First mover advantage is great, except when it’s not. If your product
is truly
innovative, your biggest challenge is likely to be explaining what,
exactly, your product is, what its benefits are, and why anyone should
buy it. Below are stories of three revolutionary technologies that faced
these problems, and lessons for overcoming them.
What is it?
In 1994, Stanford University Credit Union began offering true online banking services to its members. They had the benefit of a tech-savvy customer base; Stanford University was an Internet pioneer, and credit union members (university staff and students) already used email extensively. They were able to make the analogy that it was like ATM banking, with which their customers were already familiar, but over the Internet, instead of at a dedicated machine. The questions from credit union members were practical: would it be secure? Would it be reliable?
But for most people used to traditional banking (writing checks, standing in line to talk with a teller, etc.), “online financial services,” as it was called then, was a bit of a puzzle. Jim Bruene at NetBanker describes the public discussion of online banking as follows:
1994 to 1997: Sounds good, but what is it?
1998 to 1999: All things online are great
2000 to 2002: All things online are over-hyped
2003 to 2006: Is it really secure?
2007 to ???: Protecting the earth and yourself
To read the full, original article click on this link: 4 Lessons From Innovators - Marketing Plan Help & Marketing Advice
Author: Sara
Manela
