The adoption cycle, also known as the technology adoption lifecycle, is a model that describes the process by which new products or technologies are adopted by customers. It is used to understand how new products or technologies are adopted by different groups of people, and it can also be used to predict how quickly a new product or technology will be adopted.
The adoption cycle is typically divided into five stages:
- Innovators: These are the early adopters of new products or technologies. They are typically willing to take risks and are excited about trying new things.
- Early adopters: These are the next group of people to adopt a new product or technology. They are often opinion leaders in their communities and are willing to try new products or technologies before the majority of people do.
- Early majority: These are the people who adopt a new product or technology after it has been proven to be successful by the innovators and early adopters.
- Late majority: These are the people who adopt a new product or technology after it has become mainstream. They tend to be more skeptical and will only adopt a new product or technology after it has been proven to be successful by the majority of people.
- Laggards: These are the last group of people to adopt a new product or technology. They tend to be resistant to change and are often skeptical of new products or technologies.
The technology adoption lifecycle helps companies and entrepreneurs to understand the behavior of the market, and it allows them to predict the rate of adoption of their product or service and also to identify the target audience. It can also be used to identify potential early adopters and create targeted marketing campaigns to reach them.
