Consumers change and grow. Your offerings should, too.
Today all kinds of products adapt and change to suit users’ evolving needs. Toys can be reconfigured to suit children of varying abilities; Teslas receive software upgrades that regularly improve their performance; tunable eyeglass lenses can adjust for changes in vision. These “products that grow,” as the authors call them, last longer, so they save consumers money and promote sustainability.
This article outlines the consumer challenges that products that grow address, such as age-related developments, technological change, and shifting learning needs. It then describes how companies use software and hardware to build such products. The authors go on to outline models for capturing value with them: premium pricing, charges for upgrades, complementary products, monetizing maintenance, brand communities, and resale and modification.
In a market that increasingly emphasizes flexibility, durability, and environmentalism, companies that make the shift from static offerings to products that grow will position themselves for success.the iconic Little Red Wagon, introduced a remote-controlled, battery-operated car that kids can ride on. It has three modes of operation, each of which is suited to a different growth stage for young children. In stage one the car is controlled remotely by a watchful parent.
is the founder of the Center for Creative Foresight, a senior fellow at the Conference Board, and an adviser at StratRocket.is a U.S. military officer, an academic researcher, and the principal of Wolf Stake Consulting. He is a coauthor of the books
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