When I helped design new product lines
for a major beverage company,
the return on investment
was calculated over
10 years.
That meant we weren’t
merely designing a product
that would be successful today,
we were designing it
to remain relevant
for a minimum of 10 years.
We had to look at
what the market would look like
in a decade.
The main component
we considered
was demographics.
Were our target demographics
still large enough
to support the product?
Today, I would definitely
consider science,
especially climate change.
For example,
could we still easily source
the ingredients
for that new beverage product?
And I would consider
technology,
including social media.
How would I spread the word
about the product?
In an image-heavy world,
I would like to ensure
the beverage was pretty
when poured into a glass.
Seth Godin
shares
“Consider
demographics, technology
and science.
All three are inexorably moving,
and while they can be ignored,
sooner or later,
they catch up
with our project
and push against it.”
We’re not developing products/services
in a bubble.
And we likely want that product/service
to be success years from now.
Look at trends
in demographics, science
and technology.