Small Business and Business Software

Marketing Technology For Adoption By Small Business

Marketing Technology For Adoption By Small Business – In 2020 March 15, 2020 April 12 Lars de Bruin 1 Comment Conservatives, Crossing the Gap, Diffusion of Innovations, Early Adopters, Early Majority, Innovators, Laggards, Late Majority, Market Penetration, Marketing, Technology, Business, Tech Enthusiasts Circulation of Life, Visionaries

Innovators, Early Adopters, Early Majority, Late Majority and Laggards: These are the 5 groups into which users can be generally divided. Already in 1962 sociologist Everett Rogers published the book “Diffusion of Innovations” in which he divided consumers into special groups. Integrated over 500 prevalence studies with different buying habits. Today, this model is known as the technology adoption life cycle and describes the acceptance or adoption of a new (technological) product or innovation based on the demographic and psychographic characteristics of these 5 different user groups. In this article, we will explain the model and take a closer look at the 5 adoption groups. Plus, we’ll look at Geoffrey Moore’s Crossing the Chasm marketing techniques to successfully target key customers.

Marketing Technology For Adoption By Small Business

Marketing Technology For Adoption By Small Business

As can be seen in Figure 1, the technology adoption life cycle consists of a bell curve, and the segments of the curve correspond to the location of the standard deviations. This means innovators make up about 2.5% of the population, early adopters about 13.5%, early majority and late majority at 34%, and the remaining 16% laggards. Each group represents a unique psychographic profile (that is, a combination of psychographic and demographic characteristics) and therefore its marketing responses differ from those of other groups. By understanding the differences between these groups, marketers can target all of these consumers with the right marketing techniques.

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Innovators are the first group to invest in your product because they are actively looking for new technology products. Sometimes they look for them even before launching a formal marketing plan. This is because technology is the main interest in their lives, regardless of its function. The disadvantages are that there are not many innovators in any market segment (about 2.5 percent), and they are generally not willing to pay more for new products. However, it is important to win them over because their approval confirms that the product can actually be useful to other users in the market. Additionally, these technicians can better serve as a test team to make the necessary changes before going mainstream.

Early adopters, like innovators, buy into a new product concept early in its life cycle. However, unlike inventors, they are not technologists. Rather, they are visionaries who seek not just a breakthrough, but a revolutionary breakthrough. As a result, they are more willing to take risks when trying something new, less sensitive to price, and more demanding in adoption groups. Early adopters are high (about 13.5%) and do not rely on established advice to make purchase decisions. Instead, they prefer to rely on their intuition and vision. In addition, they want to be highly visible links to other population groups. Since visionaries are good at warning other people, it is very important that they succeed.

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” begins with an early majority. These pragmatists share the early adopters’ ability to relate to technology, but are ultimately driven by a strong sense of practicality. They know that many inventions become fashionable, so they like to see how others are doing before buying them themselves. They want to look at established links before investing. With a large presence in this segment (about 34 percent), winning over these people is essential for any business aiming for high profits and growth.

The late majority is larger than the early majority (34% of the total population). They share all the preoccupations of the early majority with one important addition: they believe in tradition more than progress. While the early majority may be satisfied with their ability to work with a new technology product if they ultimately decide to purchase it, the late majority may not. As a result, these conservatives prefer to wait until something becomes standard and invest only at the end of a technology’s life cycle. Even then, you want to see more support and buy only from large, established companies. Being the market leader is an important condition for winning the late majority.

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Finally, there is the remaining 16% of the population: the laggards. These people want nothing to do with new technology. They always buy a technology product when it is deeply embedded in another product. These skeptics strongly believe that disruptive innovations rarely deliver on their promises and always have unintended consequences. Given the market’s growth outlook, it is generally considered not worth pursuing. However, their criticism of sales claims and inconsistencies in the actual product provides companies with valuable feedback.

Between each adoption group of the technology adoption life cycle (Figure 1), you can find an open space: a gap. This gap between departments represents a “credibility gap” that results from the tendency to use the group on the left as a reference for the group on the right. This gap exists because users want to hear references from their adoption team. This definitely creates a tricky dilemma because if they haven’t bought from you yet, you can’t use them as a reference group! The gap between the early adopters (spectators) and the early majority (practitioners) is wide. These groups are so different from each other that using one as a reference for the other is pretty useless. Therefore, this interval is called “Prashafa”. Since the leap from early adopters to early majority represents the transition from early market to mainstream market, bridging the gap is critical to truly achieving market success with a newly launched product.

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According to Moore, the gap can be successfully closed by targeting a specific niche in the early majority. A company’s only goal in trying to cross the chasm should be to secure a beachhead in a niche market and build a pragmatic customer base. Segmentation is everything: focus all your marketing resources on one specific segment at the time and make sure you are the market leader before moving on to the next segment. It’s a “big fish, small pond” approach. A great marketing framework for helping potential customers choose the right marketing methods is the Marketing Channel or AIDA Model. In addition, you must ensure that your product provides a complete solution with a high level of service (i.e. a complete product solution). Users’ experience with your product will ultimately determine whether they will inspire their peers as well. By building a solid word-of-mouth reputation in different segments of the early majority, you’ve crossed the chasm. This means that 615 are out of 2019. landscape, merged with another Martech company, or simply went out of business. If you’re predicting consolidation, the 8.7% rate from one year to the next is a very significant shortfall to support this story.

Marketing Technology For Adoption By Small Business

But the pace of start-up creation – or at least start-up innovation in our research field – has once again outpaced the forces of consolidation. In fact, if we first remove 615 from last year’s figure of 7,040, the growth in new entries to the territory was actually 24.5%.

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Think about it: 1 in 5 solutions in this year’s martech landscape didn’t exist last year. It is almost identical to 2015. marketing technology environment.

There were other Martech companies that were bought from 2019. landscape, but they were acquired by companies that were not yet in the field. So those transactions are not considered a consolidation, just a change in ownership. They do not reduce the number of solutions available to sellers.

This year’s new graphic design provided space to add a legend with the number of solutions in each category – in a little more time. Here’s how the categories have grown compared to 2019:

Data is the fastest growing category, up 25.5%. It’s intellectual. We have a lot of data. Now the challenge is how to use it effectively. This is driving a lot of software innovation in the space.

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By growth percentage, we calculated the fastest growing sub-segment in each category. Interesting to look at the interaction of the physical world (print, retail proximity and IOT), data management and privacy, video marketing, chat

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