Early Adopters are the key to exponential business growth!
What is Business Development?
Early Adopters are the key to exponential growth!
The Law of Diffusion of Innovation shows how customers adopt new products.
The Law of Diffusion of Innovation:
- Innovators dive into new products headfirst
- Early Adopters pick up proven products
- Early Majority trusts Early Adopters and drive mass adoption
- Late Majority jumps on board once a product becomes the norm
- Laggards stick to the old until they absolutely must upgrade
Early Adopters wield immense power in shaping community trends achieving a Tipping Point.
Tipping Point occurs when your business starts exponential growth (typically when you have 20% market share, or you achieve Product Market Fit).
Early Adopters:
They're the influencers who set the pace for the Tipping Point.
According to the 2019 Edelman Trust Barometer, 63% of buyers trust influencers for recommendations.
Social Influence:
A 2019 study by Whalar and Neuro-Insight found that influencers trigger 277% more intense emotional responses than TV ads.
They're also 64% more emotionally intense than Facebook ads and 28% more than YouTube ads.
Influencers don't just sell products; they sell experiences and emotions.
But it's not just about selling. It's about spreading happiness.
The Happiness Effect:
A 2008 study by the British Medical Journal revealed that happiness spreads through social networks like wildfire.
Each happy friend increases happiness by about 9%.
Happiness isn't just personal; it's communal.
So, where does trust fit into all this? Everywhere.
Trust and Influence:
A Nielsen survey found that 83% of people trust word-of-mouth recommendations.
Two-thirds of respondents trust consumer opinions posted online.
Trust is the glue that holds communities together.
Leveraging Community Influencers:
- Engage with Early Adopters to drive trust and brand loyalty.
- Create experiences, not just products, to connect with customers emotionally.
- Build a network of influencers to amplify your brand's reach.
Embrace Early Adopters—they're your ticket to the Tipping Point of exponential growth.
Tony Gray, BDP
-------------------
Learn more in the “Business Development Body of Knowledge (BD-BOK).”
Get your copy of the BD-BOK on Amazon today!
--------------
Boost your BD career with the Business Development Professional (BDP) certification from the Global Business Development Association (GBDA).
Subscribe to CGO Magazine, our free monthly newsletter.
-------
hashtag#CGO
hashtag#businessdevelopment
hashtag#bdr