The Internet of Things (IoT) is a phrase that paints a picture of our future world — one in which physical objects are both connected to the Internet and able to communicate with other devices. The five billion connected “things” in existence today will soon become 20-25 billion by 2019. Businesses are scrambling to cash in on the tidal wave of change, but many have done nothing more than put a chip in their devices, label them smart and price them at a premium. Other companies pack their devices with features and make no changes to sales or marketing.
Commercialization of IoT requires a different go-to-market strategy — one that focuses on benefits rather than features, builds on educating buyers and advising channel partners, and involves a larger more diverse group of stakeholders and sales tactics than in the past.
In this Executive Insights, L.E.K. examines the factors that will drive successful commercialization of IoT from manufacturers of connected devices including industrial equipment, smart home and consumer electronics companies, to those who enable the connectivity of such devices and those who market and distribute the devices.
Smart, connected devices will undoubtedly come to dominate our homes, offices, factories and cities. Those companies that choose a smart and thoughtful approach to bringing their devices to market will have the best shot at thriving in the world of IoT.
To read the first of our Executive Insights series on IoT, please see The Next Industrial Revolution? Get Ready for the Internet of Things.