HBR IdeaCast
The Case for Selling Products that Adapt
Dec 17, 2024
Vijay Govindarajan, a professor at Dartmouth's Tuck School of Business and co-author of a key article on adaptive product design, discusses the shift from planned obsolescence to creating products that grow with consumers. He highlights the importance of innovation, using examples like expandable shoes and convertible bikes. The conversation touches on how businesses can benefit from sustainability and continuous customer feedback, delivering long-term value for both consumers and companies while fostering loyalty.
24:41
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Quick takeaways
- Companies are shifting from planned obsolescence to adaptable products, enhancing customer satisfaction and long-term loyalty through innovative design.
- Products that evolve with consumer needs, like expandable shoes or smart devices, not only drive revenue but also promote sustainability and reduce waste.
Deep dives
The Shift from Planned Obsolescence to Product Adaptability
Companies are transitioning from a model of planned obsolescence, which encourages consumers to frequently replace products, to one that emphasizes adaptability and longevity. This shift allows products to evolve and meet changing consumer needs, ultimately enhancing customer satisfaction. An example includes a shoe company in India that produces expandable children's shoes, which grow with the child's feet, reducing the need to purchase multiple pairs. Such products not only add value for customers but also prompt companies to rethink their design and production strategies to facilitate sustainable practices.
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