A Human-Centered Framework to boost the
Adoption of Innovative New Products
Most new products launched to market fail. This applies to from the start-up and up to the more established and well resourced multi-national companies, therefore it is systemic problem. The reasons for failure tend to fall into 4 categories:
- The product was poorly conceived;
- Failures in the resourcing and execution of R&D and Design;
- Failures in preparation, timing, resourcing and execution of brand building, marketing and sales activities;
- The product and/or company reputation was damaged.
Even if a new product was well-conceived and correct for creating a new market to meet an unfulfilled need, or to gain a competitive advantage in established markets, it can still end up being a commercial failure. This webinar introduces an enhanced framework to better understand the diversity and complexity in customer types, interactions and influences that impact the purchase of new products. The aim being to improve the devising, resourcing, timing and execution of strategies and tactics to improve adoption of innovative new products and reduce new product failure rates.
In 1962 Everette Rogers published his theory of the “diffusion of innovation” where he identified five different types of adopters of new ideas and innovations. This theory has played a vital role in many different fields including business, medicine and engineering. In this webinar adopters are the prospective customers of a disruptive or incremental innovative new product. The theory is simple to understand and use, but it does mask the scale of complexity and diversity of people types, their interactions and influences that can impact the adoption of innovative new products. An enhanced framework would overcome the shortfalls and improve planning and execution for better adoption outcomes.
Harvard Professor Clayton Christensen identified about 80% of some 30,000 new consumer products launched to market every year end up failing. This is a huge waste of effort, money, and loss of opportunities to augment economic prosperity and jobs. Also, this informs us creating and delivering innovative new products to market is a highly unproductive economic activity. Furthermore, high new product failure rates increase the thresholds of accepting new ideas, the cost of capital, and breeds risk averse behaviors towards product innovation which yields substandard and mediocre products that are a recipe for low sales, profits and brand valuations.
This webinar assumes the product is correct for market to focus on adoption. It also sets out with the view the acquisition of any new product is a problem-solving activity, in doing so introduces how diverse people are driven by them having a wide range of cognitive problem-solving styles. Different problem-solving thinking styles creates many different emotions and behaviors towards adopting innovative new products, we need to know why and how to know what to do. Furthermore, presenting an innovative new product to a prospective customer is essentially a request to make some change in their lives, and attitudes and behaviors towards change varies in accordance with cognitive thinking styles, traits, and other factors which adjust the risk profile about making a change. Therefore, this webinar is about to improve adoption of innovative new products it must begin with getting to the root of having a better understanding of the diversity people producers will face, and to then use this knowledge to devise the strategies and tactics executed at the right time to boost adoption.