3/ Ultimately, most of us are risk-averse when it comes to trying something new.
However, some of us are truly adventuresome.
If you’re not someone who is comfortable trying the new-new, you may have a friend who prefers to go to newly opened restaurants with no ratings.
4/ Such people are early adopters and as the name suggests, they take pride in being among the first ones to try something new and are seen as a tastemaker among friends and community.
5/ Every market is comprised of a small segment of such early adopters.
These early adopters are market-specific though. For example, someone who likes to try new restaurants may never download a new unproven app on her phone (and vice versa).
6/ So there’s no universal early adopter.
Even within a specific market, there could be early adopters of many types.
For example, in the case of restaurants, there may be some early adopters for Chinese cuisine and others for Indian cuisine.
7/ While most people are satisfied by their tried and tested, early adopters in a market have a burning desire to try new things.
11/ To get the word out about your product, you need to find out if there are online or offline places where early adopters for your market hang out.
You need to find right distribution channels for reaching that segment of your market that’s dissatisfied with the status quo.
12/ You need to have a laser focus on marketing to the niche comprising of dissatisfied within your broader market.
13/ Yes, finding profitable, effective, and precise ways to reach early adopters is the most difficult project for a marketer and it requires creativity (that's what marketers are paid for).
14/ For example, if you’re opening a new Chinese restaurant, how do you identify and reach out only to Chinese cuisine early adopters in the area?
15/ You can always do a broad promotion like putting an ad on a billboard but since most people aren’t interested in trying something new, you’d be wasting money.
In early days, you need to find and target only those who have a burning desire to search for what you’re offering.
16/ All humans like to boast and early adopters are no exception to this.
One tip to identify early adopters is to look for people in the market who're most vocal.
17/ The vocalness of early adopters means that their experience with your offering matters a lot because they’re the ones other people in the mainstream look up to for guidance.
18/ If they love or hate your product, they’re going to tell their friends and colleagues.
Hence, their experience with your product will likely determine the chances of your offering penetrating the mainstream or not.
19/ Remember 🧠
Not everyone in your target segment has the same burning need that your product solves. Find and target only those who have the burning need.
20/ Post that, it’s mostly the product quality and customer experience that’ll determine whether your offering is able to attract other customers from the mainstream or not.
21/ That's it!
I'm posting ~1 new mental model for entrepreneurs every week.
🎉 Announcing August winners of the Gaur & Chopra Escape Velocity Grants where we give a no-strings-attached grant of Rs 50k to ambitious people under 25 for whom this money can change their life.
We have 7 winners this time.
Their names and profiles are below 👇
1/ Saikat cleared his CBSE 10th Board in 2021 with 98.6%, AIR 8. Due to pandemic, his studies have been impacted because of lack of a laptop.
He will be using the grant to purchase a laptop to continue his online classes and resume his preparation for JEE.
2/ 🏅 Vijay Kataria is currently running a Sports For Development project named Pahadi Khiladi in the district of Champawat, Uttarakhand.
He would be using the funds to purchase equipment for their program and hopefully create many new sportspeople from the region.
Going through applications for our monthly grants to young people, noticed that the answer to "how will Rs 50k change your life" falls into following categories:
- Pay their course fee
- Buy a laptop
- Fund their NGO
- Start a small business
It hurts to see so many students struggling to pay their course fees because their parents can't afford it.
It's a failure of our nation that highly determined kids have to worry about how they'll pay for their college.
But, at the same time, it also hurts to see how much emphasis our society places on traditional college education.
With so many resources available on the Internet, high-quality self-education can effectively be done for free.
It’s such a deep mystery why do fundamental entities of the universe (particles, fields, molecules) behave in a way that can be captured into neat little mathematical formulas.
This mystery *strongly* suggests the following..
1/ That if these entities behaved unpredictably, we wouldn’t have existed.
Composite systems like us who can ask questions like these can only be built on fundamental units whose behaviour is simple.
2/ That there may be universes where fundamental entities have unpredictable behaviour which can’t be captured by any formula.
Such universes possibly exist, but no being exists within them that can ask complex questions like this one.