There are a lot of factors which will help you determine if your product will succeed in the market. Will it be enough to produce a cool TV Commercial and set up a fancy Marketing campaign? Will everyone ring your phone off the hook to purchase what you have to offer?
The Marketing Curve
It’s important to understand that almost all products are ignored by the masses. That interesting fact is clearly laid out in the Idea Diffusion Curve below. Here, we see that the bulk of sales comes in the “early & late majority” phase only after the product has been embraced by the EARLY ADOPTERS who are those consumers who are willing to take a chance on something new and help your product succeed.
So who will buy your product? The Four categories.
Innovators
FIRST, I introduce you to the INNOVATORS. According to Seth Godin in his fantastic marketing book “Purple Cow,” ONLY the risk-taking, idea spreading people on the left part of this curve (INNOVATORS) are willing to listen to you. They may not even need your product! They just want to try something new. That’s where the expression “being ahead of the curve” comes from.
If you would like to produce a high-end video that speaks to those innovators, here is a local video agency that can help.
Early Adopters
NEXT, we have the EARLY ADOPTERS. These are the people who would actually benefit from having your product. They are eager to maintain their edge so they will seek out new products or services. Between the innovators and early adopters, you have your audience that will help your product succeed.
Early & Late Majority
THEN, we have the EARLY & LATE MAJORITY. These are the consumers who have so much on their plates that they don’t have time to pay attention to your ads. They don’t necessarily need a new product, but if enough “Innovators” vouch for what your brand has to offer, this group will trail behind and purchase what you have to offer. This is a BIG and PROFITABLE group. Since they’re always on the GO, they will not listen to you. Most of the time, they will not even listen to the group on the far left (The Innovators).
Laggards
FINALLY, the LAGGARDS. This is the group of consumers who will wait to purchase a product when it’s already on its way out. For example, they might just get to the Cassette Deck when everyone of us has moved on to CDs. They will get to CDs when the market has moved on to iPods, and so on and so forth.
In order to become an effective Marketer, it’s crucial to understand this curve and the process a product goes through before it becomes a hit or dies out along the way. Most of the time, products don’t get past the innovator stage and fade away in obscurity.
Help your idea spread!
Conclusion
If you have a remarkable product and you’re interested to reach the innovators and early adopters of the world, we’d like to hear from you. Contact us and see how we can help!
