Make no mistake, new is the enemy of habits and comfort. New products are often misunderstood and rejected without much thought because they are at odds with conventional wisdom and cultural norms. There really is no one size fits all solution for anything. Barriers to entry into any new market is solely in the mind of each customer.
However, humans do run in packs and once the cultural differences are understood the barriers to market entry get much smaller. For instance, it would seem that a vacuum cleaner should be very universal in its appeal. But as it turns out Americans want their vacuum to be loud in order to prove that it is powerful and doing its job. Whereas, their Japanese equivalents who mostly live in close communities and apartments, will pay more for quiet and smooth operation just for the social benefits. Once you understand those preferences, market entry into these two markets is rather simple.
Too often we don't take the time to identify the barriers before developing or innovating. The barriers are more often social than technological. Understanding customers (not just asking them what they want) is paramount.
By: Kevin Minne
InnovationGrowthSystems.com
720-354-0291
However, humans do run in packs and once the cultural differences are understood the barriers to market entry get much smaller. For instance, it would seem that a vacuum cleaner should be very universal in its appeal. But as it turns out Americans want their vacuum to be loud in order to prove that it is powerful and doing its job. Whereas, their Japanese equivalents who mostly live in close communities and apartments, will pay more for quiet and smooth operation just for the social benefits. Once you understand those preferences, market entry into these two markets is rather simple.
Too often we don't take the time to identify the barriers before developing or innovating. The barriers are more often social than technological. Understanding customers (not just asking them what they want) is paramount.
By: Kevin Minne
InnovationGrowthSystems.com
720-354-0291
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