Commercialization of Innovations
Monday, July 27th, 2009Understand the diffusion of innovation process which explains how a new product spreads throughout a market over time. Because not all people will be ready to adapt an innovation when it is launched.
STAGES
- Innovators (2.5%): willing to take the risk and try the product, risk seekers.
- Early adopters (13.5%): follow the innovators and can be seen as opinion leaders.
- Early majority (34%): causious, sceptical, need endorsement of people they trust.
- Late majority (34%): will only buy the product once it is fully accepted by the rest of the segments.
- Laggards (16%): totally risk-averse.
CAUTION: there is a ‘gap’ between the early adopters and the early majority!!
