One of history’s greatest entrepreneurs passed away this week.
Though writing for this blog is far outside of my current projects focus and I have long since refused to purchase Apple products, Steve Jobs and his example as a marketer will be forever legendary and beyond well worth remembering.
Here are five of the most important, and my favorite, business and marketing lessons I feel I learned from studying his example:
- Customers will pay more for the same (or less) core functionality if you can appeal to their senses or aesthetics.
- Customers will camp out and stand in line waiting to buy your products if you can anchor the ownership experience to their identity.
- The clearest path to a successful product is to find out what people are already buying then redefine that product by bettering aesthetics and/or making it easier to use.
- If you’re going to sell gadgets, turn them into a device for consumption from your tightly controlled marketplace. The long term money is in licensing and transaction fees, less so in the metal and plastic.
- Fear competitors who leverage other manufacturers to distribute their intellectual property.
Thank you, Mr. Jobs. In so many ways we are all better because of you.