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The next dimension that I want you to
consider as a point of difference in your
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product is the price of your product.
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When it comes to price, it's a
little bit of a simpler process.
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We'll have an entire lesson on pricing
your product correctly in terms of
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profit margin and perceived value later.
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But for now, I want you to consider
whether you're going for a lower direct
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to consumer price point, which is far
more accessible to the masses or a
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higher price point for more exclusivity.
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An example of more accessible
pricing could be brands like Movement
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Watches or Warby Parker that offer
watches and eyewear under the a
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hundred dollars US price point.
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Brands with higher luxury price
points could include super high-end
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designer labels like Tiffany
and Ko Chanel or Louis Vuitton.
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This luxury model builds
exclusivity through high pricing.
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Higher pricing would make more sense
for our mobile phone case, as this
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can justify being a bit more of a
luxury item than our reusable straw.
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For example, when it comes to our
reusable straw, I'd go for the lower
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direct to consumer price point for
a product like this, and we can
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always bring out a more expensive
luxury version of our product later.
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For example, a solid metal
rather than Polish metal straw.
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This lower initial price point supports
the problem we're trying to solve,
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reducing waste from everyday single
use plastic items as the more straws
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we're able to sell, the more impact
we're going to be able to make.
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And finally, the last dimension
that I consider is time.
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In particular, the amount of time
that your product is available, or
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whether it's a limited edition product.
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For example, like I spoke about earlier
at my company, the fifth watches we're
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able to differentiate ourselves from
the high saturated watch market by
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changing this single variable only.
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The amount of time that our watches
were available for, we decided
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to only sell our watches on the
fifth of each month for five days.
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The scarcity of this created demand and
the exclusivity increased perceived value.
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This taps into consumer psychology,
which we'll go into in more
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detail later in the course.
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But ultimately, it meant that
rather than being exclusive by
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price, like the high-end designer
brands we were just discussing,
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we were instead exclusive by time.
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Other companies that have done
this through limited edition
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models have been Yeezy's or the
flash sale model, like guilt.
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When it comes to our mobile phone
case, we might like to have new
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personalized designs dropping monthly.
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For example, when it comes to our reusable
metal straw, I don't think this particular
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product would lend itself to being
available for a certain amount of time.
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So maybe our luxury version
could also be limited edition.
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So I'd consider how you could
change your product only by adding a
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limited edition or flash sale model.
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So there we have it.
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I've now shown you my exact product
innovation framework and how just by
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changing one variable, we're able to
create something different and better
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than other products on the market.
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So to recap, because I know that
was a lot, you take an existing
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product or idea and consider what
would happen if you simply change one
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aspect or dimension of that product.
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Again, those dimensions could
be design, how you could change
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the design to make it unique.
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For example, personalization
or sustainable design function.
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What features you can add,
change, or subtract to solve an
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existing pain point and add value.
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Price accessible, direct to
consumer pricing versus exclusive
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luxury pricing and time.
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How often, when or how long your
product is available for purchase.
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You can change one dimension to
create an entirely new product
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offering, or you might choose
to change multiple dimensions.
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It's really up to you.
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So when it comes to our mobile phone
case, we might end up with an upcycled
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ocean plastic case with a handle
so as not to drop it priced at the
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higher end of the scale With new
personalized designs dropping monthly.
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And our reusable metal straw
comes in two different colorways.
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Rose Golden chrome is made of
metal, so it's helping reduce
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plastic from single-use straws,
folds down into a clean carry case
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and is priced fairly accessibly.
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These are both entirely new products.
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So as an action item for this lesson,
I want you to take the three remaining
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ideas that you had at the end of
last lesson and come up with four
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different ways that you could add
additional value to these products
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by changing a single dimension only.
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I've provided you with my product
innovation Canvas, so that you'll easily
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be able to follow my framework to get
these out of your head and onto paper.
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Remember to keep your overall
brand direction in mind so that
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you don't go too far off course.
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Return to the fact that your
product is a solution to a problem
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that your brand is solving.
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By the end of this project, I'm
sure one product idea will really
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stand out to you, and that's
what you're going to launch with.
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This is exciting.
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If one idea still doesn't stand out to
you, feel free to ask what other students
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thinks a better idea in the group.
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Simply list the ideas and ask them
to comment one, two, or three.
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For example.
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This way, you'll receive a
heap of feedback from other
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entrepreneurs' varying backgrounds.
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So go ahead, do that now, and
I'll see you in the next lesson.
8452
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