Tag Archives: Innovation

The Difference Between Customer Needs and Wants

The Difference Between Customer Needs and WantsUnderstanding the difference between a customer’s wants and needs is a major key to succeeding in business. Often what a customer wants is diametrically opposed to what they need. As a businessperson, your job is to give the customer what they want. Helping them to understand what they need is also important. However, it’s not your responsibility to convince customers to get what they need. Businesses make money by satisfying their customers. Often it’s easier to sell them what they want than what the need. So that’s where businesspeople should primarily focus their energy.

New Disruption Study: How entrepreneurship is driving corporate reinvention

startup innovation inspiring corporate transformationWith the inevitable rise of entrepreneurship and startups driving customer innovation, incumbent companies have begun adopting some of their techniques to either catch up or really stimulate transformation within the enterprise.

A recent report by BPI Network called “Start-Up Innovation: Inspiring Business Transformation,” examines the impact of digital disruption on global enterprises and markets.

The research report is based on an online survey of more than 250 enterprise business leaders and innovators across North America, Europe and Asia.

6 of the most common strategy traps

strategy trapsStrategy without change is pointless, and doing what everyone else is doing is not a strategy; it’s a key principle most business people don’t get.

Take the most common advice you hear out there: don’t limit yourself to niche market; you won’t make any money.

We don’t need a society of more entrepreneurs; we need a society of hungry minds

As we continue discussing The Future for Youth, we’ve come up with some interesting ideas about what that looks like. One of the key ideas that has come up again and again is that parents should raise entrepreneurial children with the aim that everyone is and should be an entrepreneur.

Should we teach young people to be entrepreneurs?

The best—and the worst—way of learning about market demand is to ask the customer

experimentation leads to innovationWant to know what customers want? Ask them, but don’t believe them; rather observe them in their environment.

It’s the best way because potential customers can answer this question better than any self-proclaimed marketing experts can with their fancy reports, focus groups and all.

It’s the worst because customers don’t really know what they want. They know what their problems are, what they like, and what they don’t need. But they don’t know what you can develop for them that they really want. Don’t believe them if they tell you; they have less imagination than you do.