Updated: Feb 9
For my book, I picked Geoffrey Moore's Crossing the Chasm. Here, I will write about the book in the context of entrepreneurial marketing as it relates to my ENTRE 490 and 472 classes. Specifically, I will recap some of the top lessons learned from the book.
Why This Book?
From my own personal research within marketing, I've learned a bit about the technology adoption life cycle, but I have not had the opportunity to further investigate the concept in the context of creating my own company. Therefore, I picked this book in order to further examine the topic for my own entrepreneurial endeavors in the Creating a Company class. Specifically, the company I am starting is a spicy chocolate company. With that said, it has a component (ie., the spicy factor) that has not reached mass market adoption and I hope reading this book will provide me with the tools or the framework to address the market effectively and drive sales for the business.
Recap of Top Lessons Learned:
1. Establish a Beachhead Target Market. When creating a product, I can be easy to say that mass market adoption is right around the corner when, in fact, that is very unlikely. Moreover, Moore suggests establishing a beachhead target market, which will address specific needs or issues held from your customers. Thereafter, after establishing a foothold in the marketplace, look to expand into different sections of the market.
2. Specialize in the marketplace. In other words, once in your beachhead target market, focus on becoming the market leader in that specific niche in order to effectively position yourself for future scale. While this is a simple lesson, and one that may seem obvious, it is something I have taken into account for the creating a company class as I will look to focus specifically on the customers that will likely absolutely love the product rather than try to reposition the brand to also include those who might like it, but would be a little hesitant.
3. The idea of the chasm, and where your product is along the Technology Adoption Lifecycle. In the context of tech startups, this chasm is wide and often difficult to cross. In contrast, the chasm for a company that specializes in specialty chocolates likely does not have the same issue as it's further along the curve and the masses are already familiar with the invention of chocolate. These are the two extremes to the TALC curve to take into account. Neither are either good or bad; however, companies dealing with technology less along the TALC curve will have potential to disrupt markets. Subsequently, the risk and potential high returns is greater for companies along this side.