Don’t know what the Internet of Things really means? You’re in good company. 87% of consumers don’t either. (It is defined as everyday items---from watches to thermostats to cars---being connected to the Internet.)
Once Americans understand the devices that will soon be able to send and receive data via the Internet, they are very interested. 69% plan to buy a connected home appliance in the next five years, and 50% intend to purchase a networked wearable device.
Currently, 7% of Americans own wearable technology and 4% have a connected in-home device. Fitness trackers and home monitoring systems are the most popular choices. Smart clothing is at the bottom of consumers’ list.
While they are intrigued by the potential of connected devices, consumers also have serious hesitations. A significant group questions their value, especially given current high prices. A full 60% have concerns about security and privacy.
When asked if they would be willing to freely share data from their Internet of Things devices, only 9% of consumers said yes. However, 40% would trade their data for incentives from companies---including discounts, coupons, and free services.
What are the implications for your business?
- What marketing opportunities will the Internet of Things create for your company?
- Does the Internet of Things create any product opportunities for you?
For help developing powerful digital strategies that work, compelling marketing strategies that drive results, strategic plans that deliver growth, or new products that consumers love, contact Brandology at 925-417-2253 or Maura@Brandology.com.
Sources: Acquity Group 2014, MarketingProfs 2014
