The 9x Effect

24992 2019-05-15 21:45

New products fail at the stunning rate of between 40% and 90%. Why? The 9x Effect: You have to be 9x better than the existing alternatives to win their market.

  • companies often overweight the new product’s benefits by a factor of 3.
    • dissatisfied with the status quo and convinced the innovation works.
    • IKEA effect: labor alone can be sufficient to induce greater liking for the fruits of one’s labor.
    • view the innovation as the benchmark.
  • consumers often overweight the old product’s benefits by a factor of 3.
    • satisfied with the status quo and have change aversion.
    • don’t know the product and are skeptical about the new product’s performance.

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