Accounting Chapter 14 On Your Own
Posted By Admin @ Mar 02, 2022
Posted By Admin @ Mar 02, 2022
Tittle: Discussion on Customer Adoption
In general, the process of adoption is a mental process through which first introduction about an innovation is perceived by a customer before he eventually adopts the innovation. It is important to understand that innovation can be either a service or a product. There are five stages of customer adoption and they include product adoption, product trial, product evaluation, product interest, and product awareness.
Product Awareness: Initially, consumers become aware of a specific product and gain some information about it. Interest is generated by awareness and information about the product is sought by customers (Jaideep, 2019)
Product Interest: In this stage, information about the new innovation or product is sought by the customer. And once information has been collected, the evaluation stage is entered by the customer and thinks about purchasing the product (Jaideep, 2019)
Product Evaluation: In this stage, it is considered by the customer whether purchasing the new product is even sensible or not (Tang, 2015)
Product Trial: In this stage, the customer begins to try the product and determines whether the product is even suitable for the customer or not.
Product Adoption: In this stage, the customer decides to utilize the product on a regular basis.
In order for the product adoption to be effective, it is significant for the producer to understand the demographics of customers and what type of product is suitable for them. Without proper information about the target audience, it is not possible for the producer to sell the product and make profits. The objective of the producer is concerned with making profits by selling products and without knowing the customer specifications or characteristics; it is not possible to target the right audience and increase sales (Tang, 2015)
Review and Plan: It is important to understand the issue of low adoption by users, which can be faced by any company. As per this concept, the customers do buy products, but they are not using it actively. For instance, if they have purchased any digital product, it is observed that they are using it like once in a week, etc, which means user adoption is low. If user adoption is low, then it can happen that customers may churn (Jacobs, 2019). One of the most effective ways of addressing the issue of low adoption rate is to review the market and adopted strategy. This helps in understanding the specifications about not only the product but also the customer segments, and what type of products customers are seeking. For instance, a social media page should be created for customers to discuss their issues about the product. This way, issues can be identified that are being faced by the customers and then strategies can be planned for resolving the issues and improving customer adoption. It is, however, important to note that effective strategies should be created and assessed before being implemented to increase sales and customer adoption (Berger, 2009).
Berger, S. C. (2009). Self‐service technology for sales purposes in branch banking. Retrieved from Emerald Insight: https://www.emerald.com/insight/content/doi/10.1108/02652320911002322/full/html
Jacobs, M. (2019). What to Do About Low User Adoption. Retrieved November 16, 2019, from https://www.business2community.com/customer-experience/what-to-do-about-low-user-adoption-02213468
Jaideep, S. (2019). Consumer Adoption Process (5 Stages). Retrieved November 16, 2019, from http://www.yourarticlelibrary.com/consumers/consumer-adoption-process-5-stages/48627
Tang, D. (2015). The Complete Guide to Product Adoption: From Product Lifecycle to Customer Decision Journey. Retrieved November 16, 2019, from https://www.linkedin.com/pulse/from-product-lifecycle-customer-decision-journey-complete-david-tang/