… who understand IoT (Internet-of-Things) beyond technology and want to solve the current industry shortcomings by innovating the Go-To-Market model
If you agree that the time for making pilot projects to test the technology or consumer interest is in the past, and that we instead must focus on learning how to sell and use smart home/IoT solutions to engage consumers, you should definitely get in contact (see below).
Smart home technology has failed to engage consumers for three decades! Why should it be different with (consumer) IoT? IoT is just a modern term for ‘smart home’, so unless we change something else in the equation, we shouldn’t expect different results.
Why has it failed? Because only 16% of people are tech-savvy Early Adaptors. It means that the rest of us – the majority of consumers – are not actively looking for smart home or IoT products, but the smart home industry keeps throwing conventional tech products and gadgets in our faces, expecting this or that new feature to make the difference.
Most consumer technology professionals seem to acknowledge this fact – not all seem to use it in the strategic decision-making, though.
It’s evidenced by companies especially in the energy, telecom and insurance/banking industry that increasingly look to offer smart home/IoT products to their customers. Energy utilities and telecom providers have tried it years ago and failed, but the paradigm has shifted, and the tech landscape is different today. And as a consequence, the classic smart home/IoT thinking and learning from past failures do not apply anymore; the technology is mature, the consumer is connected, connectivity is ubiquitous and smart home has become consumer electronics!
Today’s fast-paced, constantly changing technology landscape is dominated by consumer electronics incumbents such as Amazon, Google/Nest, Apple and Samsung (although it’s doubtful whether the two latter really belong to the leaders in today’s smart home/IoT market).
One should expect consumer-facing (B2C) companies today to invest more in positioning themselves in this digital market, even if – or maybe especially if – they have not considered digitization a key strategic component in the past!
And many large companies do consider smart home/IoT, but for some reason mainly through a technology lens, thereby missing the bigger picture – including the elephant in the room:
Technology is not the reason why Smart home/IoT is not being adopted today! Instead, lack of being offered a customer/smart home journey and the ability to try out ‘smarter living’ without having to make or comprehend a big buying decision and revising your entire lifestyle, are the key barriers to adoption for most consumers!
If this is true, why do so many companies insist on repeating old Go-To-Market mistakes by merely trying to resell smart home/IoT products in a webshop to their customers…?
Let’s take it again:
Only 16% of people are tech-savvy Early Adaptors. It means that the rest of us – the majority of consumers – are not actively looking for smart home or IoT products.
Consumers are not actively looking for smart home/IoT products and gadgets, because they don’t have or see the need for it. And consumer companies can safely assume that their customer base reflects the same distribution when it comes to technology adoption (16% Early Adopters; 68% Majority Market; 16% Laggards).
Recent studies even indicate that consumers are indeed ‘interested’ in smart home/IoT, but do not want to buy it! This is the key issue to address for companies or even industries challenged with commoditization, when piloting or strategizing smart home/IoT as a new market and/or revenue streams.
Anyware has similar findings from our partner studies and projects, and we know how to overcome exactly this challenge! Anyware as a smart home/IoT solution is designed to leverage the current market dynamics and start the smart home journey for the majority of consumers.
Specifically, the retrofit, self-install, multi-functional smart home solution in ONE product design enables our innovative and winning Bundled Go-To-Market Model based on partnerships with energy, telecom, insurance/banking companies; in fact, every B2C company that considers offering smart home/IoT products to its customers, should bundle a Smart Adaptor with data-driven, targeted and relevant smart home services to enable and facilitate the customer smart home journey.
So why do consumer companies not apply the above knowledge and insights? Well, the answer seems to be rooted in the perception that it is easier to start out with a webshop to test the customer interest (which is obviously going to fail cf. above), and the corporate innovation will stop there, because the ‘business case’ will not be proven. The conclusion most likely becomes: “Our customers don’t want smart home/IoT”.
And this conclusion is wrong and dangerous as already stated above, as it jeopardizes the customer ownership of the company all together. When the above consumer electronics incumbents take complete ownership of the consumer – also for home-related products and services – digitization will have turned these markets as we know them upside-down. And they will, if we as consumers have no good reason for keep buying electricity and energy, telephony and data, insurance and payment services from the usual suspects.
Here’s why this will happen sooner rather than later: All of the above services (electricity and energy, telephony and data, insurance and payment) are super low-interest services for most consumers, and therefore the path for offering these services as part of a data-driven, relevant and targeted customer/smart home journey for Amazon, Google/Nest, Apple and Samsung is very short and obvious once they have won the battle of the smart home!
At Anyware we believe that smart home is not a new future low-probability opportunity for companies within energy, telecom and insurance/banking, but rather a must-win battle – at least in terms of customer ownership – if the same companies want to have private residential customers (consumers) in the future!
Do you agree?
If you want to continue the above discussion and learn how Anyware can help you retain customer ownership and even position your smart home/IoT play in co-existence with the consumer electronics incumbents, please drop us an email on firstname.lastname@example.org
If you believe that we are on to something, and want to be help accelerate our journey as an investor, please drop us an email on email@example.com.
We look forward to hear from you!