My wife and I invited nine friends over for Thanksgiving one year and it became quickly apparent that folks would be sitting all over our living room, including on the carpet. It was time for my trusty Dyson to shine – yup… buy, use, love indeed.
Depending on who you want to believe, the first vacuum cleaner was invented in the 1860s and by the early 1990s, a few large players competed mostly on bell and whistles (think colors, attachments and weight) in a global, consolidated market.
Hardly, a situation that would invite to an enthusiastic inventor to redefine the rules. But that’s exactly what James Dyson did. By 2004 Dyson took over the market leader position in the United States from once mighty Hoover.
So curious as ever, I decided to add Dyson to my buy, use, love list because I wanted to understand how the gargantuan incumbents in a stable, non-sexy market were humbled by an innovative upstart which priced its product at twice the market norms. Here’s what I learnt…
- Focus on the obvious problem: James Dyson says it pretty bluntly in this TV ad, “Solve the obvious problem that others seem to ignore.” Large incumbents in stable markets tend to assume that some obvious problems (like the loss of suction) can never be solved. This leaves a gold mine waiting for someone foolish or wise enough to attempt solving that very problem. I’m sure all good Product Managers focus on what they perceive to be their customer’s most pressing problems. However, it never hurts to occasionally question our assumptions to see if we’re ignoring an obvious problem in the name of conventional wisdom.
- Plan for failure and learn from it: In his autobiography, James Dyson talks about the 5126 failed prototypes he built before he had a design that finally worked. His enthusiasm for failure comes not from the failure itself but from the learning that comes from it. As Product Managers, I’m sure we can all recount some instance when a product croaked on arrival (and the subsequent scrambling and heartburn). Understanding that failure is a necessary step to a breakthrough and planning for it through early, inexpensive prototyping is essential to product magic.
- Invest in what’s next: Dyson kept investing in research and development through the downturn even while other companies reduced R&D expenditure. By staying committed to spending on what’s next, Dyson makes certain that their next growth curve kicks into high gear when their current businesses start plateauing. As Product Managers, it’s easy to get consumed by the everyday tasks to get the current product out of the door. However, investing the time and mental cycles to research what’s next (leaving the office and getting in front of customers) pays back in spades.
I have personally waxed poetic about my Dyson to friends and family and all the while, I never stopped to wonder what it is that compelled me to do so. It took writing this post to realize that their stubborn commitment to transforming products from mundane to amazing has a lot of lessons for Product Management geeks like me; I hope I’m not alone.