Creating a product and selling it to the market place is becoming more difficult because of huge competition. The differentiating factor really has to make it worthwhile for people to buy any product.
In a product life cycle, after innovation has happened, the next stage is early adoption. Early adoption is vital to a product because the way it reaches masses later on is often when early adopters talk about it.
Early adopters pay a higher amount than those who adopt the product later when it becomes a mass market product. Early adopters are usually excited by the technology and new features that come up with a product. Early adopters also help spread the word about the product to their friends and family which in turn brings in more people than ever.
Early adopters are best bet that an entrepreneur who is just launching his product.
Business and entrepreneurs normally spend a lot of time in advertising and building the buzz that they suppose will bring in more people to their doorstep.
However in my opinion, the reward is much higher when early adopters are targeted. Here is why ?
- Early adopters are usually very vocal about what they like in a product:
Even though you may get a brick image but most of the time,it will get the intended result(provided the product is really good and offers something new)
- Early adopters communicate and justify their choices :
Early adopters like to justify their purchase because they took the risk by spending their money on a new product. They often sound convincing about their ideas .
- Early adopters are excited by new technologies:
Companies may often bring a product on a limited scale and pitch it to early adopters.Early adopters are often excited about newer technologies.
- Early adopters if satisfied well, become the most loyal customer base:
While the late adopters have many choices , it is the early adopters who are more loyal to the brand.
- Early adopters make impulse decision:
Early adopters have more money to spend and often quick to make decisions. Early adopters seek out the product at retail stores. They are the one’s who continuously keep coming back to check on the status of new product launch.
- Early adopters are ready to buy product at higher prices:
Once the product becomes mainstream and popular, it gets competition from other vendors with similar products. Early adopters usually pay a higher price for the product before it becomes common to market place
- Early adopters provide opportunities to tweak the products:
Early adopters often provide the feedback on the products and if there are any glitches in the system,will let you know. You may correct them before the product is sent to mass market
What do you think about this technique of marketing your products ?