Finding the balance between innovation and customer adoption is something that will never be perfect. Finding ways to make a product better, or inventing new products all together, is at the core of what a PM does. However, while they may create a product that is objectively “better” or more capable than a previous version, that does not mean that the customer will show any interest towards it. To understand this dilemma, it is first important to understand some of the main factors contributing towards buyer resistance.
One of the main reasons that customers are slow to adopt new products is because they tend to overvalue the products that they already own in comparison to the added value that a new product will bring them. These customers have a perceived value of losses that is typically 2-3 times higher than the value of equivalent gains. To address this problem, there are a few different strategies that PMs can deploy.
The first is patience. It takes time for customers to come around on new technology, but slow adoption rate does not always indicate the failure of a new product. Second, PMs can focus on making big improvements that would meet the threshold needed to get a consumer to switch. The article mentions a 10x improvement goal which may indicate that it is worthwhile to withhold releasing a product until it is advanced enough where it is significantly different and better than the previous product rather than slowly rolling out incremental changes.
Another strategy can focus on targeting the right customers. This means seeking out consumers who may not use the alternative to the new product and would therefore be more willing to accept the new one. Similarly, looking for customers who strongly believe in the product is an easy way to gain traction. Finally, designing a product that is easy to use and highly compatible with what customers already know is a great way to boost adoption.
