The 9x Effect25567 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.