Understanding Buyer Resistance from the Customer’s Perspective
I think one important thing here is first understanding buyer’s resistance from the perspective of the buyers. From this perspective a product manager will be able to empathize with the hesitations and concerns that drive buyer’s reluctance toward new products. From this perspective, managers can better identify the specific aspects of the existing product that customers find valuable, and then tailor their company’s innovations to align with these preferences rather than disrupt them.
Leverage Loss Aversion in Product Development
I believe, it’s also important to assess the role “loss aversion” plays in this reluctance.This phenomenon claims that buyers tend to place less value on new products, while at the same time intensely value products they already own. Knowing this, a product manager can then ensure that their new product not only offers clear advantages to what customers already own, but also contain elements of familiarity (maybe appear similar to familiar competitors in ways that are important to consumers). This would then help make the switch easier for customers, if the goal is to introduce a completely new product. However, if the goal is to introduce these innovations on our current product, we can introduce them as extensions that enhance these current product benefits rather than as disruptive replacements. To do this more effectively, the managers need to ensure they preserve the features that carry the core experience that consumers have had using the company’s product, and highlight how the extensions build upon these features.
Targeting Open-Minded Consumer Segments
Finally, I think the managers can focus on consumers who may be less hooked on the core value of the products they currently offer. For instance they can target early adopters or environmentally conscious users who prioritize innovation benefits over existing alternatives. I think engaging with these groups would allow for a smoother introduction of new products/features, or at least monitor how consumers react to them. With this, and the other ideas explored earlier, product managers can more effectively bridge the gap between the perceived losses and the true gains offered by new products.
