Market innovation diffusion

Whatever you sell, it is very important to understand how quickly the product becomes known in the market and it really starts to buy.

To plan the promotion of any product on the market, it is very important to understand how the product lives on the market, and how consumers behave in relation to it at each stage of the existence of the product.

To understand this, they form the so-called product life cycle, which includes four stages: product introduction, growth, maturity in the market and recession. In the implementation phase, few people buy a product, and often buyers are people who are not afraid of the new, want to try something unusual. In the growth phase, the product is bought more, not only by innovators, but also by consumers who have recognized the product. Most of them can become regular consumers of the product.

At the stage of product maturity, they can reach the mass market: those who do not like to take risks. Finally, during a recession, fewer people buy goods, and among consumers there may be those who for some reason did not have time to buy the goods, or doubted their purchase. The market at this time is already saturated with goods. Such people usually do not like risks and require guarantees: it is important for them to understand that the goods will really meet their needs.

An important characteristic for the distribution of goods on the market is the diffusion of innovation. In other words, to understand the behavior of the market, it is important to know how quickly everything new spreads on the market. It depends on how quickly consumers begin to recognize the product and buy it. Several factors can influence this process, the main of them:

· Age and other demographic characteristics of consumers. Young people are more likely to be innovative.

· How many people decide to purchase a product. The more people - the less chance that people will buy the goods first.

· Satisfying a significant need. If the proposed product can help people solve the problem, perhaps they will make a purchasing decision faster.

· The presence of risks. It would be more correct to write - "the presence of perceived risks." In other words, if this purchase entails a serious risk to the consumer, he may refuse to purchase.

· The advantages that this product offers. If the consumer can get significant benefits from the product - he will buy it soon.

Thus, if your product is innovative, for its successful life in the market you should make an effort to tell consumers about it. Think about where and how you can do this. Emphasize its benefits, tell you exactly what problems it will help to solve - and success will not take long.