Creating a successful IoT business can prove challenging. A number of these forms of Internet of Things companies come and go quickly, regardless of fanfare and the amount of funding. Is it like developing a startup? In some cases yes, but there are other factors for growth and success involved.
From having a very clear purpose within IoT to staying up-to-date on innovation within the industry, the molding of a budding IoT business is simply different. To help you be successful, let’s take a look at three tips for facilitating Internet of Things success.
1. Tell Your Story With Clear Purpose
IoT companies are definitely in the space of innovation. There’s enough technology features and data to fill countless landing pages of one business site. However, by delivering so much data, you may miss the mark with consumers, both B2C and B2B. In fact, doing this will make potential customers’ heads spin.
To combat this, deliver a clear and concise value proposition that tells a story — tells your company story. The IoT company graveyard is filled with those who failed to do this. The good news is that you already know your story, so share it with the market for foundational success you can build upon.
2. Keep End Users In Mind At All Times
There are a lot of IoT companies out there pushing innovative products that serve little to no purpose for the end user. Yes, the concept may be pretty mind-blowing, but if no one wants the product, what is the point. This is actually the number one reason why startups fail — no market.
If you are innovating without your end user in mind, you can easily fall into the trap of creating services no one will use; despite the fact they are interesting. This makes keeping target users at the forefront of every decision.
The same rule of thumb applies to service updates on existing services and products. Always ask, will this change/update benefits my target audience, and do they want it? One of the easiest ways to ensure your audience wants something is to ask them, like posing ideas on social media and ask followers to engage.
3. Always Be Ready To Scale!
Many IoT business models are created for maintaining, not scaling. This is not an optimal practice for growth and success, especially in the Internet of Things space. For example, a company may be bootstrapping there way through those early stages of development, and simply keep scalability an afterthought.
But when the breakout happens, they are not equipped to handle it and subsequently fail. Think big and try to fit into the shoes as you move down the path of growth. This also goes for the tools used to begin the company as well.
For instance, according to DreamHost, a pioneer in WordPress web hosting, “your IoT company will need to have a website and thus a hosting service. So instead of opting for the lowest shared hosting plan with minimal disk space, bandwidth, etc., look long-term and get the best plan to ensure scaling is easy later on”.
In Conclusion . . .
There are definitely a number of ways any business can fail, but more so in IoT. There are a lot of businesses that have a stellar start, but simply can’t fulfill the needs of their users, or fall behind when scaling is of the utmost importance.
There is also the issue of staying relevant in your space. Technology is being created at an unprecedented pace, and if you fail to keep your eye on the emerging tech out there, you could quickly fall behind.