Page 36 - MICROHUB Handbook - ENGLISH

Based on the above information,

further understanding and prioritisation
of target customer segments can be

done, so as to establish who could be
first and early adopting customer

segments for your product. Typically,
these should be those types of

customers that have the strongest need or want for your product, higher
ability to pay, lower risk aversion, or are most reachable (physically,

online or from a values alignment perspective, meaning that they think
and behave like you, for example being eco-conscious, etc.).

Business literature also indicates that typically the first buyers of a new
product are the enthusiasts (for example big lovers and regular buyers

of artisan, or tech, or green, or other specific category of products) and

these represent only some 2.5% of the total market size. The early
adopters are then those visionary customers (some 13.5% of the market)
that are ready to adopt a new product because of their ability to see and

await its longer-term benefits. It is only in the next step that a move

towards product adoption by the majority can be pursued. This requires
however a significant step, typically enough evidence of value-for-money

when comparing the cost and benefits of a new product, to convince the
pragmatic customers (34% of the market). Conservative and sceptical

customers (the rest) would always be the last to adopt a new product.

In order to develop a robust business, it is important to be clear who
exactly can be your first and early adopters, how you can reach and

attract them, but then also how to go further attract the majority of the
customers in your target market. This is because not all your target

customers have the same psycho-social characteristics, need, ability and
willingness to adopt new products. It also won’t be the same way to

address their problems, so you will need to start targeting
customers in the most efficient manner, beginning

35 with those most probable to attract fast.