I can see that you fit into the role of Entrepreneur as well as of Marketers. It is necessary for you, to know the law of diffusion.
You might be thinking, Why the hell should I know about this law. Well, this law will help you to strategies your marketing efforts. Not only it will help you to strategies but also will give some solid evidence which will ease your doubts or fear about the success of your organization.
Click this link to see the image of the law of diffusion.
If you have seen the image, you will find that there are five categories of the mindsets of the people. To do lean marketing with a lean budget, you will need to address the left side of the curve, i.e people who have a mindset of innovation & early adoption. This is the people who are willing to try new products or services irrespective of their brand life. In short, they are not hesitant in trying alternative products or services to the current branded products. These people are also not hesitant in spending their money, to try and test newly launched products.
Sweet Nugget:- The percentage of Innovators and Early adopters is 2.5% and 13.5% respectively.
So, as an Owner or Marketer what should you do?
You should try to identify your 16% of targeted consumers of a total 100% population, who are eager to look for the product which will give them better quality, feel and satisfaction compared to branded products they are currently using.
Once you focus your marketing efforts on this small percentage of people, You will get a better conversion rate with less spend of the bucks.
This is a very deep and vast law to understand. If you want to learn more, Listen to this ted talk.
Thank you for reading to the end.