructed to fly only with "Fly Emirates" in Business Class. However, when going on a family trip, they prefer to use "Southwest Airlines."

Although they fly in both circumstances, they choose "Fly Emirates" (need) to comply with their company rules, and "Southwest Airlines" to embrace a vacation mode.

But to MARKET a product to real humans, you need to know their:

  1. Biases.

  2. Prejudices.

  3. Beliefs.

With biases, prejudices, and beliefs, human beings form an ideology that shapes their worldview. This worldview becomes a lens through which they perceive and understand the complex world around them.

By understanding the LAST THREE, you have a "Compelling Story" to tell others.

To Market your product you need a compelling story

When choices are presented to people, they mostly make their decisions based on the story they tell themselves.

This Story(narrative) is formed by a combination of desires, circumstances, biases, prejudices, promises, beliefs, experiences, ideologies, and fears.