Stephen ShapiroFAST Innovation® · Innovation made practical, personal, and playful—with lasting impact. Hall of Fame Speaker. Author of seven books on innovation. Creator of Personality Poker®.

The Need to Be Desirable | Innovation Minute Ep. 7

Name: The Need to Be Desirable | Innovation Minute Ep. 7
Uploaded: 2016-06-01T19:58:53+00:00
Duration: 1 min 23 s
Channel: Stephen Shapiro
Description: Short video (Innovation Minute Ep. 7) by Stephen Shapiro explaining the fourth 'D' of differentiation: desirability. Uses the example of the Revel casino…

1 Jun 2016 · 1 min

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1:23

Short video (Innovation Minute Ep. 7) by Stephen Shapiro explaining the fourth 'D' of differentiation: desirability. Uses the example of the Revel casino in Atlantic City (built 2012 for $2.5 billion) to show that being different isn't useful unless customers find the offering desirable; the Revel closed and went bankrupt in 2014 because it did not match local customer preferences.

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In the previous videos, I talked about why you innovate, where you differentiate. And I introduced the five Ds of differentiation. Today I want to talk about the fourth D, which is about being desirable. And I want to do this through an example. I used to live in Boston, would go down to Atlantic City. I love Atlantic City. I think it's a great fun place. Well, in 2012, they built a casino called the Revel. The Revel casino. Built in 2012 for $2.5 billion. It is a spectacular casino. I've been there. Sophisticated, classy, high end. There's only one problem. The people who go to Atlantic City aren't the people who go to Atlantic City. They go to the beach with their kids, they eat cotton candy and hot dogs. Maybe they'll play nickel slots. But probably not the ideal place for a sophisticated high end casino. It was built for $2.5 billion in 2012, and in 2014, it went bankrupt. It shut its doors, and as of this video, it is still closed. And it is questionable whether or not it will ever open. Just because you can doesn't mean you should. Being different is not the same as being differentiated. Because at the end of the day, your customers will determine your differentiator. You don't get to determine it, they do. And if what you offer is not desirable, it's not a differentiator. It's just something that's costing you a lot of money.