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DESCRIPTION
Some innovations are truly spectacular, but consumers are slow or just refuse to adopt. In fact, over 70% of all new products fail in the marketplace—and innovative, new products fail at an even higher rate.
Why is this the case? And, how do companies overcome this?
This document discusses the psychology of product adoption. Topics include Prospect Theory, Endowment Effect, Loss Aversion, Give and Get Dynamics, Innovator's Curse, Product-Behavior Value Matrix, among other topics. It distills these concepts into Six Product Launch Strategies.
This presentation has instructional slides and examples.
The foundation of this consumer adoption discussion is around the difference between objective gains and losses vs. subjective gains and losses. This fundamental consumer bias results in psychological switching costs, in addition to economic ones. Studies have shown that, psychologically, losses loom larger than gains by two to three times.
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Source: Best Practices in Psychology, Consumer Behavior, Product Adoption, Behavioral Strategy PowerPoint Slides: Psychology of Product Adoption PowerPoint (PPT) Presentation, PPT Lab
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Product Strategy
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Product Strategy Product Launch Strategy Product Management Product Lifecycle Positioning Pricing Strategy Maturity Model Strategy Development Pyramid Principle Communications Strategy Presentation Development Behavioral Strategy Go-to-Market Corporate Culture Social Media Strategy Performance Management Portfolio Strategy APQP Strategic Analysis Business Framework PowerPoint Diagrams Business Model Design Innovation Management Business Model Innovation Growth Strategy Porter's Five Forces Mobile Strategy Cyber Security Customer Experience Business Transformation Digital Transformation Business Case Development Financial Modeling Marketing Plan Development Product Adoption Quality Management & Assurance
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