YBLTV: Strategy and IoT Monetization
Steve Brumer, a mobile wireless industry expert and partner at 151 Advisors, speaks with Erika Blackwell of YBLTV at CTIA Super Mobility Week 2014. Steve Brumer gives an overview of 151 Advisors and its areas of expertise as well as discussing IoT strategy and monetizing the disruptive IoT technologies being developed.
Steve explains how the IoT industry is exploding. There are many opportunities for companies, like 151 Advisors, to help organizations. 151 Advisors is looking for disruptive technology made by people who don’t know how to sell, market, or bring their products to North America. 151 Advisors has worked with companies in Lithuania, Singapore, Greece, and the United Kingdom. These companies are developing really different things for IoT business and need to be able to get those things to market for IoT monetization.
IoT monetization is the big question right now and it takes a lot of time to answer. Most companies have focused on product development and not necessarily how to earn a profit from that product. 151 Advisors focuses on go to market strategy for these companies. They ask questions about what the ecosystem could look like and who is actually going to buy these disruptive technologies. Is it a hardware manufacturer looking to incorporate the technology into their existing system? Or is it an end user, a consumer, an enterprise, a utility, or a public safety company? 151 Advisors helps these companies figure out how to sell, whether it will be directly or through resellers or integrators. Putting all the pieces together is key to IoT monetization.
Some distributors understand the entire system. 151 Advisors has worked with large distributors and small, more specialized ones. Companies can have a hard time identifying and qualifying resellers that have a complete understanding of the system and can sell and support customers. It is important for distributors to understand the pieces of the solution and understand what they are selling.
Understanding the best practices for managing and deploying apps is difficult. A common misplacement is looking at the end users, their potential, and how these end users will use the apps. Decisions are often made by executives who do not have a complete understanding of the end user. When apps are deployed, they aren’t adapted for the users, but often for the salespeople. End users usually aren’t involved. For managing and deploying apps in a way that ensures IoT monetization, the apps must be compatible across all platforms, operating systems, and software.
Mobile marketing is also a growing aspect of IoT monetization. Companies have the ability to track their users’ location and activity, then use this information to improve their marketing tactics. For example, if a user is tracked near a restaurant, they could receive a coupon to that restaurant. However, this practice raises questions of if the program is opt-in for customers or if customers feel it is intrusive on their lives. IoT is an ever-expanding opportunity. Once people figure out how to put technology together, then the money and energy saved as well as other advantages can be understood. Technology is going to come down the pipeline that will help with the bandwidth issue that they are going to have