THE LAUNCH HIGHWAY

[1-minute read] Executing a successful a product launch requires thoughtful customer segmentation. Too often this is left to sales teams to determine who they should call on, how often and with what key messages. In our experience a huge amount of resources are invested in the compilation and analysis of prescribing and (where available) insurance claim data, in order to find the physicians with the biggest lists and a propensity to prescribe treatments for target patients. In our view equal attention should be focused on segmenting all the relevant stakeholders – physicians, clinicians, economists, policymakers and more - in each market. All the evidence confirms that once the early adopters are fully onboard, the use of a new product crosses the tipping point, and it reaches its full potential much sooner. Here’s a checklist of the main segments to consider for your launch planning:

1. Innovators: the pioneers

Innovators are the trailblazers, the daredevils who plunge headfirst into uncharted waters. They often like and accept risk and are quick to embrace the latest innovations, often seeking novelty for its own sake. Think of the first individuals who eagerly purchased the earliest iPhones or adopted electric cars when they were still considered experimental. Innovators represent a minuscule fraction of the population, but they play a crucial role in recognising and validating an innovation's potential.

2. Early Adopters: establishing the trend

Early Adopters are the bridge between the avant-garde innovators and the broader audience. They possess a keen eye for spotting trends or opportunities and are willing to take calculated risks. These are the individuals who lined up for hours to get their hands on the latest gaming console or subscribed to streaming platforms when they were still in their infancy.

3. Early Majority: building the wave

The Early Majority represents the cautious but interested segment of the population. They observe the experiences and actions of the Innovators and Early Adopters before deciding to join the movement. The embrace of the Early Majority is often the tipping point that catapults an innovation into the mainstream. A prime example is the surge in smartphone adoption once it became evident that they were more than just a passing trend.

4. Late Majority: the sceptical converts

Change-resistant but not impervious, the Late Majority comprises individuals who adopt new innovations once they have been thoroughly tried and tested by others. They might be sceptical at first but eventually succumb to the influence of friends, family and societal pressure. E-commerce is a classic example, where individuals who were initially hesitant to trust online transactions eventually succumbed due to widespread adoption.

5. Laggards: the last holdouts

Laggards are the resistant stragglers who remain firmly rooted in tradition. They often shun new technologies and innovations, preferring the familiar. These individuals are typically the last to adopt new ideas, only doing so when there are no other options left. A poignant example is the decline of traditional film photography with the advent of digital cameras – while the majority steadily embraced the change, some steadfastly held onto film cameras until they became almost obsolete. For companies looking to bring their creations to market successfully, understanding the Diffusion of Innovation Curve is akin to having a compass in the wilderness. By recognising and appropriately targeting the different adopter profiles, you can tailor your strategies to suit their distinct needs and tendencies. Logic suggests that in order to shorten and steepen the curve up to the tipping point that a focus on the Early Adopters is going to deliver the greatest bang for the innovator’s buck.