Simplicity is key! The easier your product is for consumers to use and understand the more likely they will be to purchase it. Stick to your roots; knowing who you are and what you’re good at as a company can make all the difference. try to adapt your specific product to allow different application. A company can have many products that are simple to use not just one so don’t limit yourself.
- Applied Underwriters, a workers compensation insurance carrier and payroll company, had crafted a complex form of workers comp coverage it called a “profit-sharing” element.
- Essentially, if a client company experienced few or no losses, it would reap savings. Conversely, if that same company saw heavy losses, its costs would soar, to a price ceiling.
- The trouble was, all the ins and outs in the company’s policy were buried under dense legal jargon: Terms like “cession point,” “loss development” and “run-off term” befuddled clients, confusing them as to what they were getting into. The eventual result: multiple lawsuits against the company.
“The core value of a product gets diluted in the flood of flashy extras.”
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