More and more brands have jumped on the IoT bandwagon. We have an excess of wearables—activity trackers, smartwatches, smart glasses and sneakers, and more—that track seemingly endless datapoints.
But here's the funny thing... Most consumers don't even know what IoT is, and unless there's a compelling and meaningful benefit from it, they don't really care. "Socks that monitor my foot landing? Maybe if I was an elite runner, but I'm not. So, why should I pay extra for this irrelevant feature?"
Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be.
Enhance Personalization Capabilities and Experiences
We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart's sake," and many brands remain in that corner. But many brands are also gradually opting for more strategic approaches. They're taking a breath and stepping back to examine both existing and potential IoT experiences, asking themselves whether their products lend real value.
For example, some customers may be wowed by your super-cool, calorie-tracking hat, but it's not likely to impress the average customer—despite its "smart" designation. So, what will?
Disney's MagicBands or the now-ubiquitous Nest home-thermostat systems are examples of engaging, relevant smart products. From the beginning, they improve consumers' lives and lend real, meaningful, tangible value because they're connected experiences. Their value just wouldn't be as great without the IoT angle.
Want to guarantee you're providing relevancy to your customers? Then you must separate what's cool from what has real consumer value.