The Adoption Process
While the concept of innovation diffusion focuses on markets and the acceptance of new products by aggregates, the adoption process has as its focus the individual and the process by which s/he moves from awareness of the new product to full-scale usage of it. The implications of the adoption process are that the promotional message must change in order to accomplish different adoption objectives on the part of the individual.
Awareness
The first step that a potential buyer of a new product goes through is becoming aware of the new offering. There is some disagreement as to whether messages should focus on making potential customers aware of the new product itself, or features of the new product, or on just what. There is, however no argument that potential buyers must be aware of something. Several techniques are helpful; for example, advertising is particularly useful for explaining the features of the new product. So too are personal selling or cross-selling efforts of the bank. Cross selling may be particularly useful in making identified innovators aware of the new offering, thus launching the diffusion process. Direct mail can also be extremely efficient in bringing new banking products to the attention of the early adopter group.
Interest
Most buyers pass through a secondary stage where they either actively or passively seek or receive information about the new product. The interest-generating capability of the product will vary depending upon the type of new product being offered (e.g., a modification or a brand new product). In those instances where the product itself has the capacity to create interest, promotional programs should actively support the new product. For those modifications which do not have the capacity for generating great amounts of interest, the promotional campaign must do so. The amount of interest that a potential buyer has for a new product typically influences subsequent steps in the adoption process.
Evaluation
In this stage the potential buyer makes judgments about the new product. To do so, the consumer must have enough information. Bank promotions should focus on providing potential buyers with adequate amounts of information in order for them to evaluate the new offering. In come cases potential buyers will compare the new product against older products with which they have experience. For example, previous users of packaged checking accounts may use their experience with those products to evaluate a new asset management account. Obviously, when the new product is perceived as being technical and complex, the bank’s promotional efforts must focus on educating the potential buyer about it. Assuming that the buyer knows as much about the new product as does the product manager is a critical mistake. If consumers don’t have all the facts at hand, your new product may not stand up as well in the evaluation process as a competitor’s, or the consumer may be disappointed after trying the new product. The key here is to prepare the consumer for trial of the product knowing that, in some cases, the buyer may be taking a considerable risk in trying the new product. Information can help reduce that risk!
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