Crossing the Chasm: Where Most Businesses Fail

The tricky switch from early market to the mainstream market

Photo by Doran Erickson on Unsplash

Marketers have traditionally identified different kinds of consumers ranging from Innovators to laggards, with each dominating the market at a certain stage of a product lifespan. Each group of consumers have unique needs and wants that any successful company should identify in order to design their value proposition accordingly.

The kinds of consumers that will buy a product exhibit a range of adaptability to novelty, divided into five categories: Innovators, Early Adopters, Early Majority, Late Majority and Laggards.

• Innovators seek out novel technology; it’s like a hobby for them. There aren’t many Innovators, and because they’ll try new things, they are important. Other people see them use new things and feel braver themselves about trying them.
• Early Adopters are quick to understand the benefits of new technology. Unlike the Innovators, they don’t love technology for its own sake. This group relies on its own intuition and vision to make buying decisions.
• Early Majority are pragmatic…