Your Health Innovation isn’t a B Movie. Segment Your Market Like an A-lister.

Having a deep understanding of your customers is essential when it comes to achieving health tech success. Research doesn’t just show, but literally screams: Before you can conquer the mainstream market, you need to win over early adopters. 

It begins like a marketing plan for a summer blockbuster movie.

Think of early adopters as your enthusiastic front-row audience, eagerly waiting for your innovation performance to begin. They are the critics, the influencers, and ultimately, the barometers of an innovation’s success.

I think of market segmentation as a metaphor. Segmenting your target market is like putting together an epic film with a really well thought-out ensemble cast. You have:

• Patients
• Health plans
• Providers
• Pharma
• and other key actors

each with their unique role in the plot and production of your business model. 

What kind of production are you aiming for? A blockbuster baby! Start with the A-listers and leave the rest behind.

Here’s where the plot thickens. When it's time to captivate those early adopters, you need to understand their unique needs, their characteristics, and their buying intentions. They are the discerning critics, waiting to be wowed by your innovation masterpiece and ready to help you improve it. 

It's time to put on your Diffusion of Innovation (DOI) lens. DOI explains how and why ideas and products spread through a market. Innovators and early adopters are the trailblazers representing the first 16% of the market. It might not sound like much, but number 16 plays a more crucial role than Molly Ringwald did in the 1980s movie classic Sixteen Candles.

Once you've won that 16%, it's time to take your show to the mainstream audience – starting with the next 34%. The early majority is watching the innovators and early adopters closely and they're forming their buying confidence based on the experiences of the first 16%. You’ve got the potential to move from a community theater into an iMax performance! 

Let’s take a moment to appreciate the interesting characteristics of those early adopters and why they really matter to ‘ticket sales’ to the mainstream audience.

• Sixteen percenters are like Sherlock Holmes, always analyzing and evaluating innovations with a keen eye for what's never been done before. 
• They are the high risk takers everyone dreams about, willing to embrace change and disrupt the status quo. They likely have their own "innovation is my middle name" motto! 
• Early adopters are the social butterflies, with extensive connections that would make any influencer envious. They're the life of the health tech party! 
• They're the innovators, dancing to the beat of their own drum and unafraid to step outside the box. It's like they choreograph their own innovations. 

Grab your metaphorical notebook and answer these questions to identify your early adopters.

1. Who's ready to embark on the rollercoaster of change with you? Look for fellow innovators in your target market! 
2. Who's willing to break out of their comfort zone and embrace your innovation with open arms? Find the adventurers who are ready for a new journey!
3. Who's leading the charge in your industry, setting the stage for innovation? Join their ensemble cast and become the star of the show! 
4. Got any potential customers who can not only appreciate your innovation but also have the financial resources to support it? Think of them as VIP front-row ticket holders! 
5. And remember, leverage those connections! Who's in your network that can give your innovation a standing ovation? It's time to pull some strings! 

Segmenting your target market doesn't have to feel like you’re suffering through a B movie. Inject some creativity (the same creativity that inspired your innovation) into the segmentation process, and watch your innovation take center stage!

Think like an A-lister. If you want more inspiration, DM me "BILLIONS" and I'll send you a blueprint for building your billion-dollar dream business.