Wearable Technology: The Marketing Opportunity and How It will Change Your Business
Are wearables the new smartphones?
Wearables are still at their nascent stage and most of them rely on smartphones in order to function; they complement smartphones but not replace them at present. For instance, Apple Watch users must have an iPhone 5 at the very least. The same holds true for Android Wear, which is compatible with devices running on Android 4.3 and above. Although Google is already working on making Android Wear stand-alone, there are miles to go before we can have wearables that function independently. Also, let’s not forget the fact that wearables are expensive such as the Apple Watch Edition – which costs as much as an entry-level car! This means that for most people, buying a smartphone is easier and comparatively cheaper than buying a wearable. Even with all these concerns, the wearable segment continues to attract marketers by opening up new avenues in terms of business opportunities.
Explore new avenues for your business
Wearables are a part of a highly personalized digital ecosystem. Businesses can tap the potential of this ecosystem by being an early adopter of this technology and deliver customized solutions with end-users requirements in focus. Therefore, a number of apps are being created specifically for the new platform by various companies, who want to leverage their business potentials. Since everyone wants to be the ‘early bird’, apps are being developed left, right and center, leading to an overwhelming number of apps on the market, which can eventually lead to app burnout. To avoid this situation, you need to have elaborate marketing strategy in place that helps you win the trust of your customers and gain their loyalty. A part of the strategy is to provide tailored solutions to your customers. Also, you need to remember that although wearables do bring forth a wave of new technology, the marketing basics remain the same, which is to focus on improving user experience by giving them better, speedier apps with focus on their individual requirements.
Here are some of the points that will help you out in this direction.
Take privacy concerns into account: Wearables are personal devices that are worn next to the skin instead of being kept in bags or pockets. Hence, make sure that you do not intrude the personal space of your end-users through constant marketing and promotional activities. Think of it this way – no one is really a fan of getting continuous bleeps on their smartwatches reminding them about a new product or a service when they are in the midst of something important such as a corporate meeting or attending conference. This can be addressed by accessing user data, which takes us to the next point.
Assess user data: Wearables allow you to access a completely different data of your potential customers such as their heart rate, hours of sleep, how active are they, their blood pressure etc. You can use this set of data to promote your business on a personal and yet, non-intrusive level. For instance, if their heart rate and blood pressure indicate that they are reeling under stress, send them suggestions of mood-uplifting music. Similarly, if their activity levels show that they take part in sports, you can promote sports goods such as sports shoes, energy drinks, protein bars etc. which they can purchase using virtual wallets. This is how you can promote your products and services without distracting your end-users. Enhance workplace efficiency Wearables are also instrumental in enhancing workplace productivity and overall efficiency of different organizations. After the success of BYOD (Bring Your Own Device) in enterprises, the time is not far when employees will be encouraged to follow BYOW (Bring Your Own Wearable) and use them to carry out different tasks relevant to their organizations. For instance, employees can record their entry and exit to office premises by pointing their wearables in front of the access control system and record their attendance. Similarly, organizations can make it mandatory for their employees to use wearables, which are customized to meet specific needs.
For instance, they can use them to enter data, connect with their supervisors instantly, get reminders of urgent meetings and business deals, cross-checking transactions, maintaining a record of their health and fitness etc. This is how the devices act as a time saver and enhance workplace productivity.
Improve business productivity and sales
Reaching out to the customers directly, is definitely one of the biggest ways through which workplaces can enhance their productivity and sales. Take the case of the Starbucks app for the Apple Watch, where users only need to use a QR code and easily make a payment virtually, thereby increasing their sales. Similarly, Uber allows customers to book a cab and check the amount of time remaining till the cab will reach them. Another example in this direction is – an app created by Starwood Hotels, which allows users to check in and unlock their hotel rooms simply by waving their Apple Watch in front of the room’s door. All these apps provide users an easy interface, enhance their experience and cut short the time required to avail a service/product. These factors in turn, help enhance the brands’ value and earn them loyal customers in the long run. Your goal should be something similar on these lines; creating solutions that can instantly cater to the immediate needs of your clients and have a simple, easy to use interface. This will surely help you improve your business productivity and boost the sales.
Are you prepared to embrace this technology?
Embracing wearable technology is possible if you are equipped with solution, which is – data driven, engages and delivers value to customers. Keep testing the prototypes on various wearables till you get good response from your end-users. Also, keep yourself updated with the latest changes in this new technology and adopt the changes in your solution and you. What do you think? Is wearable technology the torch bearer of a new wave of technology that opens up business opportunities? Share your opinions with us.