While many Internet-connected devices get created, the market ultimately will decide which will gain traction.
And after introducing a product into the marketplace, IoT product creators and marketers have to closely monitor how their devices are used and adapt accordingly.
A good example of this adaptation is in the introduction of the new Nest Cam Outdoor camera.
After Nest started selling its Nest Cam, it noticed that a large number of consumers were pointing their devices at windows so they could monitor activity outside their home.
So the Google company created an outdoor version of the same camera, essentially a traditional Nest Cam built into a weatherproof container.
This is what the Internet of Things is all about: launching and then adapting to consumer behaviors.
If Nest simply stuck with its indoor camera, no doubt a fast-moving competitor would seek to capture the outdoor, connected camera market.
IoT products are relatively new, and no one really knows how they will be used until placed into the hands of a large number of consumers.
There are two IoT aspects: what the suppliers and vendors will create and market and then what consumers will gravitate to.
Both aspects are not always in sync, at least based on market research.
For example, automakers and others are barreling forward into self-driving cars. Meanwhile, consumers say they don’t want one.
Another example is in retail.
Big-box retailers like Best Buy and Sears are working to feature smart home products in their stores. Meanwhile, fewer than a third (30%) of households are familiar with where to buy smart home products, based on one study. And fewer than half (40%) prefer to buy smart home products at retail outlets.
It looks like the build-it-and-they-will-come approach will have to be supplemented with some serious marketing and consumer education.
And then those same marketers will have to closely watch consumer behavior around their products and then adapt to what consumers really want those products to do and what they want to do with them.
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Samsung, UnderArmour, Microsoft and Philips Lighting presenting at the MediaPost IoT Marketing Forum Aug. 3 in New York. Check out the agenda here.
Good article. We also found that big box retailers spent a ton of money promoting smart home technology but all in the wrong places in their stores. For intance we found Lowe's promoting Iris by Lowe's with an end isle display. The display was no where near the lighting or thermostats which is where the buyers of these new smart home products were shopping. No wonder consumers weren't buying these new smart home products.
Mark
Very great points, Mark. Still a lot to be learned there.
$400,000,000 seems like a drop in the bucket to be able to download a movie in 5 seconds. Seems like the obama white has backed losers the entire time .
Evergreen Solar $25 mil
Spectra Wat 1/2 mil
Solyndra over 1/2 billion
Beacon Power $43 mil
NV Geo $98.5 mil
First Solar $1.46 BILLION
The 5-second movie download is the anticipated speed via 5G, Mark. The market is moving to that speed with or without the $400 mil investment from the government. Hope that helps clarify.
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Babcock & Brown $178 mil
Eneri $118.5 mil
Amoix $5.9 mil
Fisker $529 mil
Abound Solar $400 mil
A123 batteries $279 mil
Willard & Kelsey Solar $1 mil
Johnson Controls $299 mil
Schneider Elec $86 mil
Brightsource $1.6 BILLION
ECOtality $126 mil
Raser Tech $33 mil
Energy Conservation Devices $13.3 mil
Mountain Plaze $2 mil
Olsen Crop and Mills $10 mil
Range Fuels $80 mil
Thompson River Power $6.5 mil
Stirling Energy $7 mil
Azure Dynamics $5.4 mil
green Volts 1/2 mil
Vestas $50 mil
Compact Power $151 mil
Nordie Wind $ 16 mil
Navistar $39 mil
Satcon $3 mil
Konarka Tech $20 mil
Mascoma $100 mil
Our priorities are way off in this country
My point, is why do tax dollars "experiment" on all tech ideas. If you think it works.......you take the risk.
That is some list, Mark. Curious how you aggregated all those companies and amounts? Thanks.
I believe the biggest challenge for consumers is the IoT device playing field continues to get bigger with a steady stream of stand alone products which all require unique app downloads providing different features and user experiences. There's evidence from devices like Philips' hue, that some manufacturers are attempting to pull the consumer home management experience together but it's still pretty far away. The consumer investment to knit it all together is pretty high +$1000, not to mention the hassle factor of managing multiple apps.
Quite astute observation, Catherine. For integration or working together, many smart devices are hardly plug-and-play, an obvious and major friction point. The central hub or control point is one target of the market, at least in the short term.
great reference list of just the solar failures. how about Cash for Clunkers??
http://dailysignal.com//2012/10/18/president-obamas-taxpayer-backed-green-energy-failures/