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When Good Enough is Great

An absolutely wonderful article, from Wired, that talks about the trend around Good Enough. The point in the article being that across sectors, be it music or healthcare or indeed even the US army the market for Good Enough technologies is growing by leaps and bounds and, in fact, is the fastest growing part of the market.

With the plethora of technologies and complexities and growing costs to get there on one end and the reduced time and attention span of a whole bunch of people the products most likely to succeed are those that get the job done, than those that get the job done PERFECTLY. And guess what… these products are cheaper and easier to use too.

Sure there will always be a market for the really sophisticated products. But to cater to that market there is no need for the whole world to end up with complicated products.

From my own professional experience..One of the clients I worked on was a hi technology manufacturer. Widely known and regarded for their technology expertise and planet saving solutions.:-P

Like every other such big company they found that the Small and Medium Businesses (SMBs) were the greatest source of growth and decided to go after them with…a new advertising campaign.

Not surprisingly they found it a hard market to crack. Research after research showed that SMBs found the company’s products over engineered and too expensive. Running promotions and new campaigns never did solve the problem. SMBs wanted technology that was good enough. Not Great.

From personal experience.. I recent got a new phone. I wanted a phone that had a qwerty keyboard which I could use to make calls, take pics and send SMSes…that’s it. Only a few smartphones met that brief. I finally got a really hi tech phone, with many features I’d never use, at a ridiculous price. And guess what..they had to drop the smileys in the SMS menu to add all the other functionality. I have a great phone..not good enough for me!!

The recession has driven many companies to look at cutting back on the frills on their products. A few hours ago I read in The Economist about P&G launching Tide Basic to cater to ‘downgrading’ consumers. Good enough in a new name.

Looking at this from a different perspective..Applying Prahalad’s  ‘opportunity at the bottom of the pyramid’ to a wider definition than demographics… the bottom of the pyramid has the greatest opportunity for a whole slew of ‘good enough’ products be it financing or daily use products. These products cut across SEC strata and cater to a mind set.

So if I were to ever to talk to Prahalad about a new edition to his book it would be to look at the market from an attitude perspective as well.

The bottom of the pyramid is good enough to be Great for any companies bottom line.

Great article.

Great potential.

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