3 min readIoT Products – Survival of the Fittest Most early stage consumer IoT product [...]
Most early stage consumer IoT product manufacturers find themselves asking the same question; “how can I get to market the fastest without compromising the quality of my product and depleting my resources in the process”. It’s essentially survival of the fittest, and chances are, the product makers who know the most about their product are going to survive. But how, at such an early stage, can a “product maker” know so much about their product that it actually helps them develop a better product? The answer is quite simple: IoT analytics.
Focused IoT Product Marketing: Connected products produce a constant stream of sensor and time-series event data. Many consumer product makers can use this data for targeted marketing purposes, where they can learn the demographic of their users in real-time – at an individual and aggregate level. Knowing your customer demographics, down to age and city of residence, is a huge advantage for marketing and sales teams. Using this data, they can segment customers and create tailored marketing campaigns to boost adoption and engagement.
To illustrate with an example, product makers can also segment customers by usage, product type, and consumption patterns. Understanding trends and patterns is very beneficial, because companies can see how pushing a marketing campaign for a specific profile of user on a Tuesday afternoon likely wouldn’t have the same outcome as prompting action on other days, or they can understand how usage of certain features can boost adoption and engagement. This is just a basic example of how IoT analytics can improve the marketing efforts of a connected product. Connected product marketers can use product data to better focus their promotional spend and more importantly, differentiate from competitors.
But as mentioned earlier, data insights can be used for much more than just marketing campaigns. That brings us to the next point; how can data be used to make a more relevant and superior product? Deriving actionable insights from your product data is a prime factor pushing your product ahead of your competitors’ products. Let’s take two smart lock makers as an example. For the sake of argument, we’ll call them smart lock ‘A’ and smart lock ‘B’.
Smart lock ‘B’ is at a clear advantage over their counterpart, smart lock ‘A’. Leveraging advanced analytics, they can understand and visualize their product data. The goal of having a connected product is to understand the “4W1H” of the product:
who – who is using my products?
when – when are my products being used?
where – where are my products being used?
why – why are/aren’t product features working?
how – how is/isn’t the product being used in terms of features?
If that information isn’t readily available for product makers, then why have a connected product?
New Kickstarter and Indiegogo campaigns are regularly being created by IoT product makers, with the hope of being the makers of the next Nest or Canary. However, without a complete data strategy, the odds of doing so are stacked against you. IoT data analytics provide product makers with the ability to adapt and revamp their product(s) on the fly according to how their customers, those who determine the success (or failure) of the business, use their devices.
All of this is to say, if you’re not using IoT data to differentiate from your competitors, you’re falling behind.
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