Throughout his distinguished career, Jack Truong has demonstrated that understanding what consumers lack—and delivering it—can transform underperforming companies into market leaders. This approach has proven successful at every stage of his journey from innovative engineer to transformative CEO at multiple global corporations.
Engineering Innovation Based on Consumer Pain Points
With a Ph.D. in chemical engineering from Rensselaer Polytechnic Institute, Truong began his career at 3M where he quickly distinguished himself by focusing on market gaps rather than existing products.
“I was exposed to various divisions in my first two years at 3M, and I really had to learn and understand what the unmet needs were in those industries, and come up with inventions that deliver innovative solutions for those particular sectors,” Truong told Construction Today.
This unique perspective yielded impressive results during his time at 3M. Truong developed 11 patents, introduced the world to microfiber cloth technology, and transformed the once-ailing Post-it brand into a market leader.
Recognizing Opportunity Where Others See Decline
When Truong joined Electrolux Group as president and CEO of the North American division in 2011, he encountered a corporate culture resigned to stagnation.
“Back in 2011, when I joined, [Electrolux] was about a $4.2 billion business,” he told CEO Magazine. “The company saw North America as a mature market and didn’t expect any growth. In fact, when I took over, the company wasn’t growing and profit was declining.”
Truong rejected this perspective outright, famously declaring to the global leadership team: “There’s no such thing as a mature market, there’s only mature business managers.” This contrarian viewpoint challenged his colleagues, but Truong recognized untapped potential in the North American market.
By studying the competitive landscape, Truong identified that while Electrolux couldn’t compete with competitors like Samsung and LG on technological features, it could excel in areas those companies overlooked. After assessing consumer feedback, he repositioned the brand to focus on elegance, ease of use, and reliability – attributes many consumers valued highly.
“We put more focus on the design to make our products eye-catching, beautiful, and easy to use,” he explained. This insight allowed Electrolux to fill a significant market gap, elevating the brand from third place to second in the North American market and doubling its valuation.
True Innovation vs. Mere Creativity
Truong draws an important distinction between creativity and true innovation. As he wrote in a September 11, 2023 feature for Entrepreneur: “Google failed to understand the true unmet needs of its consumers when the company first launched its ‘moonshot’ Google Glass in 2014. Despite the ‘smart’ glasses’ cutting-edge technology, the product was discontinued after just one year. Despite its live map imaging and hands-free web navigation, Google botched its assessment of the product’s marketability — opting for a ‘clunky’ shape, overcomplicated features, and an overwrought price tag ($1,500).”
He cautions that impressive technology alone won’t drive sustainable success. Instead, Truong advocates for innovations that directly address consumer needs—particularly unmet ones—as these have the greatest potential to drive revenue growth.
“As technology advances and consumer demand evolves, companies and products quickly can be left behind,” Truong cautioned. “Too many organizations are focused on developing, launching, and loading new technologies and features to existing products while ignoring the possibility of new solutions that actually make life easy for consumers.”
Staying Agile in a Changing Marketplace
In today’s volatile business environment, Truong emphasizes the need for companies to remain vigilant and adaptable. He advises business leaders that to successfully navigate fluctuating markets, they must be nimble enough to adjust to unexpected shifts and evolving customer preferences.
“Creativity costs money and innovation drives value,” Truong explained. “Listen carefully to what consumers don’t say, and observe closely what they do. Only then do your innovations have the potential to change consumer behavior and create true value and demand.”
Truong’s business philosophy ultimately boils down to a simple principle: when consumers lack something they want or need, savvy business leaders can turn that frustration into opportunity. By focusing relentlessly on filling these gaps in the marketplace, companies can achieve remarkable transformations and lasting success.