Strategies for Crossing the Chasm and Targeting Market Segments
Understand the significance of crossing the chasm in marketing innovation products, learn how to target different market segments effectively, and create action plans for successful market adoption.
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Presentation Transcript
Crossing the Chasm The chasm is the space between the vision of the innovative product or service and the early segment of the market that will purchase the product. Crossing the chasm involves taking steps in order to reconcile the discrepancy between the visionaries desire to be cutting edge in order to attain a competitive advantage and the desire of the early market to have an improved version of an existing product or service. Being able to cross the chasm successfully involves knowing which segment of the market you are dealing with to target your message appropriately. Early Adopters - This group of consumers is eager to try any new technology or product. This is an important group to target because they are the most willing to try new things. Visionaries - This segment of the market does not just pursue innovations for hobby, they make purchasing decisions based on their intuitions. They are able to understand the benefits of new technology. Pragmatists -This group is wary of fads. However, they will purchase a product if they believe it to be useful. Conservatives - This customer segment consists of buyers from more well-established organizations or products that have been on the market for a while Laggards - This group is typically not interested in purchasing innovative products or services. They might move into other segments of the market at different time points, but generally for personal or economic reasons are not interested in new technologies. 1 Want more best practices? Visit Praxie.com
Review model and complete chart to identify your own target segments for each phase of the Chasm. Define strategies to market, sell to, and engage each segment. Crossing the Chasm Early Adopters Visionaries Pragmatists Conservatives Laggards Eager to try any radically new technology, products or services Able to understand technology benefits Purchase a product if they believe it to be useful More risk averse, usually from mature organizations Not interested in purchasing innovative products or services Our Target Segments Key Strategies 2 Want more best practices? Visit Praxie.com
Actions Create an action plan based on the different market segments and key strategies you identified for each phase of the Chasm model. Be sure to consider how you will define and implement specific products, services, and technologies in ways that meet the specific requirements as your solutions move across the market adoption curve. Actions Owner Due Date Enter action here Enter owner Enter due date 3 Want more best practices? Visit Praxie.com
www.praxie.com Learn, Configure & Run Business Best Practice Applications in Minutes. Want more best practices? Visit Praxie.com
