"If you’re more excited about your product than the market is, you’re in the chasm. There’ll be no true adoption and use, just early market success which isn’t indicative of future success."
- Michael Eckhardt
The results many innovators gain in the early market phase, don’t necessarily translate into main market success. In order to cross that gap, we have to look to adopt different ongoing models and frameworks. How do we take a fundamental breakthrough solution and bring it to market successfully? What does it take to deploy and instill what’s required to complete the solution for the buyer?
On this episode, Chasm Institute Managing Director Michael Eckhardt, shares on the framework for increasing the chance of commercialization success, and how innovators can adopt it into their business practices.
3 Things You'll Learn
1. Inability to close the chasm accounts for many commercialization failures.
The chasm is the period between early market and mainstream adoption. This gap exists between the early, enthusiastic, visionary risk-taking customers (who represent 5-8% of the market) and the mainstream market, which includes the pragmatists, conservatives, and regulatory groups. The excitement of the early market may not be enough to fuel adoption of customers in the mainstream, and innovators need to be aware of that.
2. Not everything in innovation is disruptive.
Disruptive innovation is defined by having 2 or more of the following conventions - a change in behavior for the customer in that market sector, a change in skill, and a change in process of workflow.
3. 9 criteria and factors for failure and success in crossing the chasm.
The primary indicators of success or failure when we go to the market are target market focus, a compelling reason to buy, and a whole product solution. Additional factors are strategic partnerships, sales channels, pricing models, competition, positioning and messaging and how to move into other segments.
If you want to maximize ROI and avoid market failure when launching and commercializing your healthcare innovation, let’s talk! Click drroxietime.com to book your free 30-minute strategy session.
Michael Ekhardt is a keynote speaker, Senior Workshop Leader, strategy advisor and the Managing Director at the Chasm Institute. He is a veteran of Price Waterhouse (PwC), Harbridge Consulting, Hewlett-Packard, and Pepsico. An MBA graduate of Harvard Business School and a Wall Street Journal Award winner, Eckhardt is a recognized expert in leading 1-day and 2-day Market Strategy workshops aimed at one specific client outcome: accelerating growth for their technology-based products and services in the next 12-24 months.
Buy the book Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers here.