IoT refers to a growing network of devices that has an IP address for internet connection, and the connectivity that occurs between these objects and other Internet-enabled devices and systems. In the IoT space, the market has achieved its pace. We see applications that were virtually unnoticed a few years back. There’s a tremendous opportunity for growth, which means there’s also room for new businesses to get in the market, and existing players must develop their next big thing in the IoT space.
As it is said, Along with new opportunities, come new challenges, and in the IoT market, marketing products and solutions – and even companies as a whole – are all problems. When all the “things” get synced, how can companies be aloof from the pack? Companies should find a way to stand out from a large number of companies that claim to do the same thing.
The major IoT Challenges noticed for companies in the IoT space is it’s scale and sheer scope. An individual may have personal devices such as a smartphone, tablet, activity tracker, laptop and one or two additional connected gadgets, and there are still some other related things they are responsible for in their home, their vehicles, their businesses, etc. Companies or cities might have thousands of connected devices. The size of this market is global, and making a stand out is a real tough job.
Additional IoT Challenges also loom for large companies in the IoT Space:
- Because of the IoT umbrella that covers this vast 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 takes efforts for its consumers.
- Internet of Things fatigue has set in among the analysts and journalists covering this space.
So, how can companies stand out? Here are a few basic hints to overcome the challenges:
- Know who you are selling to, and understand how you – and only you – are the best solution to their problems.
- Keep a note of Positioning and Messaging is appropriate for every segment of customer.
- Keep a Back up of everything you say with proof points to avoid any chaos further.
- Know the influencers who can assist you – or work with a PR firm those have deep relationships with these influencers.
Key Takeaway: Presently the IoT is filled with opportunities and choices 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.
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