Whatever your product or industry, businesses need to understand if and when an interesting idea or innovation will go mass market.
Predicting the rate at which a new product or innovation will gain popularity is a vital part of business – and you usually only know you’re right in hindsight.
For an innovation to replace an existing product that serves the same purpose, two things must be in place:
Only with both of these factors offering compelling reasons for change will people’s habits and choices also switch.
In this exclusive interview Dr Mark Kennedy, director of strategy and organisational behaviour at the Imperial Centre for Business Analytics, looks at the difficulty of predicting tech trends, the challenges for analytics and how the key to profiting from a product’s tipping point comes in the timing.