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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, Product Strategy, Consumer Behavior, Product Adoption PowerPoint Slides: Psychology of Product Adoption PowerPoint (PPT) Presentation, PPT Lab
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ABOUT THE AUTHOR
PPT Lab is a presentation design firm specializing in business frameworks and PowerPoint templates. Our team is comprised of ex-consultants from McKinsey, E&Y, Bearing Point, and boutique consulting firms. We have worked with hundreds of clients globally, ranging from mid-size manufacturing companies to global Fortune 500 conglomerates. [read more]
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Product Strategy
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Product Strategy Product Launch Strategy Product Management Product Lifecycle Positioning Pricing Strategy Innovation Management Maturity Model Pyramid Principle Sales Hiring Human Resources APQP Interviewing Go-to-Market Presentation Development Quality Management & Assurance Change Management Psychology COVID-19 Communications Strategy Business Model Innovation Strategic Analysis Strategy Development Business Model Design Business Framework PowerPoint Diagrams Porter's Five Forces Growth Strategy Mobile Strategy Cyber Security Customer Experience Business Transformation Digital Transformation Financial Modeling Business Case Development Marketing Plan Development Product Adoption Consumer Behavior
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