Hype is the term used to describe an unwarranted, or false, sensation or elation. It is a common word in the marketing world, and it is important to be able to differentiate hype from truth.
Often, hype is associated with new technologies that promise to solve problems and offer a better way of doing things. This can be dangerous, as a company may invest in the wrong technology and lose money.
To help businesses navigate this tricky area, Gartner created a branded tool called the Hype Cycle. The cycle provides a graphic representation of the stages in which a technology goes through as it matures, and the risks that come with each stage.
The Hype cycle is an important tool that helps companies discern hype from truth, so they can make sound business decisions. It is an important component of any company’s risk management strategy.
In order to avoid hype, it is important for companies to be aware of the five stages that a technology goes through on its way to maturity and adoption. This will ensure that they are making the right decisions when investing in new technologies.
Stage 1: Technology Trigger
At this stage, a technology is conceptualized but is not yet functional. Often, this stage can last for years. It is a critical stage, because it is the time when new technologies are generating excitement and media attention.
It is also a good time to begin exploring the potential for commercialization. At this stage, businesses need to decide whether it is worth making an early investment or if it is best to wait for further maturity.
The Gartner Hype Cycle is a helpful way for businesses to determine when it is a good time to invest in an emerging technology. This is a great way to gauge the level of risk that they are comfortable with and the ability of that technology to deliver value to them.
During the development phase of a new technology, it is a good idea to conduct a proof-of-concept demonstration. This can be done by demonstrating how the new technology works or how it might be applied to solve a specific business problem.
This is also a great way to test how well people respond to it, so it can be a good indicator of whether or not you should make a large investment in the new technology.
The next step in the development process is to create a prototype of a new product, which can be done through an R&D department or a startup. This will allow the company to test whether they have the right design, functionality and production processes to produce an effective product that will meet consumer needs.
Once the prototype is complete, a marketing campaign can be launched to promote it. This can be done through social media, email, a website or a blog post.
The more you advertise, the more people will know about your product and the better chance you have of creating hype around it. This is especially true when you are launching a new product.