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When Philips Lost Millions Because Of Failed Marketing

Financian0:45

Transcription

There's one example, no one here from Phillips, is there? There is a recent Phillips air fryer. I think it is one of the best products you've ever made, but you made the mistake of calling it an air fryer. Of course, it doesn't fry the food; it cooks the food as though it were fried, but it uses no fat at all.

Now, I asked, "What's the solution to this?" and someone said, "It's really simple. If you named that product in French and called it the 'air sauteuse,' okay? People would have been queuing around the blocks."

But by putting the word "fryer" in something, the very people who'd normally buy it go, "Well, people like us don't really eat fried food, do we?" Dare. And it sits, by the way, in most of the retail outlets. It sits next to the deep fat fryers, where the kind of people who'd want to buy it won't even look in the first place. However good the product is objectively, if you market it badly, it's worthless.