A product attracts different types of consumers. The technology adoption lifecycle describes the acceptance of a product.
- As a product moves through its lifecycle,…it attracts different consumers.…The type of consumer who buys a product in its infancy…is very different than one who buys it once it matures.…We call this model the technology adoption lifecycle.…It describes the adoption or acceptance of a new product,…broken down by the demographics and psychological traits…of defined adopter groups.…It's important because it allows you to speak…directly to the needs on your consumer,…which will deliver far better marketing results.…Let's look at this together.…
The technology adoption lifecycle seems similar…to that of our product lifecycle in that it's a bell curve.…It shows the types of groups that will use your product…over time in line with that of your product lifecycle.…At launch you'll be attracting innovators,…followed by early adopters, the early majority,…late majority, and then the laggards.…I'll give each a quick introduction.…Innovators are the very first customers to try a product.…They're willing to take risks.…
- Identify the phase when it would be best to spend the most money on marketing.
- Recall the question you must continually consider in the development phase.
- Recognize why it might be a good strategy for a company to do a refresh on a product.
- Recognize when tertiary competitors can pose a risk to your market share.
- Explain where to place a product’s value proposition in a team aligning document.