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New Product Development - The Nest
Transcript of New Product Development - The Nest
Intellectual Property Battle
for Product to Fail Nest is reported to be shipping 40,000 thermostats monthly; figures estimated to reach 1 million if continued on current trend
Expanded functionality and mitigating problems with battery use
Has received 80 million dollars from investors which has shown improvements with there improvement with Nest’s battery usage.
Demand Response Nest stands as an innovator in its own right without identical products on the market
Competition exists from other variations of similar products in the market for managing home energy consumption
Market giants (in particular Honeywell) pose the biggest threat to Nest’s growth and success
Similar type products released by companies such as Opower and GE are emerging as Nest’s biggest market competitors Market Competitive Outlook Customers with central air systems
People looking to conserve energy and money
“Thermostats control more than half of your homes energy.”
Working individuals with steady schedules
Technologically advanced individuals
People who are careless with the temperature they keep their houses Target Audience
Increased benefit, control over your thermostat (programmable)
Access from web/mobile application
Sleek high-tech look (Stainless Steal)
iPod feel, since this is an existing concept/experience the adoption process will be easy
Simple set-up even an eight year old can install it, 3 out of 4 people can install in it 30 minutes or less
Applications available in English, Spanish and French.
Nest offers a 30-day money back guarantee. If you are not completely satisfied with your product, you can return it within 30 days of shipment for a full refund
Demos available to view online through TechCrunch TV
Cost savings on electric bill, spread through word of mouth
Online blogs and reviews Roger’s Five Factors Product Features Presented by:
Nana The Nest Learning Thermostat Major Competitors Elegant design
Easy to install and setup
Mobile and Web Applications
Auto-Away feature Identify Consumer Needs Control over their heating and cooling system
Energy conscious consumers
Beauty Enthusiast Benefits that
Satisfy Needs Observability Trailability Complexity Compatibility Relative Advantage Q u e s t i o n s ? Design Ease of use Perceptual Map + - -