Brad Porter, Principal, Porter Consulting
The Internet of Things is undoubtedly one of the hottest trends in IT. It’s hard to turn on the television these days without seeing an IoT commercial from GE or Cisco. With industry analysts like IDC projecting worldwide IoT spending to approach $1.3 trillion in 2019, and analysts like Gartner predicting 21 billion connected devices by the end of the decade, it seems like just about every technology vendor is trying to reposition their products to capitalize on the emerging IoT market. Surely, some will succeed and some will fail. What steps can you take to ensure your success?
Deconstructing the IoT Market
When building an IoT business case, it is important to hone in on the market opportunities for your particular products. Don’t dwell on the gigantic IoT spending forecasts. They aren’t particularly meaningful. The massive projections factor in a wide range of market segments such as:
- Consumer products – wearable electronics, health and fitness apps, and gaming and entertainment
- Home automation solutions – environmental control systems, smart appliances, hubs, cameras and security systems
- Connected vehicles – telematics, entertainment and navigation systems
- Enterprise applications – retail, healthcare and office automation solutions
- Large-scale systems – industrial applications, smart grid and smart transportation applications
The forecasts also include – components such as:
- IoT devices – endpoints, sensors, actuators and meters
- Infrastructure elements – gateways, routers, switches and servers
- Platforms – software-based and cloud-based development and management solutions
- Applications – big data and analytics solutions and business applications
Realistically assess the revenue potential for your specific products. Be sure to take international business into account—especially APAC. Many industry analysts believe the largest IoT growth opportunities lie in India, China and Japan – countries you may not have access to.
Crafting a Winning Go-to-Market Strategy
As you’re building your business case, think carefully about how you will bring your solutions to market. Many IoT implementations are large-scale, highly complex systems composed of a variety of different components. Your products may represent a small piece of a large puzzle. You may need to establish relationships (interoperability agreements, reseller agreements, licensing agreements, marketing agreements) with hardware and software vendors, cloud providers, distributors, VARs, system integrators—you name it. And you’ll need to crisply articulate the features, functions and benefits of your products to your technology partners, distribution channels and the larger IoT ecosystem.
Porter Consulting can help you maximize business results by applying our IoT sales and marketing expertise to your business. For over 20 years, our seasoned professionals have helped some of the world’s largest technology companies grow revenue and build market share. We can help you boil down the complex IoT landscape and identify the right sales and marketing strategies and partnerships to accelerate your success. We can teach your salesforce and channel partners how to identify IoT opportunities and close deals. And we can create compelling marketing materials to show off your IoT solutions and promote your brand, implementing effective marketing campaigns to generate leads and spur sales.
Exploring IoT market opportunities? Contact firstname.lastname@example.org to learn how Porter Consulting can help you jumpstart your IoT journey and accelerate your success.
Brad is a 30 year veteran of marketing who understands the value of content that helps close business. You can find more blogs and content from Brad atwww.porterconsulting.net.