Crossing the Chasm Summary Review | Geoffrey Moore | Free Audiobook - Video

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StoryShots Book Summary and Analysis of Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers by Geoffrey Moore

Synopsis
Crossing the Chasm offers an outline of the process of transitioning your product through the five segments of the market. These segments begin with innovators and move to early adopters, early majority, late majority, and laggards. There is a vast chasm between the early adopters and the early majority. Early adopters are willing to sacrifice for the advantage of being first. However, the early majority wait until they know that the technology offers productivity improvements. The challenge for innovators and marketers is to narrow this chasm and ultimately accelerate adoption across every segment.

Geoffrey Moore’s Perspective
Geoffrey Moore is an author, speaker, and advisor who splits his consulting time between start-up companies and established high-tech enterprises, including Google. Moore has a bachelor’s in American literature from Stanford University and a Ph.D. in English literature from the University of Washington. After teaching English for four years at Olivet College, Moore began a career in high-tech as a training specialist. Over time, he transitioned first into sales and then into marketing. Moore found his niche in marketing consulting. He first worked at Regis McKenna Inc, then with the three firms he helped found: The Chasm Group, Chasm Institute, and TCG Advisors. Today he is chairman emeritus of all three.

Crossing the Chasm by Geoffrey Moore Summary Review PDF Analysis Free Audiobook Infographic StoryShots
StoryShot #1: The Technology Adoption Life Cycle
Discontinuous innovations require a change in consumer behavior. Subsequently, market penetration often requires consistent, discontinuous innovation. To outline the stages one should adopt for market penetration, Moore introduces The Technology Adoption Life Cycle. Within this model, customers fall into one of five graph segments. This graph displays a bell curve with segments related to psychological and demographic characteristics.

Segment 1: Innovators
The first segment consists of deeply engaged technologists. These are the customers you can rely on to buy a new product purely as a form of adventure and exploration. You must win these customers at the beginning of your marketing journey if you wish to succeed. The reason innovators are so important is that their recommendations carry significantly greater credibility than the average consumer. They will also speak at length about your product and offer excellent feedback to improve your product during the early stages. As this is a lower part of the bell curve, there are not many innovators. However, winning this group over is key to winning the next segment.

Segment 2: Early Adopters
Moore describes the early adopters as visionaries. They have the charisma and strategic opportunities to make a genuine difference in a project. Early adopters generally have access to multi-million dollar budgets. Due to their considerable budget, early adopters are within the least price-sensitive segment. The key to marketing to visionaries is to understand their strategic dream. If you can cater to this dream, you can quickly get positive press coverage. This is because visionaries often draw significant press coverage and influence other consumers. As a result, Moore encourages you to view visionaries as key to the rest of the market.

Early adopters will be easy to sell to, as they have lots of money. However, they will be difficult to please, as they have many options. Henceforth, Moore recommends adopting a degree of personalization with these consumers and designing milestones for each phase. Crucially, these milestones need to be realistic, make your product more marketable, and convince the visionary that your product incorporates innovation....

00:00 Intro to Crossing the Chasm
01:51 Synopsis
02:31 Geoffrey Moore’s Perspective
03:22 StoryShot #1: The Technology Adoption Life Cycle
08:28 StoryShot #2: Two Cracks and a Chasm
11:02 StoryShot #3: Choosing which Market Segment to Target
13:54 StoryShot #4: Crafting Your Product
14:40 StoryShot #5: Define Your Market
15:48 StoryShot #6: The Subtle Art of Positioning
16:38 StoryShot #7: Securing Distribution
18:07 Rating
18:12 Free Audiobook and Infographic of Crossing the Chasm

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