Original subtitles

The next dimension that I want you to consider as a point of difference in your

product is the price of your product.

When it comes to price, it's a little bit of a simpler process.

We'll have an entire lesson on pricing your product correctly in terms of

profit margin and perceived value later.

But for now, I want you to consider whether you're going for a lower direct

to consumer price point, which is far more accessible to the masses or a

higher price point for more exclusivity.

An example of more accessible pricing could be brands like Movement

Watches or Warby Parker that offer watches and eyewear under the a

hundred dollars US price point.

Brands with higher luxury price points could include super high-end

designer labels like Tiffany and Ko Chanel or Louis Vuitton.

This luxury model builds exclusivity through high pricing.

Higher pricing would make more sense for our mobile phone case, as this

can justify being a bit more of a luxury item than our reusable straw.

For example, when it comes to our reusable straw, I'd go for the lower

direct to consumer price point for a product like this, and we can

always bring out a more expensive luxury version of our product later.

For example, a solid metal rather than Polish metal straw.

This lower initial price point supports the problem we're trying to solve,

reducing waste from everyday single use plastic items as the more straws

we're able to sell, the more impact we're going to be able to make.

And finally, the last dimension that I consider is time.

In particular, the amount of time that your product is available, or

whether it's a limited edition product.

For example, like I spoke about earlier at my company, the fifth watches we're

able to differentiate ourselves from the high saturated watch market by

changing this single variable only.

The amount of time that our watches were available for, we decided

to only sell our watches on the fifth of each month for five days.

The scarcity of this created demand and the exclusivity increased perceived value.

This taps into consumer psychology, which we'll go into in more

detail later in the course.

But ultimately, it meant that rather than being exclusive by

price, like the high-end designer brands we were just discussing,

we were instead exclusive by time.

Other companies that have done this through limited edition

models have been Yeezy's or the flash sale model, like guilt.

When it comes to our mobile phone case, we might like to have new

personalized designs dropping monthly.

For example, when it comes to our reusable metal straw, I don't think this particular

product would lend itself to being available for a certain amount of time.

So maybe our luxury version could also be limited edition.

So I'd consider how you could change your product only by adding a

limited edition or flash sale model.

So there we have it.

I've now shown you my exact product innovation framework and how just by

changing one variable, we're able to create something different and better

than other products on the market.

So to recap, because I know that was a lot, you take an existing

product or idea and consider what would happen if you simply change one

aspect or dimension of that product.

Again, those dimensions could be design, how you could change

the design to make it unique.

For example, personalization or sustainable design function.

What features you can add, change, or subtract to solve an

existing pain point and add value.

Price accessible, direct to consumer pricing versus exclusive

luxury pricing and time.

How often, when or how long your product is available for purchase.

You can change one dimension to create an entirely new product

offering, or you might choose to change multiple dimensions.

It's really up to you.

So when it comes to our mobile phone case, we might end up with an upcycled

ocean plastic case with a handle so as not to drop it priced at the

higher end of the scale With new personalized designs dropping monthly.

And our reusable metal straw comes in two different colorways.

Rose Golden chrome is made of metal, so it's helping reduce

plastic from single-use straws, folds down into a clean carry case

and is priced fairly accessibly.

These are both entirely new products.

So as an action item for this lesson, I want you to take the three remaining

ideas that you had at the end of last lesson and come up with four

different ways that you could add additional value to these products

by changing a single dimension only.

I've provided you with my product innovation Canvas, so that you'll easily

be able to follow my framework to get these out of your head and onto paper.

Remember to keep your overall brand direction in mind so that

you don't go too far off course.

Return to the fact that your product is a solution to a problem

that your brand is solving.

By the end of this project, I'm sure one product idea will really

stand out to you, and that's what you're going to launch with.

This is exciting.

If one idea still doesn't stand out to you, feel free to ask what other students

thinks a better idea in the group.

Simply list the ideas and ask them to comment one, two, or three.

For example.

This way, you'll receive a heap of feedback from other

entrepreneurs' varying backgrounds.

So go ahead, do that now, and I'll see you in the next lesson.