How can IoT companies capitalize on the unique marketing opportunities presented by wearables and other smart devices?
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
1. Predict Customer Needs
We are quickly approaching the day when IoT, wearables, smart home and smart cars converge into one general “smart life.” When that happens, IoT companies will have the ability to assess data from multiple sources to accurately predict customer needs. For example, Amazon could determine that you need new running shoes because your Fitbit provides the mileage you run every day.
2. Use Analytics to Track Behavior
IoT companies can better target their marketing messages by analyzing the data offered by wearables and other smart devices. You can use the data collected to customize your marketing messages and take customer relationships to the next level. The key is to track the right metrics and use that information to form your marketing strategy.
3. Seamlessly Integrate Platforms and Other Devices
By connecting with platforms, such as Amazon Echo and Google Home, IoT devices can be easily turned on through a simple verbal phrase. IoT companies can integrate data from multiple devices to deliver a more compelling user experience. For example, a smart scale can pull data from Fitbit and Noom Coach to put your weight in context with your exercise and diet.
4. Establish Credibility in the Healthcare Industry
The healthcare industry will be a major outlet for IoT companies to capitalize on unique marketing opportunities. Wearables will be able to keep track of vitals and even brainwaves, changing the game of clinical trials. Strict monitoring and reporting will increase credibility for emerging drug and technology marketing.
5. Use Partnerships to Penetrate New Markets
Apple’s recent event is a perfect example of how brand partnerships can help IoT companies penetrate new markets. The Apple Watch is available in Nike and Hermes versions, each of which is essentially the same hardware with a unique design and, in Nike’s case, an app tailored to Nike’s market. The partnerships magnify Hermes, Nike and Apple’s abilities to reach out to divergent markets.
6. Use GPS Technology for Special Offers
We’ve seen it through the success of Groupon — people are always looking for a better deal. Marketers can capitalize on the location of their customers by partnering with specific retailers to receive data about when customers are in a particular area and whether their partners are having a clearance sale or special. It would be a unique experience for customers.
7. Tread Carefully With Privacy Concerns
IoT companies will have to tread carefully in terms of using wearable and smart device data for marketing purposes. There are many privacy and security concerns that would have to be addressed using a very clear opt-in feature that is required in order to use wearable/smart device data for marketing purposes. Once this has been addressed, the unique marketing opportunities presented are limitless and very personal.
8. Focus on the Future
When I was at Google New York, their wearable technology wasn’t the most astounding thing. What struck me most was the video that told the story of a future that looked — like the Jetsons — where life was better because of tech. Wearables and smart devices open up a world of possibilities for consumers around the world, and companies who own the vision of the future will also own the most valuable brand.
9. Be Everywhere
It’s time for IoT companies to focus on partnerships, sponsorships and syndication so that they can keep up with new marketing opportunities within smart devices and appear in every space possible. By partnering with other companies and syndicating content on multiple platforms, your name and brand will be visible across all channels and will be interacted with more than ever before.
10. Highlight Sustainability
Technology goes out-of-date much too quickly, and people are starting to realize that our technological waste takes a toll on the environment and our wallets. To get more people interested in wearables and smart devices, market a product that can grow and change with the user. There’s a phone that has removable and replaceable parts, but another example is wearable technology that features changing colors.