‘Ring’ on fire; When Product Concepts fail
People tend to be wary of new things, and with good reason. From the earliest human times, being careful made sure that your genes survived any number of dangerous predators, and were therefore passed down. Our riskier forebears tended to rule themselves out of the procreation game, rather like our generations’ perennial ‘Darwin Awards’, and likely in some similarly grizzly ways too.
That means we’re left with a cautious, loss-averse gene pool to go at. Therefore, when your business is deciding on its Product Concept – its reason to exist – it’s worthwhile taking a bit of time to consider what promise you’re making and how you can fulfil it.
‘Ring’, the home security company that lets you see who’s at your door from the beach thousands of miles away, has a simple Concept; ‘your personal security is improved by installing our system’. Millions of people have bought into it, many overcoming their fear of intrusion to do so, to the point that it was acquired by Amazon last year for a reported $1Bn. That’s a lot of trust, a lot of belief, that this is an organisation which really lives up to its Concept.
Turns out not.