Building the Smart Home
If you’re building residential property in a developed market, one of the challenges you’re facing is how to integrate smart technology. This year the competition in the smart home market has been increasing. Whether you’re thinking of joining the market or are already there, here are some things that brands should bear in mind.
No brand is an island — Partner and share
7% of consumers now own connected devices, but that looks set to rise as the platform war heats up and the software improves. At the centre of the conflict is the competition to be the dominant home hub; a voice controlled virtual assistant for the home, linking up the rest of the connected device ecosystem. The market is young, with Amazon’s Echo just a year old, and 2016 seeing the introduction of both Apple HomeKit and Google Home. With 4 million Echos sold by April 2016, Amazon has the preferred hub at this stage. But how has it built its lead? It seems that it’s success is predominantly attributed to the continuous expansion of the hub’s functionality. It is connected to a listed 74 products and services, and has learned 3000 skills. To avoid your smart home brand getting lost in the noise, integrate your product across the sector, opening your doors to developers and letting consumers tailor their interactions.
Talk to your existing consumers
If you have an existing base, you already have valuable data. The smart homes market is saturated with devices.To paraphrase Murphy’s law, anything that can be made smart, will be made smart. Avery Dennison and our client EVRYTHNG switched on the apparel industry in April with the largest IoT deployment yet, encompassing 10 billion products. A predicted 50 billion devices will be a part of the internet of things by 2020, and there are currently 13 billion devices available. Look at the behaviours of your existing base and ask them what you can do to make their homes smarter. If you are guided by them, they can become your brand advocates, giving you an authentic voice in a busy market.
Earn your right to play
If it’s smart it’s about gathering and using data. But consumers must be able to see their data being transformed into a valuable service that has a positive impact at key moments in their daily lives. Bosch found that 67% of the consumers they surveyed identified saving energy as the most compelling reason to go smart, with security in a close second. But saving that energy comes from more than just being able to monitor your own home. A company that uses the input data from smart technologies, to support their consumers in achieving their goals, stands the best chance of becoming an indispensable home device.
Our work with Evrythng helped them make the largest deal in IoT at the time. We expect unexpected partnerships, connecting companies and sectors, and integrating products successfully into the lives of consumers. Tenants lead deeply digital lives, and want to be empowered and enabled. They need spaces that respond to their needs and inspire their thinking. Residential property developers can use this foundation to get ahead.