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New, Improved, Better,
Cheaper... But Will They Buy?
By Noel Peebles
You can have the
best product or service in the world, but if people don't buy it - it's
worthless. So in reality it doesn’t matter how wonderful your new product or
service is; the real question is - "will they buy it?"
Some people, by
nature, will try every new product that comes
along. You probably know
them...they were the first with a video, microwave, computer, cellular phone,
digital diary... the list goes on. Then there are others who take a
more conservative approach. They probably won’t have a computer but they
might be considering getting one soon. Will that day ever arrive?
If
you are launching a new product or service it helps to understand who to sell
to first. It may be best to direct your initial marketing efforts at the more
venturesome among us...those with the temperament that are likely to
respond to your appeal.
Market research can be helpful in deciding who
to sell to. Before launching a new product is important to determine the
current levels of satisfaction with existing products on the market. The key
is to find out customers needs, wants and desires so that you can deliver
real benefits and solutions to problems. If you know your
customers expectations of a particular product or service, then
you can
meet and hopefully even exceed them.
Although most of us like to think of
ourselves as being somewhat adventurous at trying new things...in
reality, most people are cautiously conservative.
Take the microwave
oven as an example. It is a logical, economical, time-saving and convenient
product to have. These days most homes have a microwave, but that
hasn't
always been the case. Why?
The fact is that most of us fall
neatly into one of five character categories. These decide the likelihood of
our responding to something that is new. There are sure to be exceptions
to the rule but generally these are the categories:
1.
Innovators
They are likely to be younger, well educated and
financially stable...in other words able to take a risk. They are
likely to be independent thinkers and be extremely confident in
their ability to think for themselves. In many ways they are the pioneers
of new ideas.
2. Early Adopters
They are not usually quite as
venturesome as the innovators, but they are still likely to lead rather than
follow. Once early adopters start to buy, the product begins its
journey along a life cycle curve.
Early adopters are vital to the
success of any new product or service as they become "trend-setters" who can
popularise its acceptance.
3. Most People
Most of us are
conservative, perhaps a bit traditional and unlikely to take too many risks.
We have our zones of comfort and prefer to follow the lead of others. We are
influenced by social pressure and we are aware of the opinions of
others especially those of our peers. We usually delay buying new products
until we have been exposed to them a few times, or they are in reasonably
common use. This is when products are reaching their stage of maturity on the
life cycle curve.
4. Late Adopters
I have a friend who is reasonably
interested in buying a microwave oven. I say "reasonably" because she has
been talking about it for almost a year now. I still get
questioned about... how much power does it use, what can and can’t
you cook in it...the questions keep coming. My friend is a late adopter...
someone who resists change and clings to tradition. The point is that by the
time she gets a microwave it will be time for manufacturers to have come up
with a replacement. By then the innovators and early adopters will be ready
for something new and improved.
5. Non-Adopters
Maybe my friend
falls into this category. These people will never buy your product so why do
we even mention them? They are still important because if you can discover
why they won’t buy, you may have the key to finding a product they will
buy. For example, these people may not use butter or margarine because it is
fattening. They might however, have been some of the earliest adopters when
low fat/cholesterol free spreads came on the market.
If you can
identify the characteristics of the various groups then you might be in a
position to undertake some very profitable target marketing.
© Noel
Peebles, Market Leaders ebooks. All Rights Reserved.
http://www.instantsellbusiness.com
http://www.instantsellhome.com
http://www.marketleadersltd.com
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