Any time a company comes up with a new product or idea, they have to overcome natural barriers in the marketplace. There’ll always be those customers who’re willing to try anything and everything, but the majority needs convincing. If you’re preparing to launch a new, innovative product, it’s important that you have a plan for overcoming the inevitable inhibitions of your customers.
Five Driving Factors of Hesitancy in Customers
While understanding that every customer is unique, you must hone in on the idea that most customers have similar outlooks when it comes to new, innovative products. Generally, the driving factors of hesitancy come down to one or more of the following:
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Concept. This is the first thing consumers consider. Does the concept make sense to the average person? If the concept is vague, it’s impossible to have large-scale success. It shouldn’t take the average consumer more than a few seconds to understand a new product.
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Application. This goes hand-in-hand with the concept, and application is equally important. Consumers have to understand the practical application of the product and how it will satisfy a pain point. Without an easy-to-understand application, a product will fall flat.
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Price. This is a touchy aspect of new products. Price a product too high, and people won’t be willing to make an investment. Price a product too low, and consumers will question its quality. For an innovative product, it’s important to find the right price point that helps you to avoid both of these extremes.
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Proof. When making a purchase, consumers want proof that the product works. This is sometimes problematic when releasing a never-before-seen product, as much of the proof comes from market testing.
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Lack of sales knowledge. The fifth and final driving factor in customer hesitancy is an internal problem. It has to do with a lack of knowledge in your sales staff. “To optimize revenue it’s best to learn then launch vs. launch then learn,” writes Richard Ruff, sales training program developer. “The sales training investment should be made and sales training implemented before the new product is launched.”
Tips for Overcoming New Product Barriers
If there were a secret sauce to selling new products, every business would be able to release innovative products and reap high returns. However, it’s not that simple. Overcoming these five hesitancies requires experience, planning, and attention to detail. The following tips can be used by all companies, regardless of industry.
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Be descriptive. Customers need to visualize what the product does and why it’s valuable. You can aid this process by using striking images, videos, and content. There are two good examples of this. The first is Housing.com. They use high quality images to help real estate investors and buyers picture new residential projects before they’re finished. The second is Apple. In order to explain the concept of their new watch, they released a number of videos and previews.
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Use prior credibility. If your business has had prior success developing innovative products, it’s a good idea to use this to your advantage. Remind consumers that your brand is progressive and proven. Customers are much more likely to buy from a brand that’s already had success, as opposed to one that just launched.
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Create a brand story. Consumers don’t resonate with a physical product; they resonate with the story behind the product. You need to develop a story that touches people on an emotional level. You can do this by getting to the heart of your product and identifying the pain points it addresses. Then, work with your marketing and advertising teams to develop unique branding that has the potential to reach the masses.
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Build momentum. You should never spring a new product release on your customers without some buildup. In the months prior to the launch, slowly release bits of information in an effort to prepare consumers and drive excitement.
Putting it All Together
Ultimately, it comes down to whether or not you’re able to convey the value behind your product clearly and satisfy a widespread pain point. If you can do these things while implementing the tips mentioned above, you should be able to overcome hesitancy in customers and maximize success and profitability.
