Hey guys, Jusstin here and today I wanted to switch gears a little bit. Have you heard of the Innovation Adoption Lifecycle. Originally a model designed to track buying patterns, of hybrid seed corn, by farmers, the model has been adapted to describe how new technology and ideas spread throughout the US. As you can see it’s broken up into 5 sections:
Innovators– Their risk tolerance allows them to adopt technologies that may ultimately fail.
(Traits): Willing to take risks, Highest social status, Financial liquidity, Social, Closest contact to scientific sources.
Early adopters– They are more discreet in adoption choices than innovators.
(Traits): Highest degree of influence among the adopter categories, Tend to have a higher social status, Financial liquidity, Advanced education, More socially forward than late adopters.
Early majority– they adopt an innovation after a varying degree of time that is significantly longer than the innovators and early adopters.
(Traits): Above average social status, Contact with early adopters, Seldom hold positions of influence in a system.
Late majority– They approach an innovation with a high degree of skepticism and after the majority of society has adopted the innovation.
(Traits): Typically skeptical about an innovation, Below average social status, Little financial liquidity, Advised by late majority and early majority, Little influence.
Laggards– They are the last to adopt an innovation.
(Traits): Little to no influence, Typically have an aversion to change-agents, Tend to be focused on “traditions,” Lowest social status, Lowest financial liquidity, Oldest among adopters, Advised by family and close friends.
So where do you fall on the curve?
Believe it or not where you fall on the curve will dictate the amount of success you achieve in life and business. Remember Blockbuster video? Originally an innovator in the video rental market, Blockbuster spearheaded revenue sharing between movies studios and rental companies. Blockbuster was unstoppable until two small start ups, Redbox and Netflix, came on the scene and disrupted the market.
Innovators and early adopters jumped on the new services which eroded Blockbuster’s revenue. Still, Blockbuster ignored the growing trend. The tipping point for Blockbuster’s demise came in the year 2000 when they declined a $50 million offer to buyout Netflix. The rest is history as the say. Blockbuster’s mistake was that the heads of the company were part of the late majority thinking wise. They didn’t believe that DVD by mail and streaming services could compete with brick and mortar video stores. AND they were dead wrong. By the time they realized their mistake and began their own services to compete, the race for supremacy was already over.
The saddest part about this story is that it’s not original. Countless industries have seen this sort of disruption. Beta Max lost to video cassettes. Video cassettes lost to DVD. MySpace lost to Facebook. And currently taxis are taking a beating from Uber and Lyft. Innovation is the natural law of the world and as you can see the ones who ignore this law lose… Badly.
Right now, if you are marketing a product or idea and your business doesn’t have a social media presence, you’re not in business. Traditional forms of advertising like commercials or billboards are ignored. The three places that have everyone’s attention are Facebook, Twitter, and Instagram. However, that attention is shifting to another platform. In the next 1-3 years Snapchat will be a big deal in branding. The question is will you be a big deal on Snapchat by then?
The main benefit to being an innovator or early adopter in social media platform is you can become an authority figure if you use the platform correctly. Newcomers will look to you to figure out how the new platform works giving you a lot of influence. Have you heard of King Bach? He was an early adopter of the social media platform Vine. Bach gained popularity from his funny 6 second videos. In 2016, Bach has turned that fame into an acting career appearing in several movies as of late.
Have you found your place on the curve yet?
Truth is this Innovation Adoption Curve represents your life in general as well. How long does it take you to adapt to changes at work? I work at Amazon, a place that’s always innovating. Procedures change often. It’s interesting watching the different types of people address these changes. The most vocal and resistant group of people at work are the laggards. Laggards swear that any changes made are going to hurt overall productivity. The laggards fight to keep the old processes to the point many get fired or just quit.
How fast do you adapt to health related changes? Before or after your doctor tells you you’ve had a heart attack? Sadly, it’s not until we get sick that we make changes. People are creatures of habit so if you’re live in the late majority with health changes. you live there at your job and in your pursuit of success as well. This is your wake up call. If you fall on the downward side of the bell curve commit to embracing change just a little bit earlier. Your choices are detrimental to your future…
So which one are YOU? I know it’s the third time I’ve asked but I am curious. Did you decide to move over a category? Has the category you’ve been living in caused you any unnecessary stress? Make sure to drop a comment below! And if you’re feeling generous smash the like button and share this with your friends and family. I would greatly appreciate it!!! Bye for now…
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