The Diffusion of Innovations Model helps decision-makers understand how to introduce disruptive products to the market.
Innovation is clearly a boost for business, but most people need to confirm the product works before they purchase it. Product advertising can be streamlined by using the consumer curve:
- Innovators: Passionate about technology, they’re the first people in line. They don’t care too much if the product fails.
- Early adopters: Can make or break the whole growth dynamic. Approval will lead to them becoming brand ambassadors.
- Early majority: Followers. The big mass of revenue comes from this group.
- Late majority: They just accept the product because of FOMO, and/or mass marketing. Usually more price sensitive.
- Laggards: Hold outs.
To maximize gains, companies should think about scaling across all groups but consider innovators and early adopters first. One successful product helps avoid losing money on lots of failed products.
Apple is taking advantage of the Diffusion innovation model by selling the same product with small differences so that it can be sold even to laggards. Smartphones have been improving their capacities, but we have seen a few visible changes such as adding one more camera, increasing size, or painting it green. A Little change could mean the launch of a new expensive model on sale, just like the new model of iPhone 13, which has changed its color to green.
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