What are the key drivers and barriers for customer adoption and retention in your market?

2 Market feasibility

Market feasibility refers to how viable and realistic it is for your business to enter and succeed in a market. It depends on your capabilities, resources, and goals, as well as the market requirements, regulations, and barriers. To measure market feasibility, you need to conduct a SWOT analysis, a market segmentation, a customer analysis, and a competitive analysis. These analyses help you identify your strengths, weaknesses, opportunities, and threats, as well as your target customers, their needs and preferences, and your competitive advantages and disadvantages.

3 Customer adoption

Customer adoption is the process of attracting and converting potential customers into actual users of your product or service. It is influenced by the value proposition, the awareness, the accessibility, and the affordability of your offer, as well as the customer satisfaction and loyalty. To measure customer adoption, you can use different metrics, such as the customer acquisition cost, the customer lifetime value, the conversion rate, the retention rate, or the churn rate. These metrics help you evaluate the effectiveness and efficiency of your marketing and sales strategies, and the profitability and sustainability of your customer relationships.

4 Customer retention

Customer retention is the process of keeping and growing your existing customers, by meeting and exceeding their expectations, and creating long-term value for them. It is influenced by the quality, the reliability, the usability, and the innovation of your product or service, as well as the customer service, the feedback, and the loyalty programs. To measure customer retention, you can use different metrics, such as the repeat purchase rate, the cross-sell and up-sell rate, the referral rate, the net promoter score, or the customer satisfaction score. These metrics help you assess the satisfaction and loyalty of your customers, and the potential for increasing your revenue and market share.

5 Drivers and barriers

Drivers and barriers are the factors that motivate or discourage customers to adopt and retain your product or service. They can be internal or external, rational or emotional, and positive or negative. Some examples of drivers are the perceived benefits, the social influence, the personal fit, and the trust. Some examples of barriers are the perceived costs, the switching costs, the inertia, and the risk. To identify the drivers and barriers for your market, you need to conduct a customer research, such as surveys, interviews, focus groups, or observation. This research helps you understand the needs, wants, pain points, and emotions of your customers, and how they perceive and evaluate your offer.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?