Knowing your potential customers not only means understanding and researching their demographics and psychographics but also being aware of the innovation adoption life-cycle. Simply put, if you intend to enter a market place with a new idea for a product or service you should have an understanding of how rapidly your customers may or may not take to something new.
If you get in too early, you may wait a long time before you make sales, if any. Enter the market too late and you may have missed the boat. Understanding market timing can help you with your decision-making. Continue reading “How far ahead of your customers should you be?”