«How Do You Create a Magnetic Product» A Business Guru Shares the Secrets of Creating Explosive Demand
«A magnetic product means the best performance multiplied by the best emotional bond with the clients. The latter is shaped through design, experience and ease of use», one of the world top-50 business thinkers Adrian Slywotzky holds a master class in Lviv and shares the secrets of creating explosive demand.
«Ask your clients whether they like your product, whether they love it. Every demand-creating company usually gets 90% of positive answers to these questions». However, Adrian Slywotzky says you’d rather not stop there. «Most companies make their biggest mistake when they reach a «very good» mark since they stop improving their product thus not being able to reach a «magnetic» mark. That is why, when you get there ask your clients what other improvements they would like to have – you will hear interesting ideas and unexpected solutions», one of the most outstanding experts in modern management suggested during the master class.
Adrian Slywotzky believes that even when a company manages to create a magnetic product it should keep improving the offer. «You can only become a leading company when your improvement path gets more rapid than that of your competitors. Think not just about how to improve your product today but how to make it better in the future», an OliverWyman partner specified.
In general, the business consultant recommends using the following key tools for demand creation:
- to draw a map of problem points of the buyer – who are the people I wish to serve; what do they want
- to create a magnetic product that can generate an emotional bond with a client
- to build the best background
- to find an impetus or a unique catalyst motivating a client to buy
- to develop the best improvement path in your industry – the best demand creators know that at the moment they release a product for the first time nobody realizes its drawbacks better than they do, that is why they immediately start developing an upgraded version.
When addressing Ukrainian businessmen, Adrian Slywotzky reiterated the importance of learning English: «It’s the key to enter world markets. When everyone in this country can speak English the GDP will grow significantly», believes a LvBS Advisory board member.
During the master class, the UCU LvBS community also received an interesting task – to offer their ideas as to demand creation in three most important fields for Lviv such as IT and business services, tourism, and education. Adrian Slywotzky will comment on all suggestions, while Lviv Business school will forward the results to Lviv city mayor Andriy Sadovyi.