The innovation adoption lifecycle is a model that describes the stages that a new product or technology goes through as it is adopted by consumers. The model was first developed by Everett Rogers in 1962 and has been widely used in marketing and technology fields since then. The model divides the adoption process into five stages:

1. Innovators
2. Early Adopters
3. Early Majority
4. Late Majority
5. Laggards

Each of these stages represents a different group of consumers who adopt new products or technologies at different rates and for different reasons. Let’s take a closer look at each of these stages:

1. Innovators: These are the first individuals or organizations to adopt a new product or technology. Innovators are typically risk-takers who are willing to try new things, and they make up about 2.5% of the market. Examples of innovators could be early adopters of electric cars or people who use new social media platforms before they become mainstream.
2. Early Adopters: This group makes up about 13.5% of the market and is characterized by individuals or organizations that are willing to try new products or technologies but are more cautious than innovators. They are often opinion leaders or influencers in their social circles and can help to spread awareness and interest in the new product or technology. For example, early adopters of the iPhone were people who wanted to have the latest technology and were willing to pay a premium price.
3. Early Majority: This group makes up about 34% of the market and is characterized by individuals or organizations who adopt new products or technologies once they become more established and widely available. They are often more risk-averse than early adopters but are still willing to try new things. For example, early majority adopters of ride-sharing services like Uber or Lyft were people who had heard about the service from friends and family and were curious to try it themselves.
4. Late Majority: This group makes up about 34% of the market and is characterized by individuals or organizations who are more skeptical of new products or technologies and tend to adopt them only when they become essential or widely accepted. For example, late majority adopters of online shopping were people who had previously been reluctant to buy products online but were forced to do so during the COVID-19 pandemic.
5. Laggards: This group makes up about 16% of the market and is characterized by individuals or organizations who are resistant to change and often only adopt new products or technologies when they have no other choice. For example, laggards in the adoption of digital payments might be people who prefer to use cash and are resistant to using credit cards or mobile payment apps.

In conclusion, understanding the innovation adoption lifecycle is important for businesses and marketers as it can help them to develop effective strategies for introducing and promoting new products or technologies. By targeting different segments of the market at different stages of the adoption process, businesses can increase their chances of success and maximize their impact.