HOW TO STAY AHEAD OF THE INNOVATION CURVES IN BUSINESS

What is the product adoption process?

A new product consists of a service, good, or idea that potential customers might perceive as positive. The adoption process is defined as the mental procedure through which a person makes a transition.

It goes from having initial learning about Innovation to the final adoption of it. Adoption is a decision someone makes to become a regular user of a certain product.

There are 5 stages that describe what the process of adopting new products is like. Next, we present them to you.

  • Awareness : consumers are aware of the existence of a new product but need more information about it.
  • Interest : Buyers are looking for information about the new product.
  • Evaluation : Customers discuss whether trying the product is a good idea.
  • Trial : People try the product on a small scale.
  • Adoption : individuals decide to use the new product regularly.

What is the innovation adoption curve?

The innovation adoption curve is a model that classifies users into different categories according to their willingness to adopt a certain innovation or technology.

The innovation curve was proposed in 1962 by Everett Rogers in his book "Diffusion of Innovations," where he establishes that, in the process of adopting a product, psychological and demographic factors influence consumers' ability to test innovation levels. A new product. It also delves into the causes that lead to the adoption of an innovation massively. Above all, it contains the popular cataloging of the types of adoption or types of adopters of the Innovation.

When to use the innovation adoption curve?

You should use the innovation adoption curve if you are running a startup, as it gives you insight and will help you know who you should focus your efforts on to attract consumers.

Therefore, when starting a business, it is useful to know the process of adopting a product and the innovation curve. Thus, you will avoid wasting time, energy and resources trying to attract the wrong consumers.

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Types of adopters of an innovation or new product

According to Everett Rogers, the types of adoption or types of adopters of Innovation are classified as follows.

  • Innovators
    They make up 2.5% of the population and are first interested in new initiatives or ideas. They play an important role in organizations because they import ideas and products to other members of the innovation adoption curve, overcoming established limits and becoming spokespersons for new ideas in different contexts. They can easily buy new products or innovative technology, even though they are more expensive.
    During their product adoption process, innovators or innovators demonstrate these characteristics:
    • They are risk-takers by nature and are excited by the possibility of accessing new services, products and methods.
    • They have greater purchasing power.
    • They are normally connected to the industry within which the technology or new item is generated.
    • They tend to socialize among themselves.
  • Early adopters or early adopters
    These types of innovation adopters make up a more integrated portion of the system. They represent 13.5% of the population and are seen by others as opinion leaders. For this reason, they become reference points in terms of information and advice. Before resorting to the use of any new idea or product, many people consult them. So they rank second on the innovation adoption curve.
    The main characteristics of those who belong to this group of types of adoption are:
    • They have some degree of leadership over other potential adopters.
    • They are very influential in any space within the market.
    • They convince other people to buy the new product.
    • They are the first to test and show the products on social media.
  • Early majority or early majority
    The early majority come to be the middle part of the innovation curve because they are among the pioneers and innovators. In general, they represent 34% of all users. They play an important role among the adoption types, being the organization's interconnection. In order to adopt changes, they require certain tests or evidence to support initiatives in the field of Innovation.
    These types of innovation adopters, who are involved in the innovation adoption curve, have these characteristics:
    • They take only a few risks.
    • They appear when a product begins to show certain attractiveness within the market.
    • They make sure to spend the more limited resources they have wisely.
    • They have above-average social status but are not opinion leaders.
    • They maintain contact with other influencers based on their opinions when making decisions.
  • Late majority or late majority
    Conservatives tend to adopt new ideas later than average members of that organization. This group views the initiatives skeptically and analyzes them quite cautiously. So they wait until the vast majority have incorporated the new product into their lives. They make up 34% of the population.
    On the innovation adoption curve, conservatives are characterized by the following.
    • Have less purchasing power.
    • Tend to use your resources only on solutions that have been proven.
    • Having very little interaction with Innovation and opinion leaders compared to other adopter groups.
  • Laggards
    In the innovation adoption curve, the last category is made up of laggards, who represent the remaining 16% and are the ones who take the longest to complete the process of adopting a new product. They take refuge in what is already established and make decisions considering the past.
    Those in this group of adoption types are distinguished from the rest of the innovation adoption curve because:
    • They value traditional methods in doing some things and are averse to risk and change.
    • They generally have a low socioeconomic level.
    • They rarely seek opinions outside of their social environment.
    • In certain cases, older individuals need to become more familiar with the modern or technological.
    • Your input indicates that the product is declining or ending its current life cycle.

Examples of each category of innovation adopters

To take advantage of the innovation curve, more is needed to know what the adoption process of a product is. It is important to have real examples to inspire you.

Therefore, below we will show you an example of all the categories of types of innovation adopters.

  • Example of innovators
    Apple relied on technology enthusiasts and the innovation adoption curve to succeed. They did that with their first iPhone in 2007 when the company was new to the technology industry. Despite this, many innovators quickly invested their money in their smartphones. Due to their high purchasing power, they decided to pay a high price for one of Steve Jobs' devices.
  • Example of early adopters
    In 2020, Samsung targeted trendsetters by offering free wireless headphones from its brand. The condition was that people ordered the Samsung S20 Plus before its launch. Of course, many early adopters were willing to take that risk knowing they would be rewarded. This is a way of targeting a product launch to a group on the innovation adoption curve.
  • Example of the early majority
    Apple has also attempted to target the pragmatists of the innovation adoption curve. That is perceived when evaluating the example of its first version of the iPhone 2007. The starting price for the model with more storage was $600, but 2 months later, it dropped. The brand reduced the price of that same model to US$400, thus attracting the early majority. These types of innovation adopters tend to wait for cheap versions of info products.
  • Example of the late majority
    A general example of conservative consumer behavior is seen when the Blu-Ray player came out. At that time, a publicity war occurred between it and its predecessor, the DVD. Those who fall into this category of adoption types were content to wait for the winner. They waited for the best option to be verified, and some even took years to make their purchase.
  • Example of laggards
    Businesses still using the ABC method serve as an example of the final category of adoption types. That's because it consistently posts returns of just 2% annually. While other methods in the industry come to record an average return of 5%, there is no doubt that those who belong to the group of laggards lose many benefits.

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How to define a value proposition for an innovation?

You must start your value proposition by establishing what you will sell in a certain market or niche. Clearly show people or organizations what they will get if they buy your products or hire your services. It is about highlighting everything that would motivate consumers to choose you instead of your competition. Therefore, the proposal should focus on the benefits customers will obtain and the solutions you can give them.

Steps to Implement a User Adoption Strategy

Generally speaking, these are the steps you should take if you are looking to implement strategies along the innovation adoption curve:

  • Conduct research
    Knowing the innovation adoption curve is essential to developing a strategy that facilitates product adoption. Besides, you have to carry out research on the users you want to target. This way you will understand their needs, motivations, pains, complaints, circumstances, beliefs and the reasons that prevent them from adopting the product. Often, consumers do not buy a product for unusual reasons.
    For example, some believe that the product needs to be more complex and expensive or does not suit their needs. Once you know where the problem is, you can speed up the product adoption process.
  • Make the necessary adjustments
    You can make certain adjustments to your marketing campaigns or your product to encourage adoption. The service or product's value must exceed its cost for the types of adoption to occur.
    So, increase the value, reduce the effort, or do both, and you'll see a good innovation curve. You can achieve this in marketing by offering promotions, gifts and discounts. This will increase the product's perceived value (remember that the mere perception of value itself is a very important added value for your business). On the other hand, you can include new features that increase the product's usefulness.
  • Retain familiarity
    In order to capture a certain group on the innovation adoption curve, you want to maintain some degree of familiarity. Users follow a law of inertia that leads them to stick with the products and services they know. So be sure to lower the barriers and adhere to some common design conventions that many are familiar with. That way, it will cost less for certain groups of adoption types to adapt to what you offer.
  • Offers help with adaptation
    Another measure that you should take, after studying the innovation adoption curve, is to provide help to facilitate the sequence that explains what the adoption process of a product is.
    You can offer some of these things.
    • User surveys to measure their level of satisfaction.
    • Videos with good marketing.
    • Explanatory animations.
    • Page to answer frequently asked customer questions and a section to help them.

How to measure user adoption strategy?

To successfully manage the adoption process of a product, taking advantage of the innovation adoption curve, you must.

  1. Choose a concrete objective that reflects the meaning of adoption in your business.
  2. Decide what needs to be changed to achieve the last objective.
  3. Select the metrics with which you will measure the success of the adoption.
  4. Develop the tracking plan by defining what will be assigned to each metric.
  5. Capture metrics for reference, calculating changes in adoption.
  6. Carry out the necessary changes.
  7. Measure if there were changes in adoption.

Take advantage of the innovation adoption curve!

Now that you know how to identify each category of the innovation adoption curve, you have more preparation. So use this information to create optimized action plans for your business.

Reaching the precise demographics that make up your target audience will be simpler for you if you do this. This will enable you to market your product and shorten the adoption gap effectively.

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