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IoT Breakfast Briefing

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This is the deck from our breakfast briefing on the Internet of Things held at Somo HQ on November 24th.

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IoT Breakfast Briefing

  1. 1. Internet of things breakfast briefing 24th November 2016
  2. 2. Somo accelerates mobile transformation through rapid innovation to create products and experiences your customers and employees will love.
  3. 3. Transforming Live Transforming Engagement Transforming Content
  4. 4. Our IoT experience Partners:Clients:
  5. 5. What we’re covering today 1. Introduction to smart devices 2. The IoT landscape 3. The impact of the IoT – 5 key themes COFFEE BREAK 4. IoT factors for implementation success
  6. 6. Introduction to smart devices Confidential and copyright of Somo Global Ltd. November 16 6
  7. 7. Amazon Alexa The ecommerce giant is using the Echo speaker and the personal assistant Alexa to push the Prime service into all homes and create a bridge online-offline -  Order an Uber -  Get a take away from JustEat -  Turn off your lights Google Assistant Google Assistant is now available on Google Home and on Pixel phones. Google was the last to launch its personal assistant but has significantly more data about consumer behaviours compared to its rivals -  Control your home -  Backed up by Google Data -  Rumours of Chromecast connection Apple and Siri Apple was the first to launch its voice assistant Siri integrated in iOS to provide faster access to apps and features. In 2016 Siri has been extended to Car and TV OS and has been opened to third party apps -  Control connected devices directly through your phone, all in one place, the ‘Home’ app The Controllers
  8. 8. Hive Connected thermostat, controlled by your mobile phone or the Amazon Echo Nest Smart security camera, connected to the internet, tracks and logs movements Philips Hue Smart lighting, connected with Siri and Amazon Echo, control your lights or set a mood Amazon Dash In the last two months, says Amazon, Dash button orders have increased threefold, and orders are placed at a rate of more than two a minute Nespresso Connected coffee, works with the Nespresso app to make your coffee when you want it The Devices “A world where everyday objects have network connectivity”
  9. 9. Audi of America MLS Player Index Objective A marketing showcase of the new Audi Player Index for the MLS. Solution Somo built 60 custom 16x16 pixel full colour LED panels that were robust enough to absorb impact but flexible enough to be comfortable when inserted into custom-built, branded soccer jerseys and sports pinnies. Player information from Opta’s APIs were delivered real time to players’ jerseys. Results The overall effect was instantaneous updates of content displayed across 2 full teams and a fast, robust onsite management experience.  This is a great example of Somo reducing the risk of innovation through experience gained via experimentation November 16 9Confidential and copyright of Somo Custom Ltd.
  10. 10. Connected Clothing Audi MLS Player Index Connected Shirt
  11. 11. The IoT landscape
  12. 12. "The global industrial sector is undergoing a fundamental structural change akin to the industrial revolution.”  Goldman Sachs – The internet of things: The next mega trend November 16 12Confidential and copyright of Somo Global Ltd.
  13. 13. At its heart, the IoT is about connecting objects (smart products and devices) to each other over the internet, allowing for an exchange of data between products, devices and people. November 16 13Confidential and copyright of Somo Global Ltd. What exactly is the Internet of Things (IoT)? Internet Tagged (‘Dumb’) products Connected (‘Smart’) devices Consumer applications Business applications
  14. 14. Source: Gartner, July 2016 The journey is just beginning November 16 14Confidential and copyright of Somo Global Ltd.
  15. 15. PCs Smartphones Tablets Internet Of Things Connected TVs Wearables Connected Cars 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E NumberOfDevicesInUseGlobally(In Thousands) Source: BI Intelligence Estimates, February 2014 IoT is set to dominate the future digital landscape November 16 15Confidential and copyright of Somo Global Ltd.
  16. 16. US leads the way in all sectors with the exception of Smart Cities where Europe leads 22% 20% 13% 13% 6% 5% 5% 4% 4% 8% 0% 5% 10% 15% 20% 25% Connected Industry Smart City Smart energy / home Connected car Smart Agriculture Connected buildings Connected health Smart retail Smart supply chain Other Global share of IoT projects November 16 16Confidential and copyright of Somo Global Ltd. Growth and investment is coming from multiple sectors
  17. 17. Global installed IoT devices currently connected to the internet in 2016 Global installed IoT devices predicted to be connected by 2025 Growth in connected devices between 2016 and 2025 17.7bn 75.4bn 426% Source: HIS Technology April 2016 Source: HIS Technology April 2016 Source: HIS Technology April 2016 November 16 17Confidential and copyright of Somo Global Ltd. The number of internet connected devices is growing exponentially
  18. 18. More devices means exponentially more data November 16 18Confidential and copyright of Somo Global Ltd. Cats no longer the most important thing on the internet Cat photos, selfies, emails Machine generated data
  19. 19. The maximum potential economic impact per year of the IoT by 2025 Potential annual economic impact directly created in the home from the IoT The potential value driven by the IoT in home safety and security per year by 2025 $11T $350bn $20bn Source: MckInsey, “The Internet of things: Mapping the value beyond the hype”, June 2015 Source: MckInsey, “The Internet of things: Mapping the value beyond the hype”, June 2015 Source: MckInsey, “The Internet of things: Mapping the value beyond the hype”, June 2015 November 16 19Confidential and copyright of Somo Global Ltd. The rewards for entry are potentially enormous By 2025, the IoT could drive 11% of the global economy
  20. 20. 3% 7% 8% 20% 23% 5% 11% 17% 25% 16% 9% 16% 22% 20% 7% 0% 5% 10% 15% 20% 25% 30% Already invested to get network ready Currently implementing / piloting Will begin investment in next year Currently assessing costs and benefits Haven't considered or assessed yet 2014 2015 2016 E November 16 20Copyright and confidential Investment in IoT is no longer optional High growth in involvement in IoT technology means businesses must act now to keep up Source: Forrester Research, “Forrester Business Technographics” July 2015
  21. 21. Data collection, diagnostics and customer-facing applications are getting most attention 47% 45% 26% 25% 14% 10% 0% 10% 20% 30% 40% 50% Customer facing mobile apps Production and distribution ops to track product flow Digital sensors in products that send diagnostic data Digital sensors placed in business locations (shops, offices) Wearable tech that monitors behaviours No current use but plan to by 2020 Ways in which companies are using IoT November 16 21Confidential and copyright of Somo Global Ltd. How are businesses getting involved?
  22. 22. Lack of consumer insight creating less effective marketing and service offerings and increasing attrition Higher production, logistic and productivity costs aligned with lower levels of efficiency Disruption and disintermediation from new players and other sectors November 16 22Confidential and copyright of Somo Global Ltd. The threat of being caught behind Lack of involvement in the IoT will see businesses losing competitive advantage Longer and less informed product cycles that fail to meet evolving customer needs
  23. 23. Customer attitudes and behaviours towards the internet of things
  24. 24. The average number of connected devices owned by UK households, to rise to 500 by 2022 (Gartner) UK households that have a connected utility meter installed – leading the US, Japan and Germany Of UK internet users currently use mobile apps to control connected devices in their homes Don’t really know what smart tech or the internet of things is 7 37% 53% 52% Source: GSMA: The Impact of the Internet of Things, March 2015 Source: GSMA: The Impact of the Internet of Things, March 2015 Source: Norton by Symantec, “Mobile armour and the internet of things”, March 2016 Source: UK internet users, Future, Techmonitor: Are we thriving or just surviving in a connected world? May, 2015 November 16 24Confidential and copyright of Somo Global Ltd. UK adoption of the IoT is gaining momentum But awareness remains low among some customers
  25. 25. 53.2 49.8 29.3 44.1 35.7 33.3 24.5 31.2 Gen Y Gen X Baby Boomers Average Customer likelihood of adopting Smart home ecosystems Affluent Non-Affluent Source: Capgemini and Efma, “2016 World Insurance Report”, March 2016 Early adopters November 16 25Confidential and copyright of Somo Global Ltd. Affluence and age to determine early adoption of IoT
  26. 26. Motivations include: energy, cost-saving, protection and convenience Barriers include: cost of set up, difficulty of maintenance and security and privacy concerns November 16 26Confidential and copyright of Somo Global Ltd. Motivations and barriers Source: Deloitte Switch on to the connected home, Jul y 2016 Source: Ponemon institute, Privacy and security of connected life, March 2015 Source: Guardian, “Data could be the real draw of the internet of things – but for whom?”, Sept 2015 48% agree that connected products are too expensive 42% say the benefits of IoT do not outweigh their privacy concerns 82% say that providers gave no info as to how their data is handled 20% felt it would be too much effort to manage 58 47 44 43 42 34 32 31 20 Help me reduce energy bills Help me perform daily tasks It would save me time Home security peace of mind I like experimenting with tech Learn about device usage Help me be more eco friendly More compatible devices Learn about personal habits
  27. 27. Customer willingness to share information from devices with insurers UK home insurance owners who would share information for a more accurate premium 0% 20% 40% 60% 80% UK US India Mexico Home sensors Wearable technology Connected cars November 16 27Confidential and copyright of Somo Global Ltd. Sharing data Source: Capgemini and Efma, “2016 World Insurance Report”, March 2016 Source: Deloitte, “Insurance distupted – General insurance in a connected world”, July 2015 38% 45% 17% Yes No Don't know UK customers are less willing to share data...Unless there’s something in it for them
  28. 28. Key customer purchase considerations of IoT November 16 28Confidential and copyright of Somo Global Ltd. Service / Convenience “Is it easy to install and maintain?” Price “Will it cost a lot to invest in the IoT? Will it save me money?” Value / Utility “Will it enhance my life? Will it make it easier to get things done?” Rational Rational / Emotional Emotional Trust / Privacy “What is going to happen to my data? Will I be hacked?” Customer purchase drivers
  29. 29. The impact of the IoT – 5 key themes November 16 29Confidential and copyright of Somo Global Ltd.
  30. 30. What happens next? 6. Velocity of new innovation1. Data is King
  31. 31. Product performance and efficiency: Understanding how products are performing allows businesses to behave proactively in performing diagnostics and ensuring products are maintained and performing optimally Customer behaviour insight: Data around customer behaviour through their usage provides businesses with the insight required to assist and improve individual customer experience Future product / service development insight: Data can be used to inform future product development through an understanding of both performance and usage, or, in the case of finance and insurance, behavioural insights Maintain Assist Develop The IoT will create an explosion of real-time data Understanding how to leverage it will determine the success of business
  32. 32. Actionable insights and new value creation Insights Usability Gap What does it mean to be a data led company and creating added value, services and personalization? The data value chain Advanced analytics and data visualisation Exponential growth of data 60% Of marketing professionals in large companies in UK say large amounts of data is the key challenge of their current Big Data solution Source: eMarketer May 2015 56% Only 56% of large companies in UK have adopted a Big Data solution 600 trillion gigabytes Data generated by IoT will reach 600 ZB per year by 2020 Source: eMarketer May 2015Source: Fortune, 2016 1% Of data taken from connected devices is currently being used for beneficial purposes Source: McKinsey, 2015
  33. 33. Actionable insights and new value creation Insights Usability Gap Deep learning! What does it mean to be a data led company and creating added value, services and personalization? AI presents an answer to the challenge of Big Data Advanced analytics and data visualisation Exponential growth of data 600 trillion gigabytes Data generated by IoT will reach 600 ZB per year by 2020 40% Of companies surveyed are already using machine learning to improve sales and marketing performance 85% By 2020, 85% of customer interactions will be managed without a human Source: Gartner 2015Source: MIT Management Review 2016 Source: Fortune, 2016 1% Of data taken from connected devices is currently being used for beneficial purposes Source: McKinsey, 2015
  34. 34. November 16 34Confidential and copyright of Somo Global Ltd. Change creates opportunities for agile disrupters Ill-preparedness for mobile and big data is bad today, worse tomorrow Traditional PlayersTech and Mobile Players Differentiators • New business models (subscriptions) • Mobile user experience • Customer data to create better products and new services and personalised service • No legacy tech stack, agility and mobile-first platforms Disruption! Data Analytics Firms Global Tech Firms Integrators Product Manuf. Insurance Telco Utility Consumer Electronics Retail Automotive
  35. 35. 2. Everything is connected
  36. 36. Consumers are connected everywhere IoT disintegrates the barriers between domains joining up previously disconnected experiences Home Commute Commute HomeWorkUser Journey Smart Home Connected Car Smart City Connected Workplace Diagnostics and maintenance Automated heating settings Appliances Infotainment Traffic management Lights automation Smart lock Sleep monitoring Video security Location based activation Heat & humidity control November 16 36Confidential and copyright of Somo Custom Ltd. Value Creation Integration Automation Personalization Control Efficiency Performance Monitoring Connected retailDemand responsive transport
  37. 37. •  Map the changing customer journey •  Focus on customer needs and motivations to unearth usage behaviours •  Understand how products and services daisy- chain to create a larger user journey •  Identify which pain points you can solve in the spaces you own and the ones you connect to November 16 37Confidential and copyright of Somo Global Ltd. Products are part of an integrated customer experience Devices are used in train not independently so products should be developed with customer behaviours and journeys in mind, not product specifications
  38. 38. 3. Your new customer is a fridge
  39. 39. Personal assistants Smart appliances Sensor enabled tools Smart devices change the point of purchase $2bn+ in online shopping will be performed by digital assistants in 2016 - Voice prompted - Automated reordering - Measured & measurable Machine to machine purchase will soon overtake human action
  40. 40. 4. Products are alive
  41. 41. Remote servicing and upgrade change a company’s relationship with its products and customers All products continuously improved November 16 41Confidential and copyright of Somo Global Ltd. The traditional product lifecycle is extended Traditional Product Lifecycle Diagnostic & usage data insight Remote product and service enhancement IoT nurture loop
  42. 42. Under Armour uses wearable data to provide fitness plans for users, tracking their progress Opower recommends energy improvements by monitoring your connected devices Tesla Easter Egg upgrades create surprise and delight November 16 42Confidential and copyright of Somo Global Ltd. Products are relationship platforms Data provides insight, insight can help businesses add value to its customers
  43. 43. IoT creates opportunity for businesses to market direct to customers November 16 43Confidential and copyright of Somo Global Ltd. Products are your new marketing channel •  Absolut Vodka, has created a connected bottle using NFC in the cap •  It can communicate with third-party apps to dim the lights or play music from curated playlists •  Belief that the product is able to help Absolut with marketing comms to customers going forward
  44. 44. 5. Every area of your business is affected
  45. 45. Of retailers already uses the IoT to monitor their supply chains and product flow Increase in productivity gained on average by employees who are armed with wearable devices Of retailers worldwide believe that IoT will generate closer engagement with customers via their connected devices 56% 9% 43% Source: Frost & Sullivan “The Global Future of Work—The Future of Workplace Technology ” Source: Tata consultancy Services “Internet of things 2015” Source: RSR research “Internet of things in Retail” November 16 45 IoT is impacting businesses end to end From back end services to workplace productivity and customer engagement, IoT can boost efficiency
  46. 46. Opportunities exist in both inward-facing and outward, customer facing areas of business November 16 46Confidential and copyright of Somo Global Ltd. IoT can improve and optimise all aspects of business Supply Chain - Greater visibility around logistics from factory door to customers’ hands - Enhanced automation in product development Workplace - Enhanced productivity through the use of VR / AR and other wearables - Better performance monitoring and understanding or environmental factors Product / Service design and development - Improved collaboration - Data fuelled product development cycles – shorter and more targeted Customer insight - Insight around customer behaviours and usage to improve targeted contextual and relevant marketing and product / service needs New revenue streams - New opportunities to monetise services - Utilising behaviour data to create differentiated offerings Service and maintenance - Automated prognostics and diagnostic insight - More informed customer service and help functions
  47. 47. Coffee break
  48. 48. 8 IoT factors for implementation success
  49. 49. “Connected products won't just be aimed at home life. They'll also have a major impact on business. And just like any company that blissfully ignored the Internet at the turn of the century, the ones that dismiss the Internet of Things risk getting left behind." — Jared Newman, writing in Fast Company
  50. 50. Who was there? Thing makers -  Device makers -  Sensor manufacturers -  Beacon providers Consultancies Analytics/Action Infrastructure Thing makers -  Device makers -  Sensor manufacturers -  Beacon providers Consultancies Analytics/Action Infrastructure
  51. 51. 1. Educating internal staff 52
  52. 52. Identify KPIs Understand the user environment Bring it all together / develop Identify the available information November 16 53Confidential and copyright of Somo Global Ltd. Steps to creating a connected employee Whether that’s a connected worker or a retail salesperson… Deploy to workforce
  53. 53. Improve sales Improve efficiency Enhance staff training Provide more pertinent customer information Reduce duplication/rework Reduce time to decision Reduce mechanical failures Increase safety November 16 54Confidential and copyright of Somo Global Ltd. Providing a value proposition Helping to ensure that employees are bought into your vision…
  54. 54. Review of the organisation’s structure Create a culture shift within the business Educate staff in new technologies Conduct a review of the skills gap November 16 55Confidential and copyright of Somo Global Ltd. The IoT demands organisational change
  55. 55. 2. Implementing IoT platforms 56
  56. 56. Think IoT will be disruptive to industry 72% Believe it will be within 5 years 78% Think their company is not ready 88% Of 700 CEO’s/CSO’s surveyed by the World Economic Forum… 72% 88% 72% 78% 88%
  57. 57. How to approach the IoT November 16 58Confidential and copyright of Somo Global Ltd. IT Sales/ Marketing Operations IOT
  58. 58. Things What are the characteristics of this machine/person/ space/process? Insights Based on our desired outcome (sales, maintenance, etc), what can we do with that information? Actions Feedback to the Thing, or pass information on. November 16 59Confidential and copyright of Somo Global Ltd. A simple view of an IoT solution
  59. 59. The IoT business cycle Connect & Monitor Analyse & Improve Transfor- mation Know… •  If your assets are operational •  If your assets are healthy •  If your assets have been stolen •  Where your assets are •  What tools, parts, expertise are required to resolve an issue Ability to… •  Introduce new business models: •  Uptime guarantees •  Device as a service •  Introduce new product lines •  Partner with other companies on insights about your assets Know… •  If your assets are in an optimal state •  Exactly when to service your assets based on their unique needs
  60. 60. Complexity Legacy systems Industry standards Scalability November 16 61Confidential and copyright of Somo Global Ltd. Challenges Implementing the IoT does not come without its challenges…
  61. 61. 3. From product release to product iteration: the endless product 62
  62. 62. Our product philosophy Brilliant Basics Optimize for device Optimized user journey Performance driven Wow Moments Flexible Technology Flexible methodology Rapid deployment Scalable technology New customer engagement Innovation Creative use of technology November 16Confidential and copyright of Somo Custom Ltd.
  63. 63. INVESTIGATE INNOVATE INTEGRATE ITERATE End UserBusiness Mobile Transformation Engine Business insight Customer insight Market insight Ecosystem insight Current and future state: Financials / Product marketing / Customer journeys Internal analytics External insight Competitors Products / Marketing / CRM Ecosystem insight Innovation insight Potential partners Strategic Vision Customer Journey Product Roadmap Marketing Roadmap Quick Wins (<1Month) Brilliant Basics (1-3Month) Wow Moments (3+Month) QW / BB / (WM) QW / BB WM
  64. 64. Our approach to user-centred design November 16Confidential and copyright of Somo Custom Ltd.
  65. 65. Case study: Tesla firmware updates •  Tesla’s high-end Model S will soon be able to go 0-60 mph in just 2.4 sec, following a software enhancement next month •  The Model S is built on a platform that makes it ready for full autonomy once capability is achieved •  Furthermore, new services such as voice commands and suspension adjustment are regularly provided through over-the-air software upgrades
  66. 66. 4. Effective and actionable data management 67
  67. 67. Useful Define what data should be collected and for what specific purposes. Accurate Data collection needs to be accurate and measure the right things. Bad data leads to bad decisions. Actionable Turning data into actionable insight is key. Businesses need to ensure the key skills to interpret and react to insight are in place. Automated Establish how much data interpretation can be automated. Investigate whether AI can help manage large data sets automatically. November 16 68Confidential and copyright of Somo Global Ltd. Key considerations when collecting data Garbage in = Garbage out
  68. 68. •  IoT platforms collect and store data at multiple points creating multiple points of access •  Devices and platforms are both exposed •  Security strategies should play a central role in all stages of IoT strategy development •  Follow security best practices e.g. unique identity keys and secure boot process •  Consider other security testing techniques such as Ethical Hackers. November 16 69Copyright and confidential Security implications Data privacy and device protection are very real concerns
  69. 69. 5. Forging partnerships 70
  70. 70. Partnerships are the key to IoT success. Don’t be scared to partner – GE partners with 260+ companies. November 16 71Confidential and copyright of Somo Global Ltd.
  71. 71. Building a partnership strategy November 16 72Confidential and copyright of Somo Global Ltd. Added Value Supplementary Areas Overall Platform Core Areas •  Integrate with their platforms •  Exchange data •  Growth and visibility •  Customer understanding •  Integration with grocery and homewares •  Increase reach and distribution •  Bundle your offering with their service subscriptions •  Increase reach and distribution •  Tap into their existing customer base already on subscription •  Add services to your offer •  Include complementar y products in your bundle •  Complete product offering BenefitsOpportunity
  72. 72. American Family Insurance > home security •  AmFam partnered with Ring – manufacturer of Ring Video Doorbell security device – for special discounts, and also offers a general policy discount for all customers with home security devices. •  Offer includes multiple perks: •  Ring will reimburse American Family customer deductibles if their Ring-equipped home is burglarized •  AmFam customers will receive a $30 discount off the $199 Ring Video Doorbell. •  American Family customers who use smart home devices may also be eligible for the company’s Proactive Home Protection discount (up to five percent) on their homeowners, renters or condo policies. •  American Family also subsidizes the cost of a Nest Protect smoke alarm. November 16 73Confidential and copyright of Somo Global Ltd. Cross-industry partnerships provide access to valuable data
  73. 73. As ecosystems develop they will start to overlap, providing new partnership avenues November 16 74Confidential and copyright of Somo Custom Ltd. Cross-domain partnerships present new opportunities
  74. 74. 6. Evolving commercial models 75
  75. 75. Added-value services: - Installation - Maintenance - Product optimisation Subscription models: - Hire purchase -Bundled goods and services Bolt-ons: - Product upgrades - Time-limited unlockable enhancements Usage based: - Tiered pricing - Customised usage price plans November 16 76Confidential and copyright of Somo Global Ltd. From ownership to services and relationships Connectivity, upgradeability and longevity of smart devices implies consideration of new commercial models New revenue opportunities Utilising ongoing connectivity
  76. 76. Case study: Tesla in-car purchases •  Tesla software-locks extra features through in-car purchases •  Owners are able to trial some features for a month and option to purchase the feature in-car after trial period ends •  E.g. Model S owners can pay to upgrade to the full potential of their 75 kWh battery pack
  77. 77. 7. Managing channels for good customer experience 78
  78. 78. November 16 79Copyright and confidential A clear web, app and device strategy is required for successful implementation Control and connect - Remote functionality - Notifications and alerts - Summary information Monitor and measure -Data capture and store -Trigger alerts / Actions Review and analyse -Dashboard data visualisation -Detailed but user friendly insight - Clear and actionable
  79. 79. 8. Educating customers 80
  80. 80. Of consumers don’t really know what smart tech or the internet of things is Said they need to see real value to spend money on a smart product, not just loyalty Will be lost by UK consumers due to a lack of understanding of how smart tech can save them money 52% 59% £3.6bn Source: UK internet users, Future, Techmonitor: Are we thriving or just surviving in a connected world? May, 2015 Source: US internet users, Warranty Week Source: Samsung, 2014 November 16 81Confidential and copyright of Somo Global Ltd. Customers won’t invest if they don’t understand the value Smart devices are still not clearly understood by customers which presents a problem as they are experience driven products
  81. 81. Samsung’s focus on customer stories presents the consumer with clear user benefits November 16 82Confidential and copyright of Somo Global Ltd. Sell the experience not the product
  82. 82. Education shouldn’t end at the point of purchase November 16 83Confidential and copyright of Somo Global Ltd. Customer ownership Usage “What benefits do I gain out of using this connected device day-to-day?” On-boarding “How do I install, set up and work this connected device?” Ongoing Relationships “How do I benefit from my relationship with the brand?”
  83. 83. @somoglobal somoglobal.com

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