A Quote by Barry Lam
The market is so competitive. There are so many products that are similar. So we are forced to invest in innovative research in new products that are one or two years ahead of the market.
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Shifting Philip Morris to the new a non-risk products doesn't mean that I will give market share to my competitors free of charge. In the markets where we are not present with IQOS yet or the other reduced-risk products, you still need to defend your share of the market. They still represent the bulk of our income, and so far they have financed the billions of dollars we have put behind these new products. But once we go national in a market, and absent capacity constraints, then you shift your resources and your focus to these new products.
People are unlikely to know that they need a product which does not exist and the basis of market research in new and innovative products is limited in this regard.
Bell Labs was a fantastic research organization but having them create and market new products for the world was terrible. They were not good marketers and yet it was AT&T engineers who were deciding what the products of the future were.
I'm such a product junkie - I love trying new products and new shades. For me, it's really exciting to see what new and wonderful products come onto the market.
We were in the market ahead of competition. We brought new products on the market ahead of competition. We rolled out our networks. We begged, borrowed, stole, put things out. And while they were never near perfect, they were first. And that gave us, to my mind, a lot of advantage.
Most products are ugly. The harsh reality is that in many of these markets, form follows funding. And that products go where the market takes them.
We’re keenly aware that when we develop and make something and bring it to market that it really does speak to a set of values. And what preoccupies us is that sense of care, and what our products will not speak to is a schedule, what our products will not speak to is trying to respond to some corporate or competitive agenda. We’re very genuinely designing the best products that we can for people.
80% of all products and services that will be on the market in five years do not exist today. So therefore, always be innovative, always be creative, always think, 'What new products or services could I create, could I represent, could I joint venture?" Sometimes you can find someone else that has a fabulous product or service that you can use your existing business or resources to sell and you can double your income or sales in your business by selling somebody else's product to the same customers that are buying yours.
Amazon is now the definitive source for data about whole sets of products - fungible consumer products. EBay is the authoritative source for the secondary market of those products. Google is the authority for information about facts, but they're relatively undifferentiated.
The potential of a zero-risk is in every market, because eventually I think people will switch to these products as they become available. There are two unmet needs in smokers: something that is much better for my health and something that bothers others much less or doesn't bother them. These are things cigarettes can't resolve. These new products are developed to address these needs.
The Googly thing is to launch products early on Google Labs and then iterate, learning what the market wants - and making it great. The beauty of experimenting in this way is that you never get too far from what the market wants. The market pulls you back.
We don't market products narrowly. We market big stories about the industry, things that matter to a lot of people.
As I look forward in things like the Internet of Things, I am sure we will talk about video. There is a lot of disruption going on and a lot of new products being brought to market, products like Go90.
An old market had stood there until I'd been about six years old, when the authorities had renamed it the Olde Market, destroyed it, and built a new market devoted to selling T-shirts and other objects with pictures of the old market. Meanwhile, the people who had operated the little stalls in the old market had gone elsewhere and set up a thing on the edge of town that was now called the New Market even though it was actually the old market.
Start with a growing market. Swim in a stream that becomes a river and ultimately an ocean. Be a leader in that market, not a follower, and constantly build the best products possible.
There is a fantasy in Redmond that Microsoft products are innovative, but this is based entirely on a peculiar confusion of the words "innovative" and "successful." Microsoft products are successful - they make a lot of money - but that doesn't make them innovative, or even particularly good.
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