Before making purchases, the typical consumer goes through a 3 step process:
- Product Awareness – the consumer either becomes aware that a product exists in the marketplace or realizes the need for that type of product
- Product Consideration – the consumer compares the product against other similar products available and weighs the pros and cons.
- Product Purchase – this stage is the focus of this blog.
Once the awareness and consideration stages are complete, there are 5 purchasing stages of the Technology Adoption Lifecycle. The adoption lifecycle was developed by Everett Rogers to describe the different ways people adopt technology and the characteristics those consumers possess at each stage.
Which type of technology consumer are you?
Innovators account for roughly 2.5% of the buying population. Also known as Technology Enthusiasts or “Techies”, these innovators are ready to try products even before they go to market. Innovators often purchase Beta products and at times, those products fail because the product is so immature. As the smallest group of consumers, Innovators show extreme interest in new technology developments and usually focus within a particular industry: music, communication, tablets, etc. Because new technology usually has a high-price tag, Innovators are also known for being the most risk-oriented and have the greatest means for high-cost technology purchases.
Early Adopters account for 13.5% of the buying population and are second smallest set of consumers in the technology adoption lifecycle. This relatively small demographic tends to include well-educated individuals who are usually younger in age. Early Adopters, also known as “Visionaries”, are the first consumers to buy a new product as soon as it hits the market. They generally provide invaluable feedback to product developers about bugs and imperfections that could be improved.
The Early Majority consumers on the adoption lifecycle represent 34% of the buying population – significantly larger than the two previous consumer groups combined. This portion of the population is open to new ideas and products, but are more careful in making the decision to adopt new concepts. Early Majority consumers, also known as “Pragmatists”, are typically in contact with Early Adopters and wait to see how the technology was received before they consider investing. Because of their slight purchasing hesitancy, the Early Majority group has a much longer adoption stage than Innovators or Early Adopters.
The Late Majority group, also known as “Conservatives”, represent 34% of the buying population. Those who fall into this stage of the adoption lifecycle are known to be more risk-averse and, at times, conservative. This large group of purchasers typically wait to adopt new technology after the majority of other consumers have already done so. At this stage of the adoption lifecycle, the curve is on a downward trend as the adoption lifecycle begins its decline. The Late Majority group of consumers have a large adoption timeline, similar to the Early Majority adopters.
The Laggard group represents 16% of consumers and is also referred to as the “Skeptics”. This group is the final group in the technology adoption lifecycle are the most traditional consumers, even considered technology-averse. This group is typically made up of older consumers who prefer to continue to do things the way they are used to doing them. Typically, Laggards finally make the decision to purchase technology once there is an even newer technology making its way through the adoption lifecycle.
What type of technology consumer are you? Do you find yourself carrying your personal buying patterns over to your professional purchasing decisions? Revolution Group’s team of Managed Service Providers is full of innovative professionals who love technology, offer complete IT support services and partner with many businesses in the central Ohio area to help them determine the right time to invest in technology.
For more information on how a Managed Service Provider can benefit your business through technology, read our blog, “What is a Managed Service Provider.”