Marketing Message for Pre Chasm Customer Segment
Value Proposition for Pre Chasm Customer segment
· Crediwatch picks up data from 25,000 different data points while considering a lending decision — which the company claims is the highest in the industry while a bank only looks up 200 of these data points while considering decision for a loan, thus improving credit worthiness of the customer for the bank.
· It can also provide lead generation for the banks as it does for its other clients like BHIVE. Lead generation is important because the buying process has changed and marketers need to find new ways to reach buyers. They must now focus on being found and learn to build relationships.
· Investing in Technology will give customers early movers advantage
· As the universe of digital information is growing exponentially, bringing new opportunities for improved actionable customer insights, partnership with Crediwatch will help customers strengthen their data and analytics capability · Improved cost of running background checks while lending to SME’s as Crediwatch already has humongous database comprising of proprietorships and SME’s.
Whenever a disruptive idea is introduced in market, people do not tend to adopt it immediately. There are some captivating personality traits that help us organize how people will accept a new innovation.
The pre chasm segment comprises of the Innovators and the Early Adopters.
The Innovators are eager to try almost every new idea. They are, by nature, risk takers and excited by the possibilities of new ways of doing things. They have substantial financial resources and therefore can afford the new product which is generally highly priced when introduced in the market.
Early Adopters are the second phase of product purchasers after Innovators. These tend to be the most influential people within any market space and are known to have the greatest degree of “opinion leadership” for other potential adopters. They often create reviews and other materials around new products that they strongly like or dislike.
Early Adopters will normally have a reasonably high social status, reasonable access to financial resources, high levels of education and a reasonable approach to risk. Early Adopters are critical to Innovation. The key elements that make them critical are:
1.They are aware of their problem- Throughout the phases of adoption, marketing messages change to match the physiological state of adopters. In the case of early majority, they may be conscious of their problem or pain, but not currently actively seeking a solution. While the late majority may not even be aware they have a problem, hence they need to be convinced first.
2. They actively seek for a solution to their problem- Let’s take for example building an app to help people quit smoking. Your early adopters are a segment of the market exhibiting a behavior in an attempt to quit smoking. An active involvement in attempts to solve their problem make over twenty times more likely for them to consider a solution. And they’d be more than happy to share their experience to help refine ‘how’ it is solved.
Early Adopters for Crediwatch
The early adopters for Crediwatch are mid-size banks and NBFCs who are undertaking digital transformation initiatives — willing to explore latest technology solutions. For eg., Capital Float, Credit Mantri, Deutsche Bank, etc.
Early Adopters may be easy to sell but hard to please. Once the new innovation has been adopted by the early adopters it is harder to sell the product to the Early Majority who are the pragmatists. This crack between the Early Adopters and Early Majority is known as chasm.
To cross the chasm, a company should focus on a single market. Following are the steps to cross the chasm:
· Target the point of attack- Target a specific market (niche) as your point of attack and focus all your resources on achieving the dominant leadership position in that segment.
· Assemble an invasion force- Create the whole product, “by thinking through your customer’s problems — and solutions — in their entirety”.
· Define the battle- that is, create the competition, define positioning, develop the elevator pitch, build this into all your company communications.
· Launch the invasion- distribution and pricing. Direct sales is the optimal channel for high tech products. It is also the best channel for crossing the chasm.