New, Improved, Better, Cheaper... But Will They Buy?
By Noel Peebles   ©2004 All Rights Reserved

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. © Market Leaders Limited. All Rights Reserved.

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