Term that describes the cycle of acceptance and adoption of a new technology or product. The lifecycle is typically broken into five phases that can be distributed on a bell curve.
Innovators, the smallest group, can be described as technology enthusiasts at the vanguard of product adoption. Early Adopters take on the new technology before the majority of their peers. The largest groups on the curve are the Early Majority (who typically wait until the technology has proven to be useful and mostly free of “bugs”) and the Late Majority (whose adoption of a new product or innovation is akin to “jumping on the bandwagon.”). Laggards adopt the new product only when they have no other choice – i.e. when there aren’t any available options.
For those companies that develop new products and innovations, knowing where in the lifecycle a particular offering resides can strongly influence decisions about marketing and sales.