Being the first to market with your IoT device or service is important for being successful. However, it’s also important that your product is well developed, marketed and ready for public consumption. A perfect product, poorly executed, will not shine over the one with the best strategy. Here is a five step overview of the IoT go-to-market process and how you can see success at every stage.
1. Map Out Your Journey
Designing and building the perfect IoT device or service is only the beginning. Take time to break down every stage of the go-to-market plan and who will need to be involved. You’ll need someone to manufacture your product, sell it (direct, channel, or sell-with), distribute, and provide support to end-users, as well as your channel partners. Know your strengths and what you can reasonably manage on your own. For the other items, find a good partner you can trust.
2. Define Your Purpose
Just like growing up and gaining more wisdom, keep asking yourself “why?” This will help you get to the heart of your product or service’s purpose to the end-user. Keep going until you reach the specific pain point they are experiencing that would cause them to search for an IoT solution, and then why they would choose yours over the competition. Ask yourself and your team, what problem you’re trying to solve.
3. Develop Your Unique Perspective
Whether or not there are similar products or services available, yours is unique. A major step in your IoT go-to-market strategy should be clearly identifying what makes you different from everyone else out there. What does your product do that no other product does? What do you offer that’s one-of-a-kind in your niche? What are you changing, and why? Narrow it down and make sure this comes through in all your marketing efforts.
4. Study the Competition
Although your product or service is highly unique, it’s likely that there are others similar to it on the market. Take a look at those offerings and what’s being said about them, and what’s not. Taking both of these into account can help you develop an IoT go-to-market strategy that blows away the competition. Most companies don’t build a competitive matrix. Most companies developing outside the US don’t understand the Carriers product approval methodology.
5. Set a Fair Price
Price is important to everyone for everything they buy. Even if your IoT product solves all of your customer’s problems, they won’t buy it if THEY think it’s too expensive. Regardless of how much you think your offering is worth, set a price that allows you to create a profit while still being within reach of your target buyer’s budget. If necessary, consider how you can cut manufacturing or distribution costs to make the item more affordable for the end-user.
Need Help with Go-to-Market Planning?
Even the best IoT devices will need a little help getting to market. That’s where BH IoT Group comes in. We’re an IoT consulting firm with decades of experience in the industry. We can help you with every part of the go-to-market process, from finding a manufacturer, to distributing your product, to educating the sellers and end-users. Contact us today to learn more and see how we can help you.