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Diffusion of Innovation

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by

Leslie Vincent

on 9 May 2016

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Transcript of Diffusion of Innovation

Early Majority
"Pragmatists"
Key to profitability for new products

Do not like to take risk and will wait for the bugs of the product to be worked out

Want more information about the product before they purchase

More price sensitive than the Innovators and Early Adopters

When Early Majority purchases the product, the number of competitors has likely reached its peak
Diffusion of Innovation
Crossing the Chasm
Innovators
"Techies"
Early Adopters
"Visionaries"
The Chasm
Late Majority
"Conservatives"
Laggards
"Skeptics"
Want to be the first to adopt

Not as worried about product performance as they are about having the newest product

Willing to take risk

Considered to be knowledgeable

Stay up to date on developments within product categories they care about

Help the product gain market acceptance
Product has achieved its full market potential

Sales are level or may be declining

Very price sensitive

Skeptical of new technology
Do not believe in the value of new products

Avoid change until they absolutely have to change
Will not tolerate as much risk as innovators

Purchase product after careful review

Value novelty of products

Opinion leaders

Willing to pay for superior products
Based on the book
Crossing the Chasm
by Geoffrey Moore

Most difficult step in the diffusion of radical new technology

Focus on pushing the technology to the early majority that are more risk averse in adopting new technologies
2.5% of the market
13.5% of market
34 % of the market
34 % of the market
16% of the market
Full transcript