Crossing The Chasm - Disruptive Innovation - Technology Adoption Life Cycle

crossing

the

chasm

by marketing and selling

disruptive

products to mainstream customers a video by warren bathroom innovators face a challenge when introducing a new

technology

to the market and often struggle to take it from interested early adopters to the mass majority. It is the difference in points of view between them. two groups of people, known as the

chasm

, is described by the

technology

adoption

life

cycle

, which consists of five groups. first are the innovators, these are the technology enthusiasts, they care about technological properties and not about success in the market. the first people to adopt any new technology the early adopters are visionaries they are the pioneers they align the emerging technology with a strategic opportunity and are willing to take risks to achieve a competitive advantage the early majority are pragmatists, therefore they have a strong practical sense are not willing to take risks and look for established references before adopting the late majority will wait for the technology to become well established in the market before adopting it the last for the laggards are not willing to adopt a technology until it is a necessity, whatever Often, a trendy technology product cannot easily be translated into a major new benefit for the majority.

This creates two markets: the initial market and the main market. The psychology of these two groups is very different in the way they approach a new technology. This gap in technology

adoption

life

. The

cycle

is known as the chasm so how do you cross the chasm? How can you take on market leaders when they have already established relationships with their customers? Customers will be suspicious of a new, unproven player. The key is market segmentation. Target a very specific niche market, it has to be a group of people who need you to solve their problem. Drive out existing competitors and use it as a base for broader operations.

You have to segment, segment, segment, until you have the opportunity to dominate and own. that market is how early adopters see you as a leader, although the initial market was willing to settle for a product that we are happy to build in the mainstream market expects the entire product to be based on the generic product, the complete product should include additional software Additional hardware System integration Installation and debugging Change management Training and support Standards and procedures Providing the complete product will ensure that the marketing promise to customers matches the product shipped. This will allow you to create a Market in which your product is the only one. reasonable purchasing proposition, it is not easy to develop a complete product yourself, therefore creating partnerships will allow you to develop the product that major customers require, so now we have defined a target market with a problem that our technology solves and provides a truly compelling reason to buy.

They have developed the entire product with the necessary partners. The last major obstacle is competition. When a

disruptive

technology is introduced, it is easy to think that there is no competition. However, the reality is that if there is no competition, there is no market. Your competition is the current supplier of your product. need As your product progresses through the technology adoption lifecycle, customer value changes in the early stages. Market decisions are made based on technology and product. Once you reach core customers, the key remains a market and a company. This can be described by competitive positioning The compass

crossing

the chasm represents a transition from product-based values ​​to market-based values ​​to link this back to competition.

You need to understand what the market alternative is to formulate your unique value proposition, therefore this will be different for product centric and market centric. groups so to sum it all up in a nutshell here's how to cross the chasm number one understand the technology adoption lifecycle number two Define your target market number three provide a complete product and use partnerships to develop this number four know your competitors I really hope you enjoyed watching this video. Thanks for seeing it. See the description below for more information about Jeffrey Moore's book Crossing the chasm.