Friday, March 08, 2019

Innovation is Not Adoption

The ‘fastest learner wins’ because we see in uncertain and changing markets that experimentation, rapid-cycle feedback, and the ability to adapt are competitive imperatives--------Ann Schulte (P&G)

Virtually every organization is wrestling with innovation and market adoption;  with the growth of
artificial intelligence-driven algorithms and predictive analytics the role of marketing have diminished in recent years.
AI downstream tactics of generating awareness and encouraging repeat purchase are insuficient compared to the fullbusiness-growing power of upstream marketing function

A robust marketing trend analysis reveals the cultural, social, and psychological dynamics that should be addressed in the development and adoption of an innovative product.
Adoption involves creating markets, understanding people’s fundamental needs and drivers to identifying customers, and developing the entire consumer and usage ecosystem.

Mainstream customers are compelled less by what a product does and more by what the product helps them do

Lets analyse some products with slow market adoption:
Google Glass - not marketed through consumers ecosystem
Sony Ereader - not supported by complimentary integrated service (unlike kindle)
3D Printing - no depth of market engagement
Virtual Reality - headsets are too big and clunky
Bitcoin - mystified and complicated

Innovation alone is not enough to initiate the adoption life cycle, but marketing remains an essential aspects of innovation between early adopters to the wider group of people who will form a viable, valuable customer base.

See You at the Top