It’s no secret that the Internet of Things (IoT) market has now hit its stride. We’re seeing applications emerge that were virtually unheard of just a few years ago. There’s plenty of room for growth, however, and that means there’s also room for new companies to enter the market and existing players to develop their next big thing in IoT.
Along with new opportunities comes new challenges, and in the IoT market, marketing products and solutions—and even companies as a whole—are all challenges. When every “thing” is connected, how do companies set themselves apart from the pack? Companies need to find a way to stand out from the large number of companies that claim to do exactly the same thing.
The biggest challenge for companies in the IoT space is its sheer scope and scale. The number of things connected to the network and to each other is growing at an unprecedented rate. Whereas a person individually may have a smartphone, tablet, laptop, activity tracker and one or two additional connected personal items, there are dozens of other connected devices they are responsible for in their home, their cars, their businesses, and so on. Companies or cities may have hundreds or even thousands of connected devices. The point is, the size of this market is tremendous, and standing out takes real effort.
Additional challenges also loom for large companies in the IoT space:
- Because of the IoT umbrella that covers this huge market, companies are competing for mindshare across the entire IoT ecosystem, not just their particular category.
- There are three discrete markets for the IoT, and dozens of “verticals” within each of the three.
- Buzzwords and market lingo make it hard for the majority of people to know what a company actually does for its customers.
- IoT fatigue has set in among the journalists and analysts covering this space. It’s no longer enough to have a cool product—you need customers and applications too, and sometimes even those aren’t enough to catch their eyes.
So, how can companies really stand out? We go into detail in our ebook on IoT marketing and here are a few hints:
- Know exactly who you are selling to, and understand how you—and only you—are best suited to solve their pain points.
- Make sure your Positioning and Messaging is on point for each of these customer segments.
- Back up everything you say with proof points.
- Know the influencers who can help you move the needle—or work with a PR firm that has deep relationships with these influencers.
The IoT is filled with opportunity, but can be a road fraught with missteps if you don’t put in the sweat equity to overcome the many challenges that stand between your IoT company and marketplace success. Read more in our FREE ebook.
