Internet of Things is one of the hottest trends in the market right now and you cannot blame anyone for it. However, the truth is that developing IoT projects is challenging and sometimes companies do shut the projects as they go over the budget or hit delays due to the technical inefficiency.
Let’s break down IoT.
- The physical device (IoT)
- Device management
- Maintaining a steady connection of web services with the devices
- Integrating the business logic with the algorithms
- Managing the collection, analysis, and visualization of the data layers
Why IoT fails (or might fail)?
The breakdown above shows that five ingredients are required to make any IoT device successful. The issue lies here itself; many companies fail to fulfill all of them. You cannot develop something beautiful and breathtaking by ignoring the essential ingredients.
Most businesses focus their attention on business logic and the data layer because this is where the value proposition of the company lies.
How can you develop a successful strategy for IoT?
If we talk about “product” in a general term, then we know that a brand’s identity, its interaction with the user base and the market together contribute to its success.
To achieve something that goes beyond the conventional mixture of color scheme and logo, you have to leave a mark in your customers’ mind. You have to imprint your product on them.
Minimum Viable Product (MVP), this term was coined by startups and it has just taken on since then. However, it is also known that MVPs are designed by engineers for engineers, leaving the early adopters fuming as they struggle to configure their “thing” (product) get connected to the Internet. Worst case scenario is that the early adopters will just abandon your product because of all the hassle.
The actual concept to follow is the Minimum Loveable Product (MLP).
It is up to you what you want to adopt, but if you want to market your product that sells more because of the recommendation of loyal customers, then you should surely opt for MLP. We all know there is a direct relation between loyalty and customer satisfaction.
If you want to go with the MVP model, then you must have a big budget and invest in a company that has the best designers at its disposal.
IoT goods are luxury items and not part of the common man’s necessities, and they are additional obstacles to your sales strategy making a hole in your company’s overall expenses. Imagine having a product which has created a hype and brand name in the market but what is the point if no one wants to buy it.
Let’s get into the details!
Gartner predicted that by 2020, IoT product and service industry will touch the $300 mark, thanks to the 20 billion IoT devices.
Articulating your strategy
However, before you start developing the software and hardware design, you should develop the IoT strategy by dividing it into three phases explained below.
Prioritize your options as there are numerous opportunity that IoT gives you. If you want success, then understand the market.
- Landscape analysis: the SWOT analysis is the best method in such cases as this helps in discovering the megatrends in the market. Find out what is the actual customer reaction regarding the IoT trend, know the frustration that the clients face while adopting IoTs or what is the positive user data.
- Profit pool analysis and value-chain analysis: the study mentioned above will help you get a broad view of the industry. It helps in narrowing down the other opportunities of the business.
- Needs of customers: the next step is to identify the friction points which your clients might face and to document the needs that have not been met.
- Prototype: before taking the plunge into the development phase, entrepreneurs and startups should bifurcate the resources in developing prototypes first. Prototypes are the best ways of testing user desire, finding the hardware’s material requirement and costs and moreover, the final products are probably easy to use.
- Production costs: many IoT flagships have drowned because they hit the murky waters of “underestimating the production costs”.
Working with limited budget often creates a barrier with startups, and they sometimes forget or tend to overlook the fact that they are under-budget.
Producing hardware at scale often overwhelms a startups overall budget, and the results are catastrophic. E.g., Skully crashed and burned because of overlooking the cost of hardware production. It focused on custom parts and didn’t give much attention to software build.
- Focus on software: IoT devices depend on connections. Moreover, it might take several attempts to create a single connection so that the users do not have to go through the “10 step” setup process that makes them give up on the IoT devices.
Software must always be the attraction for a better user experience, for that the hardware must be easy to understand with the support of particular software.
- Build to serve: sticking a fancy chip in a device and naming it “IoT” doesn’t work. Look up such companies and see how they have fared in the market. You can find their remains in the deep end of the ocean (market).
Test the device based on a consumers’ typical behavior with the device and their use of the device in daily life.
- User-testing: get an early feedback by testing the prototype so that you can create a charm amongst the end users. If you share the product for user tests, you secure it from failing at a later stage.
When you are developing a product that is still new to the market, you need a team which can take proper care of various schemes that need to be carried out to ensure a successful outcome for the product. You need a partner that can take care of your hassles of product development and bridges the gap between hardware and software.
Looking for a partner that will aid you in your venture, look no more. Your search ends here.
This article has been written by RapidOps. Find more top mobile app development companies worldwide on AppFutura.