The next group are the early majority, they are the key to getting a stable foothold on the market. This group are very loyal customers if you win them over and essential in securing growth and profitability. The next group are the late majority and are characterized by demanding easy to use, value-for-money products before anything else. Finally, the laggards, this group are the last to adopt an innovation. As clients they can be very tough to win and are therefore often ignored by many marketing efforts, yet can provide important feedback regarding the areas where your product could be further improved e.g. made even simpler, cheaper and more convenient to use.

The chasm is the point where the vastly different motivations for using the new product are emphasised. Visionaries seek out dramatic shifts in productivity which can enable them to quickly move forward, even despite resistance from within their own companies, the pragmatists want gradual, steady improvements, making sure no drastic changes occur too fast.

When trying to explain the Diffusion of Innovations theory to students, I always felt breaking it down to a simple analogy made it more palatable.

The first group are the innovators for whom owning the latest everything is a passion and an end in itself. The innovators proactively seek out new products to try them out, requiring almost no marketing efforts from your part. The next group are early adopters in search of competitive advantages provided by new products and services. The early adopters view technology as a means of achieving breakthroughs and aggressively gaining market edge.

The first two groups (the Innovators and Early Adopters) are visionaries. They want revolutionary change, something that sets them apart qualitatively from their competitors. They are the people who buy brand-new technology, before it’s been perfected or proved or before the price has come down. They usually have small companies and are willing to take enormous personal risks.

The mainstream market

The early market