Hi, welcome to Bookey. Today we’ll unlock the book Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers. We are in an era of rapid technological development. Nowadays, terms like big data, artificial intelligence, virtual reality, and augmented reality are not so foreign to us, representing the many new products and technologies that have popped up. We’ve witnessed some high-tech products that have gone from the lab to the market and achieved great success, such as the early pioneer Windows operating system, to iPhone, to the relatively new Kindle. But we’ve also seen some technologies which, though highly praised in the industry, failed to win over the masses. Virtual reality technology is one such example. It received a very enthusiastic response when it first entered the market, but several years have since passed, and this technology has yet to become mainstream. Although in the beginning some high-tech companies receive a positive market response and multiple rounds of venture capital, they fail to sell more during the critical period of a product marketing campaign. Even though they try all sorts of promotion strategies, they couldn’t achieve their sales goals. In the end, the sales team gradually falls apart, the quality of customer service deteriorate, and investors begin to withdraw their money after seeing this downward trend. An initially vigorous business plan is ultimately reduced to nothing. We can’t help but wonder. Why can some high-tech companies make products that everyone wants, like Apple’s iPhone, and gain high profits while others end dismally? What are the underlying reasons for that? This book gives us the answer. The author argues that the reason for the failure of many high-tech products’ lies in the giant chasm that exists between the early market and the mainstream market. Consumers in these two markets are fundamentally different, so the products and sales strategies targeted at the former absolutely can’t work on the latter. That’s why many companies failed to sell their products as mentioned earlier. The author reminds us that high-tech enterprises must be aware of this chasm and take actions to cross it. Using established theories as the basis, Geoffrey Moore proposed a model that describes the acceptance of new products by different customer groups. It is called the Technology Adoption Life Cycle. Some people even dub it “the other Moore’s law” to emphasize its influence. First, let’s make a side note about the first famous Moore’s law. It was introduced by Gordon Moore, one of the co-founders of Intel. It states that the number of transistors in a dense integrated circuit doubles about every two years, consequently doubling the chip performance as well. In other words, every 18 to 24 months, with the same amount of money the computer performance that we get will more than double. Geoffrey Moore is renowned in Silicon Valley. His theory is widely adopted by high-tech companies and has been proven accurate. He is listed among Thinkers50’s Index Of Thinkers for this contribution. Coming up next, we’ll unlock this well-known work by Geoffrey Moore in three sections. Hopefully, it will help your future investments or entrepreneurial endeavors. Part 1: The “Technology Adoption Life Cycle” of consumers Part 2: The crack and the chasm between different markets Part 3: Crossing the chasm; winning the market
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