Category Archives: New products

Consider the Stakeholders: Analysis & Decision-Making to Create Value

No one makes decisions alone. Especially in this technologically interconnected age, we are beholden to the interests and opinions of many groups of people: consumers, investors, brand enthusiasts, industry influencers… the list goes on. Each has a distinct point of view, an interest in the outcomes of our decisions, and often an investment of time, money, interest, and even reputation on the line.

When so many parties are stakeholders in the choices made by companies, brands, or influencers, how can we be certain that we are meeting the demands of our many constituent groups? How can we capture and consider the interests of our stakeholders? Enter Stakeholder Analysis – the process by which an organization can analyze the priorities and interests of various parties involved in a project or decision in order to create understanding and build consensus.
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Design Mindset: Bridging the Gap Between Product Design and Systems Thinking

Our Design Mindset series has attempted to define some of the many abstractions around “good” design – what is it, and how can it be quantified and consistently achieved? It’s easy to understand the importance of design in creating new products, both to stand out in an increasingly crowded market and to develop a user experience that resonates with consumers. It’s more difficult to implement design in other aspects of business, but the rewards are significant for those that do.

In an article published by McKinsey & Company, designer John Maeda remembers a client who had a realization about the importance of design, saying “Oh, so design isn’t about this pixels thing. It’s about systems thinking… it isn’t just about the appearance.” Good design values aesthetics, but perhaps even more so it values the integrity and functionality of systems. Let’s explore how successful companies bridge the gap between product design and systems thinking.
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Google’s Talk to Books: AI Opens Creative New Search Pathways

Google has long been acknowledged as the king among online search engines (does anyone still Ask Jeeves?). As www.google.com became the default “home” page on many of our browsers, it replaced search platforms like JSTOR and LexisNexis, which are now relegated to libraries and educational institutions. It also changed the way we ask questions, consume information, and navigate our own internal mental landscapes.

The power that this gives Google (and Alphabet, its parent company) is immense. There is ongoing debate over whether such a monopoly on access to information is healthy, sustainable, or conducive to democracy. As scholars and pundits debate, the rest of us continue turning to Google for answers to queries ranging from “how to fix a water heater” to “what is the meaning of life?”. Now, a new initiative from the company’s experts in artificial intelligence (AI) is once again shifting the framework of access to information online.
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Discover Your Brand Promise with “The Elements of Value”

The first step towards delivering an authentic brand experience is creating clarity around your brand identity and character so that you can consistently fulfill it. But how does a brand remain true to its character?

One effective way to keep authenticity at the forefront is to consider a brand’s “promise” – what a company promises consumers through their brand image and marketing. This promise can take many forms. Examples might include “to provide the comfort of home,” “to enable adventure,” or simply “to make it easier to keep the house clean.” Once you’ve identified the promise that your brand is making to consumers, you need to prioritize it in your product development, marketing, and customer engagement to create an authentic, consistent brand identity.
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Price Matters: How Price Impacts Value Perception for Consumers

What’s the relationship between price and value? Pricing a product or service is often a fraught endeavor, especially for entrepreneurs and innovators in burgeoning industries in which price history or competing products may not provide a solid reference point. Determining the price of a new product requires determining its perceived value to consumers. However, this is rarely a clear-cut decision due to the many factors that influence consumer decision-making.

Pricing strategy, a discipline shared by entrepreneurs, marketers, psychologists, and economists alike, offers several guideposts that help determine value for a new (or improved) product. Going beyond the determination of value, pricing strategy also considers the psychological impact of price on consumer’s perception of that value.
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Augmented Reality: The Future is Ready to Download

In our previous exploration of augmented reality technology, Inside the Innovative Mind: Virtual & Augmented Reality, we took a look at the origins of AR and how it might evolve in ways that connect people to their surroundings in new and innovative ways. Today, less than a year later, the explosion of AR apps is already offering a broad range of new experiences to users. From enhanced gameplay in real-world environments to consumer/product interactions and even clinical applications in medicine and pharmacology, AR is making incredible strides.

Let’s take a look at some of the products of this new technology that are reshaping how we interact with the world around us.
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Multicultural Millennials: Building Relationships with Young Consumers

Recent insights from Nielsen reveal that “multicultural consumers are transforming the U.S. mainstream… (p)ropelled by the twin engines of population growth and expanded buying power.” I explored the Nielsen data in a previous post, reaching the conclusion that in order for brands to serve this rapidly growing segment of multicultural superconsumers, diversity must be more than just a buzzword. When diversity of experiences, voices, and viewpoints drives a brand’s identity, communications strategy, and product development, it can authentically and successfully resonate with a multicultural market.

In addition to embracing a diverse set of influences, how can brands reach the young consumers who are poised to become major market forces over the next decade? In a time when consumer trust in major public institutions (including business) has been compromised, brand builders must strive for authenticity, communication, and a purpose-driven approach.
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