Only few customers love the unknown
Yesterday I had the opportunity to share my experiences implementing change with a large insurance company. I find there are a lot of similarities between driving transformation in a corporate setting and bringing innovations to market by a startup — in both cases the key of success lies with how successful we are at creating adoption.
Of course market segmentation is an important tool in making sure we offer the right product to the right customer at the right price. But even when targeting the right customer, there is something else even more fundamental that makes if that potential customer is going to buy or not: her or his appetite for change:
Change theory and the law of diffusion of innovation both signal that 15% of people love change, trying out new things… another 35% also love change and new things, just not trying them out — they prefer to first see if things work and if they do, then get on board. Then there are 35% of people who don’t like change nor new things, but they dislike staying behind even more — if they see everybody else moving, so will they. Finally 15% of people dislike change and new things so much, you will never be able to convince them…
SPARK OF THE DAY
Many entrepreneurs get discouraged if (what seem to be) their ideal customers don’t buy. Don’t (get discouraged)! Try to gauche where they fit on the change matrix — maybe they need a testimonial by another customer to make them more comfortable; or maybe they dislike trying something new hence you’d better spend your time and energy on other potential customers who hold more potential.
Just know that sometimes it’s not you, it’s them!
I wish you an inspired rest of your day…
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