Businesses must consider appropriate channels to market, even utilizing a multi-channel approach, to cater toward varying ages and innovation-adoption rates, says Cint, a provider of market insight tools.
The adoption curve, also recognized as the Diffusion of Innovations theory, suggests people adopt ideas, products and services at different rates depending on a host of influencers. One significant factor being age, hence the increasingly reported age-adoption curve. Also present are clearly defined categories within this theory, which are innovators, early adopters, early majority, late majority and laggards.
Market intelligence has always been fundamental to success for many brands, however, the fast pace of change in consumer behaviour makes the market increasingly tricky to navigate. The reported age-adoption curve means recognizing these different stages in the curve is crucial to be able to tailor an approach whereby the message and value will resonate with that buyer in that particular stage.
Cint’s CEO, Bo Mattsson, says: "Innovators will most likely be young and more predisposed to taking risks, and be of a high social standing. Whereas those in the late majority, will be older and possibly reluctant to adopt until forced. Therefore, these very different groups require very different approaches. Channels should be thoroughly explored and considered to ensure the best route to market and, quite often, a multi-channel approach is the most effective. This can sometimes present challenges as budgets these days are often being squeezed. However, more cost effective methods of undertaking consumer research are available, such as online surveys using a DIY approach."
The market insight industry has evolved significantly in recent years, and services have become much more accessible thanks to self-service tools which provide a cost-effective solution for brands.
Bo concluded: "The market research industry has responded to the more complex approaches needed to gain true, valuable insight. Also, there is a greater demand to tighten budgets and for accessible, easy-to-navigate research tools. Failure to utilize this vast array of solutions can only have a detrimental effect on the bottom line for brands and businesses."
Cint offers DIY research tools to allow brands and businesses to access opinions from around the world, as well as enable them to develop and manage their own survey panels. For further information please visit www.cint.com.
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