The Low-Risk Recipe™: a fresh update on the whole product concept
Sales not flowing as expected? Prospective customers holding back their decisions? You may have the best product feature by feature but not the lowest-risk product offering for your next wave of prospective customers. The Low-Risk Recipe™ fixes that.
The whole product concept: making tech more buyable
As the technology markets mature by following the Technology Adoption Life Cycle curve, the product adopters' motivation changes, and product offering intangibles assume more importance than the core product's features and technology.
The whole product concept recognizes this need for intangible complete offering elements for most potential adopters by adding new dimensions that surrender the core product or technology. The intangible dimensions are the ones that help technology products and innovation differentiate and win beyond the early adopters. They allow the customer to avoid painful disruptions and reduce risks while adopting and making buying decisions about tech products. These are the foundations of the augmented, total, or whole product model, largely refined since 1983, when Theodore Levitt introduced it.
Often, new products lose their initial traction because a new entrant or even an incumbent is more successful in product positioning based on a more effective mix of intangibles — even if the second product is not technically superior.
What innovators and early adopters want
When introducing a new product, innovative technology, the core product features are all that matter to convince innovators and early adopters — the technology enthusiasts leading the adoption of innovaitons and technologies.
The illustration shows the mix of product offering tangibles (core innovation/product) like features, and intangibles (surrounding the core, colored) for the early adopters. Notice how the buckets surrounding the core innovation are not very colored, and the core innovation is a big part of the complete product mix.
The bad news is that innovators and early adopters that care about technology and features are only 16% of any given market.
A compelling value proposition for the majority of a market must be complemented by low-risk perception attributes
Our team has been researching and learning over +200 consulting projects to refine the whole product model in order to understand the key drivers in technology/innovation decision-making. We have observed and confirmed that the key buying objective for most potential buyers of an innovation or technology is to feel safe.
Have you ever heard decision-makers not buying a tech product because they are afraid of becoming technology orphans or concerned about support, onboarding, or change management? Maybe they buy from the biggest guy in the market because "nobody was ever fired because of hiring IBM". These are just examples of what the 84% of potential buyers —the mainstream market— need to feel safe to buy an innovation or technology, the early-majority and late-majority, in terms of the Technology Adoption Life Cycle. This sudden change in the expected product offering, buying objective and key decision drivers is what we anticipate with our improved version of the whole product concept framework: The Low Risk-Recipe™.
The Low-Risk Recipe™ illustrates how the 12 value drivers and expected offerings change from an early market to a mainstream market — where sustainbale, profitable growth lies. Most tech products fail to break growth plateaus or reduce sales cycles past product-market fit because go-to-market leaders fail to understand the safety needs that their next wave of product adopters have. A big wave of potential buyers that are not any more technology enthusiasts and visionaries. Thus, most managers neglect to adjust their product offering initiatives and positioning messages in new key selling points based on intangibles rather than focus exclusively on core product features after the product-market fit.
The Low-Risk Recipe™ helps CxO's, product managers, and product marketing managers identify the intangible attributes to build a whole product offering by addressing the 12 buying drivers for technology and innovations.
We've successfully applied it as a cornerstone of the Go to Market Strategy for +200 projects to reduce risk perception, reduce sales cycles and sustain growth in every stage of the product adoption management.
The 12 key drivers in technology buying decisions
Get ready your offering for scale and sustainbale growth by offering these 12 product completeness attributes.
Ensure harmony with the end-user and reduce technology adoption frictions with these augmented product attributes.
Allow users to continue using existing systems, tools, processes, and methods as much as you can.
Trial Before Commitment
Allow users and buyers to try your product and realize its value before committing the full investment.
Standards and Certification
Adhere to well-known industry standards that similar vendors work to support... or become the de-facto standard.
Endorsements or Sponsorhips
Recruit recognized organizations to support your product/innovation through sponsorships or endorsements.
Market Category Cooperation
Show your prospective customers credibility and commitment with the market you're in with these augmented product attributes.
IP and Patents
Use a trusted channel of sales and delivery that is well known and familiar.
Ensure complementary products, tools, and services are offered.
Complete Solution with Support
Offer a pre-configured solution with an integrated ecosystem, plus comprehensive support.
Allow buyers to be aware of your product and offer through their familiar and trusted distribution channels.
Safety in Numbers
Build and demonstrate external safeguards for the risk-averse majority with these augmented product attributes.
Prevent users from thinking about the technology orphans risk. Create a completely independent long-term support infrastructure.
Prove independent safeguards that ensure both security and privacy.
Enable exchange of unbiased information through a user-controlled community..
Visible or Word-Of-Mouth References
Facilitate WOM recommendations from people the user knows