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Curves
Summary
The article discusses the adoption curve of products, also known as the "S-curve." In the early stages of adoption, growth is slow. However, at some point there is an "elbow" where growth accelerates and builds on itself. Eventually, saturation is reached and growth slows down again. The article states that it is important to target overlapping S-curves in a balanced portfolio. Additionally, it is important to recognize that you have to operate differently depending on which phase of the curve you are in. In the "hunting" phase (before you have product market fit), you want to move quickly. In the "foraging" phase (once you have product market fit), you want to grow as fast as you can. And in the "farming" phase (once you saturate the market), you want to serve your community as efficiently as possible.
Q&As
What is the S-curve?
The S-curve is a curve that describes the adoption of products over time.
Why is it important to target overlapping S-curves?
It is important to target overlapping S-curves because it allows you to balance your portfolio and capitalize on opportunities.
How do you operate differently in each phase of the S-curve?
You have to operate differently in each phase of the S-curve because the market changes and you need to be able to adapt.
What is the goal in the farming phase?
The goal in the farming phase is to serve your community as efficiently as possible.
Why is the value of exploration lower in the farming phase?
The value of exploration is lower in the farming phase because consumers are not looking for something new, they are looking for the thing you already provide.
AI Comments
👍 This article offers a great framework for thinking about product adoption curves. It is clear and concise, and provides helpful guidance for businesses at different stages of the curve.
👎 The author's use of the term "S-curve" is simplistic and inaccurate. The adoption curve of any product is much more complex than this, and businesses would be wise to not rely too heavily on this framework.
AI Discussion
Me: It's about how companies should operate differently depending on what stage of the adoption curve they're in.
Friend: That makes sense. In the early stages, you have to move quickly and exploration is important. But once you find product market fit, you have to focus on growth. And once you saturate the market, you have to be efficient.
Me: Yeah, I think it's important to recognize which stage you're in so you can focus your efforts in the right area. Otherwise, you might miss out on an opportunity or waste time and resources.
Action items
- Understand which stage of the adoption curve your product is in.
- Target overlapping S-curves in a balanced portfolio.
- Recognize that you have to operate differently depending on which phase of the curve you are in.
Technical terms
- S-curve
- a curve that describes the adoption of a product over time, with slow growth in the early stages, followed by accelerated growth and then saturation
- product market fit
- when a product meets the needs of a market
- competitors
- other companies offering similar products