Oct 19, 2021

Technology Adoption Curve

He writes about some of the lessons of Crossing the Chasm in his book. A model by Moore shows high-tech products in terms of the stages of adoption of the product. Based on the psychographic features of customers at each stage, there are five stages to the model A laggard is a laggard, an innovator, an early adopter, an early majority, and a late majority.

Why is the technology adoption life cycle useful?

A phase in the life cycle of a high-tech product Moore calls a “chasm” is the period in which an early adopter turns to a product, but the product has not yet been adopted by the Despite the wide difference between these two psychological profiles, both are present at those stages. In fact, many startups fail because they do not obtain the early majority to pick up the slack left by the early adopters. Having a clear understanding of how a product is adopted allows you to assess in what stage is the product and when it is getting close to the chasm. Fill the gap and let the early majority fill in the void left by the early majority. In a stage when early adopters are ready to leave a product on its way to becoming mainstream, that void is created. It is not uncommon to find market examples of companies trying to win over numbers of early customers, but failing in their feat, and at the same time losing the supporters who made their

What are the stages of a technology adoption life cycle?

It includes five psychographic profiles that make up the different stages of a technology adoption life cycle A leader is an innovator an early adopter an early majority a late majority and a laggard are laggards

Innovators

Innovation is taken as an action by adopting a product, even if it’s not completed yet. As they’re in love with the innovative aspect of the product, they are ready to sustain it without noticing if it’s not perfect. When a product is not perfect, those potential customers are ready to help you fix it. A psychographic profile of innovation takes into account the nature of the innovation. Since they treat this sort of activity as a hobby, they don’t mind taking on a risk of using something that might not work perfectly but offers

Early Adopters

Those who are early adopters are those people who are willing to try out a product at its inception. It is not necessary for you to explain why that innovation will be useful to their business. Unlike the early adopter, who has researched the product and is passionate about the innovation behind it, the innovator will adopt the high-tech product if the innovation helps drive the product. It is important to make an informed buying decision for early adopters. Although the product seems to appeal only to a small niche of early adopters at that stage, it is very good. In contrast to the majority of early adopters, those early adopters feel different. It is likely that they will leave you immediately if you “betray” them. At that point, the chasm is visible.

Early majority

A company must make its product appealing to the early majority to gain traction. The early majority is the psychographic profile of people who will help you “cross the chasm.” A majority of users in the early stage are more aware consumers who seek useful solutions but are wary of fads as well.

Late Majority

In contrast, the late majority kicks in only after a product has established itself well, and they are less skeptical about technological innovation, and they are more comfortable adopting products that are well established.

Laggards

Leaders are the first to adopt technology, while laggards are the last. The majority of those living in the late majority are skeptical of technological innovation, while the laggards are against Therefore, unless there is a clear, established advantage to using a new technology, the people will not be willing to adopt it. Those people are not looking to adopt new technology for some reason, which could have to do with personal and economic reasons as well.

Other factors influencing technological adoption

In my opinion, one of my favorite authors is Jared Diamond, a polymath whose knowledge extends far beyond books, teachers, or education. He is an ecologist, geographer, biologist, and anthropologist, and no matter which title you give him, the truth is that Jared Diamond is one of the most curious people in the world. Since we are always looking for new labels for anything, we are impressed by people who have a lot of labels. In reality, Jared Diamond has been just a curious person who has been seeking answers to compelling and hard questions about the human condition. Because of his efforts to discover these answers, he has become an expert in many fields. Despite the fact that Jared Diamond might not be up on the latest news about Google’s latest algorithm update, Apple’s latest product launch, or the latest features the new iPhone has, he is the most qualified person to understand how the technology It is for this reason that Jared Diamond possesses experience in learning historical trends in several thousand years, and in dozens of cultures and societies. As well as living with small populations, like the New Guineans, he spent short intervals of time with small groups in his life. There is an excerpt from his book Guns, Germs & Steel that explains why western civilization was so technologically successful and advanced in comparison with other people, such as those in The answer may seem trivial to many in a hyper-technological age. Even more so with the advent of the digital age. Daily, we are passionate about reading and getting inspired by the exceptional stories of geniuses and successful entrepreneurs that are changing the world forever. Diamond has a slightly different view of how technology evolves and what influences its adoption throughout history, and he says that it largely depends on how well you can make something that works better than it used to.

Why the heroic theory of invention is flawed

Many entrepreneurial accounts that have influenced modern society share some similarities with ancient myths, legends, and the stories of heroes and geniuses. We wouldn’t have been able to achieve so much success in the west if we did not have Edison, Watt, Ford, and Carnegie. It seems to me that, no matter how much we love this theory, it does not It is true that those people were way ahead of their time. Their genius, risk-taking, and even maverick characteristics were all traits of geniuses. But did they really advance our society on their own? I don’t believe that to be Imagine if that was an isolated group of geniuses with the ability to think of the We wouldn’t have any traces at all of those discoveries or inventions if the culture around them had not been able to acknowledge them. Was a technological adoption influenced by what?

The four macro patterns of technological adoption

If we’re looking for technological adoption, we should pay attention to the following patterns There is a relative economic advantage with existing technology. There is a social value and prestige compatibility with vested interests. There is also an ease of observing those advantages

The relative economic advantage with existing technology

This seems to be an obvious point to make. An advantage doesn’t have to just be superior one technology can also be more cost-effective. However, they are way more effective. To think of an example recently, major internet search company Google It wasn’t the first company to get into the search industry when organization wl-no-link”>Google entered it. Despite being late, it managed to make its way into the game. But its algorithm, PageRank, took off to such an extent that it quickly became more popular than its competitors.

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Social value and prestige

The way we view ourselves as rational creatures doesn’t account for how much more social we are. We might be way more social than rational, despite how much we love to think of ourselves that way. Efficacy and innovation play equal roles in the adoption of a technological innovation primarily due to its social value and prestige. Consider the products of Apple’s organization. The business model used by Apple is better described as a razor and blade approach. As a result, the company attracts users on its platform, iTunes or Apple Store, by offering convenient price points for music and apps, and at the same time selling its iPhones at a very high margin. It is undeniably true that Apple’s brand, which it was able to build over the years, allows it to sell its computers and phones for a higher price than its competitors. For the time being, Apple represents a high-profit business model that still makes it extremely profitable, as of this writing.

Compatibility with vested interests

The QWERTY keyboard is used by Jared Diamond in his book Germs, Guns, and Steel to illustrate this point. It is the keyboard most probably you used on your mobile device or computer right now. This is a term which was given since the first six letters of QWERTY form the word itself. Have you ever wondered why you use this standard? You might think it is due to In fact, the opposite is true. This standard was designed at the end of the 1800s at a time when typewriters were the standard. Due to too fast typing, typewriters jammed (page 248 of Germs, Guns & Steel). Their plan was to slow typists down so typewriters wouldn’t jam anymore by coming up with a system that would slow typists down. In spite of that, as the years went by and mobile technology and computers became more prevalent, we continued to use the old system instead of switching to something more efficient. What’s the reason? Accordin to Jared Diamond, one of the biggest reasons for the lack of interest in switching to a new standard was lobbying by typists, typing teachers, typewriter salesmen, and computer makers.

The ease with which those advantages can be observed

Whenever a technological advance can be easily recognized as a fruit of the success of an organization, country, or enterprise, it will be adopted by everyone who is eager to keep up. An example would be when two countries go A secret weapon is given to one of them which makes the war possible. In the event that the losing side discovers this soon after losing the battle, that weapon may be adopted by the losing side next time too. Think of another It has become clear that big data will play a crucial role in determining how President Obama makes his decisions. It has, therefore, been used in a way to gain advantage over his competition during the latest US election. We now know what are the four macro patterns of technology adoption and how the adoption curve might work, so you might find it easier to navigate this technological gap!

Connected Business Frameworks- Lindy Effect

Non-perishable things, like technology or ideas, are subject to the Lindy Effect, which is a theory about the aging process. It is commonly known as the Lindy Effect, which holds that non–perishable things like technology age – linearly – in reverse…. An old idea or a technology will have a shorter life span, because the older it is.

Change Curve

Described by the concept of change curve, this model describes how people emotionally react According to the change curve model, terminally ill patients go through five stages of grief. The idea was introduced by Swiss-American psychiatrist Elisabeth Kübler-Ross. Additional versions consist of eight stages that go from denial to anger to frustration to depression to acceptance to exploration to commitment to

S-Curve

How old ways of doing business decline and are eventually superseded by newer ways over the course of a lifetime is illustrated by the S-Curve of Business. It is based on an element of mathematics known as the Sigmoidal function. Based on its graphic depiction of a typical company lifecycle, the curve illustrates how an organization grows.

Technology Adoption Curve

He writes about some of the lessons of Crossing the Chasm in his book. draws out and illustrates a model to show how high-tech products go through several stages of adoption. Based on the psychographic features of customers at each stage, there are five stages to the model A laggard is a laggard, an innovator, an early adopter, an early majority, and a late majority.

Product Life Cycle

Based on sales of a product over time, the Product Life Cycle (PLC) is a model that describes the phases through which a product goes. A model such as this may be useful when assessing the kind of marketing mix needed to allow a product to gain traction over time or to avoid the saturation of a market.

Creative Curve

A twisted U is shown in The Creative Curve by Allen Gannett, which describes popular ideas as arising from familiarity and preference. This is what the Creative Curve is all about. In the case of something very new and unfamiliar, we are not so fond of it. The Creative Curve indicates that popular ideas have an element of familiarity and a dash of novelty mixed in. Every idea, regardless of its relevance, has a point of overexposure where it becomes cliché, starting to lose popularity and falling out of fashion before it becomes obsolete.

 

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