The Internet of Things with Terry Brock PT 2
Steve Brumer, Partner at 151 Advisors and mobile/wireless industry expert talks to Terry Brock, Marketing expert from Business Journals. After speaking with Steve about the Internet of Things and what it is and how you can use it, Terry wants to go even deeper on how you can actually make money from these types of things, and the kind of IoT marketing strategy it takes to reach that point.
One of the important things that you must look at, according to Steve, is “Who is going to buy what?” So many people in the industry forget that piece of, how to make money and who is going to buy it and how are they going to buy it. Steve gives an example related to buying an IoT device at Lowes. Lowes has their own IoT program called IRIS built into their appliances that you only get with Lowes. Lowes implemented this well because they went out and asked themselves who their consumer is and did surveys, which led to them reaching their target market and making sure they would trust Lowes and the software built into these appliances.
The wearable technology market is another great example of this because of how many very cool technologies are created without having any idea of an IoT marketing strategy or how it is going to be sold. Steve recounts a time he was on the floor of a trade show where the people there must have paid a significant sum of money to participate and they had a very cool wearable technology product, but when he asked where someone could buy the product they had no idea how to answer it. They had no IoT marketing strategy or go-to-market strategy, which is an unfortunate case for many of these companies, especially the ones that are over-seas bringing the product to the United States.
Surveys are a huge part of figuring out your target market and what position to take when approaching with a new product. Understanding who you are selling to and what they expect is very important, which is why Steve and 151 Advisors is very helpful when it comes to these cases. Thinking about more than just the technology itself, but figuring out the pricing and distribution processes is very important to the success of the product and the company.
Steve speaks about how many clients can get to an advising firm like 151 Advisors too late, where the product is already developed and out there, but no IoT marketing strategy has been placed. So it is 151 Advisors job to give them a dose of reality, pick them back up on their feet, and get them focused on a path that will have a more positive effect on their success. It is important to be thinking about all of these things not only once the product has been developed and is ready to be sold, but from the beginning. This is where you will find the most success and where a company like 151 Advisors can do you the most good.