Entrepreneurial Marketing: How to Trounce the Liability of Newness with Influencers
Every new product/service faces the proverbial Goliath: the liability of newness. New products/services are met with resistance from prospective buyers. So much so that 95% of new products/services fail to gain market acceptance because they do not appear legitimate to their prospective buyers. Traditional marketing efforts need to be augmented with entrepreneurial marketing strategies aimed at establishing legitimacy through social actors. Only then will new products/services be able to trounce the liability of newness and avoid launch failures.
A recent study in entrepreneurial marketing found that using influencers established legitimacy for new products/services. When compared to celebrity spokespersons and CEOs, influencers were three times more effective at overcoming the liability of newness.
After this session, you’ll be able to:
- Reduce the liability of newness impacting a product/service launch
- Establish legitimacy to overcome the liability of newness
- Use influencers as social actors to trounce the liability of newness
- Select, manage, and evaluate influencers based on your business’ goals and needs
- Identify marketing tools to help you manage influencer programs
This session is for digital marketers who want to successfully market a new product/service by establishing legitimacy in the eyes of potential buyers through the use of influencers as social actors.