Innovation is not just a popular buzzword, for it is necessary to the health of any business today. Most importantly, it is necessary for the health of YOUR firm. So, how can your firm become innovative, building on your existing strengths, continuing to operate in markets where you are strong, and maintaining your existing employees? In this talk, Professors Peter Boatwright and Jonathan Cagan explain innovation from the point of view of the marketplace. Innovation is not about new technology but about meeting people's desires, about fulfilling their fantasies. Rather than a leap in functional capability, innovation provides a leap in consumer value. In addition to their work at Carnegie Mellon University, Professors Boatwright and Cagan actively consult on product innovation with companies ranging from Fortune 100 to entrepreneurial start-ups. Between their consulting, corporate projects, and innovation courses they have advised over 200 product innovation teams. Building on their research and experience, Professors Boatwright and Cagan explain a formal step-by-step process for innovation, showing how your firm can use tools that not only identify market opportunities but translate customer needs into product specifications. Innovation is not wizardry or luck, but innovation is the flower of diligent work--work that uncovers the potential that a product can achieve for its users, then producing comprehensive solutions that consumers respond to cognitively, emotionally, and economically. With an innovation process in place, your firm will be equipped to repeatedly generate innovative products and services, resulting in an ongoing stream of new revenues.
Leading companies do more than produce things that work better. They create captivating products that energize the marketplace and set the standard for what customers want and expect. Their products and services may not work much better than those of the competitors, but they definitely make customers feel better by addressing their customers' emotional needs. Professors Peter Boatwright and Jonathan Cagan have worked with market leaders like Apple, Bayer, International Truck, Mine Safety Appliances, and many others. They've found that, to really connect with customers, emotions must be generated by the product itself, not simply tacked on through advertising. And they prove the bottom-line value of product-driven emotion by analyzing the performance of companies that sell high-emotion products and through data that show people are willing to pay more for products with emotionally-rich features. In this motivational talk, Professors Boatwright and Cagan show how product emotions lead to marketplace success and separate these product-supported emotions from sales claims that promise emotions that are not delivered by the product. Engaging case studies from a variety of industries will connect the ideas of the presentation to every member of the audience, whether they are product development practitioners or people just trying to understand why they love their iPhone. The seminar also reveals the world of product development to those who may not be intimately familiar with how companies go from inspiration to marketed products.
Professors Peter Boatwright and Jonathan Cagan reveal how companies can create captivating products that win over the marketplace. Firms often hope the answer is to produce the latest high technology devices--only to find that they fail to light up the marketplace. Or firms rely on ads that overstate or mislead, leaving the customer disappointed and disillusioned. Instead, a deeper emotional engagement between the customer and product is required, regardless of whether the products are physical products, services, technologies, software, systems, or brands. Using a combination of industry-based research and laboratory experiments, Professors Boatwright and Cagan demonstrate that customers will richly pay for products that authentically provide emotional fulfillment. After establishing the objectives, Boatwright and Cagan delve into a practical 'how-to' process to analyze customers' emotional needs and to translate those needs into features that galvanize customers. Throughout the talk they use revealing case studies that show how to energize customers in both consumer and business-to-business worlds, in both large and small firms. New tools and methods will enable your firm to approach product development in a new way, focused on meeting not only the technological needs, but also the emotions needs of your customers.
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