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Definition
A company or a product is said to gain traction when they gain progress or momentum in a market. It can be any business factor that shows that the brand is gaining meaningful attention in the market. Traction could mean a spike in revenue, users, market share, or sales numbers.
How is it useful?
Through traction trends, investors get an indication & can predict any company’s growth. They use this information to make better investment decisions. It can also be used by the company's employees to diagnose a problem in their business model.
Example
A good traction example is iPhone by Apple. It gained massive traction in the initial launch and change the smartphone landscape forever. However, traction numbers don’t mean success is guaranteed. For example, the social audio platform Clubhouse had huge traction when it was only for iOS users; however, till its android launch, it couldn't live up to it. It started to fade eventually.