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A small business can apply the principles of customer value creation discussed in The Lean Product Playbook by identifying and focusing on High Importance Low Satisfaction Needs. These are areas where the need is high, but current products or services don't meet customer expectations. By developing solutions that address these needs, a small business can create significant customer value. This approach often leads to disruptive innovations. For example, Uber capitalized on the highly relevant but poorly served needs of customers for reliable drivers, predictable fares, and easy payment mechanisms.
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Low Importance Needs are not worth pursuing as they won't create enough customer value. High Importance and High Satisfaction Needs are cases where users are satisfied with the existing solutions in the market. A good example is Microsoft Excel, which has a stable feature set and no significant competition. High Importance Low Satisfaction Needs are an excellent opportunity to create customer value. This is because the need for them is high, and current products don't meet customer expectations. Disruptive innovations usually emerge from this segment. Uber is an excellent example of capitalizing on highly relevant but poorly served needs of customers to have reliable drivers, predictable fares, and easy payment mechanisms.
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Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
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