how to harness the key trend of 2024 in business development, creation of new products

how to harness the key trend of 2024 in business development, creation of new products

Every year, we update our company’s strategy, carefully study global trends, and try to integrate those closest to us into our business model, brand, and development plan.

We decided to dedicate this year to integrating the concept into our strategy Compatibility.

Dmytro Chornomorets, Head of Development Business at Humathèq

The company is engaged in product development: from finding product ideas to putting products into production, customers are located all over the world

And what it is in practice, how this trend affects the market, what companies, managers, developers need to do to be in the trend – I want to help you figure it out.

Sustainability [сустейнебилити] – English stability.

Sustainability – a model of interaction between a person and business with the environment, where the main principles are the preservation of stability and balance in behavior and development.

The main principles of Sustainability:

1. Focus on sustainability – high-risk strategies give way to relatively reliable ones, risk minimization becomes more important than exponential growth, stable, consistent development becomes preferable instead of a leap-like one.

2. Harmony and environmental friendliness – every activity of a person, a company, along with receiving benefits, involves improving the environment, every decision, action is evaluated through the criteria: how will it make it better for my partners, customers, employees, nature, city, country, the world, will it not harm what I am surrounds

3. Honesty and responsibility – information transmitted by a person or a company excludes: misleading others, misunderstandings, manipulations, speculations about the incompetence of information recipients, the world is gradually losing tolerance for lies.

This is an illustration with our fictional character, Professor Bruwe, which we developed for marketing communications with target customers

I will give some recommendations on how to implement the Sustainability paradigm in the development of the company and the creation of new products:

Recommendation 1.

Instead of disposable products, create long-lasting products that can be returned to their properties during their life cycle, that can be easily repaired and restored, that can be upgraded and expanded in functionality, products that will change owners several times in the secondary market.

Instead of the era of disposable products, the time of durable products is coming.

Remember the well-worn example about the hole punch that MBAs love so much: people don’t want hole punches, they want holes in the wall, so if a person needs eight holes, make a hole puncher that breaks on the ninth, and it has to be very cheap .

You’ve probably also heard the legend about the “incandescent bulb manufacturers’ conspiracy.”

In the new paradigm, instead of disposable perforators, devices are needed that will last as long as possible, remaining relevant with the so-called design and technology for a long time.

The same story with light bulbs and other products.

Over time, the owner of the device can purchase additional features, elements, parts, firmware, which make the product relevant, which expands its functionality, while the “heart of the product” will remain unchanged.

Another advantage that will also be valuable to customers is the maintainability of the product.

Repair kits, spare parts, additional components – all these are also ways of monetization that should not be forgotten.

Recommendation 2.

Create honest products, with honest brands, honest prices and honest marketing campaigns, don’t fool customers.

For a long time, product creators have misled customers with inflated product characteristics, for example: declaring the fuel consumption of cars, which is higher than the real one; talking about the naturalness of products, while using preservatives, flavor enhancers, using substitutes; talking about the long work of antiperspirants, which cannot withstand even a few hours of work; positioning ready-made industrial food as homemade…

A separate type of “art” in which we also participated is the creation of pseudo-brands, brands that mislead buyers about the country of origin of products.

Price 9.99 from the same series or 40% off the price that was overpriced by 45% before the discount, downsizing in the form of nine eggs or 890 ml of milk.

All this is pure deception and manipulation, which, on the one hand, ceases to work, and on the other hand, they begin to cause antagonism to products and their brands in the market.

Consumers understand everything and feel like fools, perfectly understanding who is trying to make them so.

Don’t do that again!

This is an illustration with our fictional character, Professor Bruwe, which we developed for marketing communications with target customers

Recommendation 3.

Build products that improve your customers and users.

…not to rob and mess up their houses, not to steal time, not to kill their health, and improve: to increase the quality of life, to form, to expand the worldview, to give new positive experiences, positive emotions.

The same applies to marketing activities in the form of “buy 3 for the price of 2x” or another favorite story of business coaches about the tube of Colgate paste with an increased diameter of the neck – all this becomes toxic to the market.

When creating new products, ask: How will this product make my customer, the user, better.

If you can’t find the answer to this question – go and improve or rework your product!

Recommendation 4.

Create blown out while minimizing the impact on the environment, use renewable, recycled materials, with the partial use of materials toxic to nature, compensate for the damage caused by other activities. Do it yourself, inspire others with your actions.

You will ask questions: do your customers need it and users? For some, the number of these “someones” is increasing, for some it is not, but most importantly, you, your teams, and your brand need it. Few people want to be toxic, work in a toxic company.

And remember the market sympathizes (makes a choice in favor of their products) companies, brands that are trying to make the world a better placeand not to those who simply “rake the loot”.

How does it work?

The vast majority of adequate people have a need to do good deeds, but laziness prevents them from doing somethingAt the same time, buying the products of responsible companies, they feel involved in good deeds.

Act!

This is an illustration with our fictional character, Professor Bruwe, which we developed for marketing communications with target customers

Recommendation 5.

Build your brand through your products, not the other way around.

The Sustainability paradigm provides the following path:

1. Make a product that the market needs, make it well,

2. Improve the product, then improve some more,

3. Add features, then add more,

4. Continue to improve the product along with improving features,

5. Make the product awesome,

6. They don’t just buy your product, they start wanting it,

7. They start talking about you.

8. Profit, you have a brand!

What does the “opposite” scenario look like (You don’t need to do this):

1. Invented positioning,

2. Made a good legend,

3. They made it so that people started talking about the brand,

4. Copied a product from someone on the market or found a ready-made one on the market and branded it,

5. A little profit went,

6. Disappointment began in the market,

7. They continue to talk about you, but in a different way,

8. You rebranded (updated the logo),

9. Only marketers talked about you, only they are interested,

10. You got some more profit,

11. They forgot about you.

I will soon publish the sequel of the next five recommendations in the form of a separate topic, there will be a link in the comments

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