risks

Solving the “Invulnerable Customer” Problem

Often, consumers don’t buy products because even though they recognize a risk exists, they don’t think they will be victims. The belief may be irrational, but they see themselves as invulnerable. So, they don’t buy life or disability insurance, they don’t invest in healthcare products products or services, they don’t join a gym, or take other common and desirable steps to protect themselves. This poses a problem: what’s the best marketing strategy for consumers who seemingly believe in their own invulnerability?

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HBR Article Recommends Confronting New Venture Risks Early

Once upon a time in innovation, there was a general rule: get to market as quickly as you can, meaning you should start on your “long-pole” development activities as soon as possible. But there’s a growing consensus in the innovation community that the best way to succeed isn’t to start developing quickly, but instead to do as much work as possible on paper, to validate assumptions cheaply and quickly, and defer more expensive, riskier (and even long-pole) activities until after some of the basic assumptions are validated.

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