Imagine trying to explain the value of the transistor radio to the general population back in 1954. How could manufacturers convince consumers that they would meet needs customers weren’t even aware they had? A tough sell, but once it caught on, it changed the world.
Being an innovator always comes with the huge challenge of educating potential investors, developers and end users on the significance of a totally new product or service. When bitcoin hit the market, its leaders struggled to answer the same question: “Why is this necessary?”
Bitcoin shares initially sold at a mere $.003 each, thanks to public unease about this fresh concept. Seven years later, shares are nearing $2,200, according to recent estimates. But many companies find it cost-prohibitive -- not to mention painful -- to wait so long for their innovations to take hold.
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To manage this delicate balance, you must develop and enrich emerging concepts rapidly while executing a smart strategy for educating consumers.
Learning the lessons of others.
In Ladder’s first year, we still hadn’t figured out how to describe ourselves at the highest level: Were we a SaaS platform? An agency powered by technology? An enterprise tech platform with fully managed services? Did it even matter what we called ourselves?
The amount of choice you have as an entrepreneur in a nascent industry is one of the most powerful things in the world -- but with more choice comes more guessing, sometimes gut-driven and sometimes data-driven. During those initial 12 months, we attracted users who never would have tried a more traditional service by promoting Ladder as a free self-service SaaS platform, which both helped and hindered our ability to generate new business.
