The Low-Risk Recipe™: a fresh update on the whole product model
Are sales not flowing as expected? Are prospective customers holding-back their decisions? You may have the best product feature by feature, but not the lowest-risk offering for your next wave of customers. Let's fix that.
The whole product
Often, pioneering new products lose their initial prominence because a new entrant is more successful in product positioning based on a more effective mix of intangibles, even if the second product is not technically superior.
As the technology markets mature following the technology adoption lifecycle, the product adopters' motivation changes, and product intangibles assume more importance than core product features.
The whole product concept recognizes this need for intangibles for most potential adopters by adding new dimensions that surrender the core product. These intangible dimensions are actually the ones that help technology products differentiate beyond the early adopters and win in the mainstream market because they allow the customer to avoid painful disruptions while adopting tech products.
What innovators and early-adopters want
When introducing a product, innovative technology and core product features are all that matter to convince innovators and early adopters, the technology enthusiasts leading the adoption of new high tech products.
The illustration shows the mix of product offering tangibles (core innovation/product) and intangibles (surrounding the core, colored) for the innovators. Notice how both the depth and completeness of intangibles have less weight than the core product in the total product mix.
The bad news is that innovators and early-adopters are only 16% of any given category.
A compelling value proposition for the mainstream market is based on low-risk perception
We have spent the last 30 years refining the whole product model to deliver growth for our customers. What we've found is something that has been largely studied, and constitutes the essential element of Maslow's Pyramid: the key buying objective for most of your potential buyers, the mainstream, is to feel safe when buying technology-based products
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 to hiring IBM"? Well, that's what the other 84% of tech buyers need, the mainstream customers and late-majority, in terms of the technology adoption lifecycle. This sudden change in the buying objective and needs is what we anticipate with our whole product concept framework: The Low Risk-Recipe™.
The value drivers dramatically change from early markets to mature or mainstream markets. And most tech products fail to break growth plateaus or reduce sales cycles because the founders, product managers, or chief officers fail to understand the need for safety that their next wave of product adopters have. These new buyers are not any more technology enthusiasts. 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 product-market fit.
The Low-Risk Recipe™ helps CxO's, product managers, and product marketing managers identify the 12 intangible attributes we've applied successfully in over 200 customers to reduce risk perception and sustain growth in every stage of your market category.
The 12 elements behind mainstream market acceptance & sustainable growth
Achieve whole product completeness offering this critical components
Augmented product offering attributes that ensure harmony with the end-user and reduce technology adoption frictions.
Compatible and Familiar
Allow users to continue using existing systems, processes and methods.
Trial Before Commitment
Offer a pre-configured solution, with an integrated ecosystem if needed, plus comprehensive support.
Make it easy for potential users to explore the product/innovation before buying.
Complete Solution with support
Use a trusted channel of sales and delivery that is well known and familiar.
Market Category Cooperation
Augmented product offering attributes that indicate credibility and commitment with the market you're in.
Standards and Certifications
Adhere to well known industry standards that similar vendors work to support... or become the de-facto standard.
Ensure complementary products, tools and services are offered.
Sponsorship or Partnership
Recruit recognized organizations to support your product/innovation through sponsorship or partnership.
IP and Patents
Improve the market category you serve with new tools and technologies.
Safety in Numbers
Augmented product offering attributes that act as external safeguards for the risk-averse majority.
Prevent users thinking on the technology orphans risk. Create a completely independent long-term support infrastructure.
Security and Privacy
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 and trusts.
Reduce sales-cycles and increase closing rates by reducing risk perception in every stage of your product lifecycle.
Let's talk through how we can help with your whole product planning and execution.