CES 2017 has shown us we are at a tipping point in tech.
The global smart home market is booming and expected to reach $100bn by 2018. As it stands, only 6% of households have smart home devices. This is expected to grow to over 15% by 2021.
We’ve seen a clear shift in players. Tech savvy and digitally connected companies delving into this market are in a very strong position to steal a march on traditional white good brands.
Whether you’re an established brand or a tech led challenger, are you clear on what you stand for – are you part of the connected home or not?
Nokia and Kodak are stark warnings from history: brands unwilling to move with the consumer tide, not recognizing the need for innovation or a challenger mindset.
If you’re going to join the charge for the connected home, you need to be clear on your audience, your benefits and how you communicate convenience.
Alternatively, consider the challenger approach. Is analogue the new luxury? There will always be a way for brands to stand, focusing on specialism and quality. Leica luxury cameras posted record revenues in 2016, despite smart phones demolishing the low-end market for digital cameras.
4 questions to assist your brand and marketing approach
- How are you using AI to connect products with your consumers?
- How are you engaging your audience to drive value from tech products?
- Will you follow the mainstream trends or stand by your traditional routes?
- If specializing in analogue, how are you communicating the benefits vs. digitally connected products to your customers?