The technology adoption curve describes the rate at which a new technology becomes a common part of everyday life. The curve varies according to the market and the product, but there are generally three phases in a technology’s adoption: early adopters, early majority, and late majority. The early majority typically includes those who are willing to experiment with new products or services and are often able to help manufacturers iron out any kinks. The late majority, on the other hand, waits until the product is widely used and more affordable for the average consumer.
The laggard stage is the last stage of the technology adoption curve. These people resist change and tend to be older. They are also suspicious of new technology. They will usually only embrace it when forced to by their peers. They comprise about one-sixth of the entire population. The technology adoption curve is a crucial part of the success of a business.
The first stage of the technology adoption curve relates to the market. The market for a new technology or product is in its early stages. The early adopter is often a change agent, consultant, or a senior executive in the company hierarchy. This stage is also the most critical. It is during this stage that a technology or product moves from an early stage to the mainstream market. Once this stage is reached, a product or technology will likely become a hit. The technology adoption curve helps entrepreneurs and other professionals understand the expectations of different segments.
The late majority adopter, on the other hand, will only appreciate a new technology that relates to their role. This means that a company must provide data to support its claim that it will revolutionize their job. Early adopters can become the vocal advocates for a new technology. But for later majority adopters, it is important to demonstrate the specific benefits and uses of a new product or service.
The early majority stage is comprised of those who are eager to adopt new technologies and new ideas. However, they are unlikely to be as risk-averse as the early adopters and innovators. The early majority stage usually sees a new product or service for the first time and may try it out before the rest of the company. They are also likely to beta test new products or services.
The average growth process of a company will involve implementing new technologies. Ultimately, however, the technology adoption curve is not about the technology itself, but rather about the people you are trying to reach. The customer needs to be comfortable with the new technology and it must be convenient for them. If the customer is not satisfied with the new technology, there is little point in implementing it.
In the end, technology adoption curves are helpful in identifying which technology will become popular. Ultimately, the technology adoption curve can help companies market new products and services and predict which ones will be popular next year.