Hype is a buzzword that describes the excitement people have about a product or service. It can be created by a number of means, including advertising campaigns, social media, and word-of-mouth marketing.
When hype is done correctly, it can be a powerful tool in the marketing and sales process. It can help you build a sense of urgency that will make shoppers want to act quickly. It can also be used to promote special offers or events that sell out in short order.
While hype is often a positive thing, it can also be negative. If a product or service doesn’t meet expectations, it can cause early adopters to fall into what Gartner calls the “trough of disillusionment.” This is where people stop believing in the innovation and start to question whether they’re making the right decision about investing in it.
This is where companies have to take a more moderate approach to technology investments. Executives who are willing to risk taking a chance on an emerging technology can reap the rewards of early adoption, but they must be aware that this approach comes with risks and costs.
The hype cycle, outlined by Gartner, helps organizations assess the maturity of emerging technologies and provides guidance on where to invest in new products and technology solutions. This type of analysis can save organizations time, money and resources when researching emerging technologies and determining their future growth potential.
There are five phases in the hype cycle, each of which represents a different stage of maturity in the lifecycle of a technology. During each phase, interest in the technology grows as the technology appears in a variety of forms and is promoted by various channels.
As the product begins to gain widespread use, a sense of familiarity develops and users become more productive as they learn how to make full use of the technology’s features. This can result in higher productivity and lower operating costs.
During this phase, a number of new versions of the product are released. Many of these versions come with new features or enhancements that provide additional benefits.
These features can add value to the user, such as the ability to edit video or create interactive experiences for the user. They can also increase the amount of information that the user can access.
It can also lead to a feeling of being overwhelmed by the technology, which can negatively impact users’ experience with it. This is particularly true for early stage innovations, where the technology is still relatively new and the consumer doesn’t have a strong understanding of how to use it effectively.
The hype cycle is an essential tool for assessing the maturity of emerging technologies and guiding businesses on where to invest in them. It can also help companies understand how to avoid hype and other common traps in the innovation process.