A brand-new product launch is a popular marketing strategy for companies. It can be broken down into stages according to Everett Rogers' Diffusion of Innovations Theory and Geoffrey Moore's Crossing the Chasm. The stages of the life cycle are Enthusiasts, Visionaries, Pragmatists, Conservatives and Laggards.
Enthusiasts need to be educated about the product, and psychological switching costs can stop customers from making a change. Visionaries need to be shown the benefits of the product, while Pragmatists need to be shown how it increases productivity and lowers operating costs.
Conservatives and Laggards are risk-averse and need products to be easy to use. Testimonials help demonstrate the product's value, and understanding the different stages of the life cycle helps marketers decide when to launch a product.
The Marketing Strategy of Launching a Brand-New Product
Don't worry ... it's FREE!
Although people globally are torn over whether brands should weigh in on politics more, most say they have made brand choices to express their own personal politics, according to recent research.
See how European B2B marketers are succeeding by prioritizing authenticity and data privacy best-practices. Discover takeaways for US marketers. Read more.
Learn how integrating purpose into your B2B strategy builds trust, strengthens client partnerships, and drives business growth. Read more now.
Most B2B professionals expect their firm's marketing budget will either increase or stay the same in 2025, according to recent research.
An impassioned argument that corporate Pride often falls short of meaningful allyship, focusing instead on commerce and misunderstanding the LGBTQ+ community as a monolithic group. Read more.
Learn how a positioning framework can align product and marketing teams, reducing confusion and improving outcomes. Read more.