Wearable
technology is helping marketers to connect with customers in ways they never
thought imaginable.
By Elyse Winer
Senior Manager, Marketing
MC10
Senior Manager, Marketing
MC10
 |
| Image Credit: Bionicly |
From glasses to smart watches, wristbands to clothing embedded with sensors, a walk through the 2015 Consumer Electronics Show in Las Vegas revealed that wearable technology is here to stay. Analysts predict that wearables will be a ubiquitous part of our daily lives. Venture capital investment in the space has grown from $49 million in 2011 to $282 million in 2013. BCC Research estimates that wearable device sales will reach $30.2 billion by 2018.
And marketers are starting to take notice.
Just as the insights captured by these devices are shaping decision-making for consumers related to their health, they also present an opportunity for brands to enhance their marketing strategies based on audience behavior. A 2015 study of 478 CMOs and Senior Marketing Executives worldwide by The Economist Intelligence Unit unveiled that respondents site “the internet of things” and “wearable technology” as two of the trends that will have the biggest impact on marketers by 2020. Marketers are increasingly looking to wearables to deepen their connections with customers and deliver more relevant and timely messages.
MC10’s uniquely conformal and ultra-thin wearable technology platform has received tremendous interest from sports & fitness giants and healthcare companies. Partnerships in these areas have helped to position us as a leader in the wearables space. It was not until recently, however, that marketers made their way into the mix - all interested in leveraging on-body devices to create more user-centric offerings for their customers.
But a major question remains unanswered- how will marketers be able to reach connected consumers, all while ensuring the experience is personal, discreet, and well-timed? Here are the biggest opportunities we see at MC10:
Personalize the message:
The future of wearable advertising will mean that messages can be more targeted, emotion provoking and conversational. Real-time insight into customer biometrics or location provides marketers with new opportunities to target customers with relevant offerings. Imagine Starbucks reaching out with a discount for a Frappuccino when a wearer’s energy levels have plunged, or Ben & Jerry’s targeting users on an unseasonably hot day. Wearables don’t just offer more blank canvases for personalized messages; they also provide a meaningful opportunity to drive product sales. When advertisements are relevant and engaging, it feels less like a disruption and more like a dialogue.
Enhance the experience:
Entertainment, media and communications companies are already exploring how wearables can provide more immersive and interactive experiences for their customers. At last year’s SXSW in Austin, Pepsi partnered with Lightwave, Fast Company and DJ A-Trak to pull biometrics into the fan experience. Lightwave wristbands track and visualize real-time fan analytics like movement, temperature and excitement, allowing the musician to customize the experience based on real-time crowd feedback. Consumers are also looking to wearable tech to make traditional entertainment experiences more seamless and fun. Disney introduced the Magic Band – a wrist-worn device that allows customers to “be the ticket,” gaining instant access to park features, hotel rooms, and even cashless payments.
Rethink retail:
As wearable tech adoption increases, we are beginning to think of new ways for retailers to incorporate the technology into an already crowded, multichannel marketing mix. Marketers should think about wearables being an extension of their mobile marketing strategy, and not a replacement for the phone. For consumers, wearables can improve the shopping experience through faster payment and customized promotions or offers. For retailers, wearables can collect shopper data like buying habits, in-store frequency, length of stay and dwell times. This kind of granular customer data allows for you to optimize in-store operations, store layout and product placement in order to improve sales.
Conclusion:
Marketers are consistently pressured to be more data and customer-driven in their decision-making, and to use new technologies that engage customers in new and more authentic ways. Capturing the data derived from wearable devices and turning it into something meaningful for the consumer presents a challenge, but also an exciting opportunity.
And marketers are starting to take notice.
Just as the insights captured by these devices are shaping decision-making for consumers related to their health, they also present an opportunity for brands to enhance their marketing strategies based on audience behavior. A 2015 study of 478 CMOs and Senior Marketing Executives worldwide by The Economist Intelligence Unit unveiled that respondents site “the internet of things” and “wearable technology” as two of the trends that will have the biggest impact on marketers by 2020. Marketers are increasingly looking to wearables to deepen their connections with customers and deliver more relevant and timely messages.
MC10’s uniquely conformal and ultra-thin wearable technology platform has received tremendous interest from sports & fitness giants and healthcare companies. Partnerships in these areas have helped to position us as a leader in the wearables space. It was not until recently, however, that marketers made their way into the mix - all interested in leveraging on-body devices to create more user-centric offerings for their customers.
But a major question remains unanswered- how will marketers be able to reach connected consumers, all while ensuring the experience is personal, discreet, and well-timed? Here are the biggest opportunities we see at MC10:
Personalize the message:
The future of wearable advertising will mean that messages can be more targeted, emotion provoking and conversational. Real-time insight into customer biometrics or location provides marketers with new opportunities to target customers with relevant offerings. Imagine Starbucks reaching out with a discount for a Frappuccino when a wearer’s energy levels have plunged, or Ben & Jerry’s targeting users on an unseasonably hot day. Wearables don’t just offer more blank canvases for personalized messages; they also provide a meaningful opportunity to drive product sales. When advertisements are relevant and engaging, it feels less like a disruption and more like a dialogue.
Enhance the experience:
Entertainment, media and communications companies are already exploring how wearables can provide more immersive and interactive experiences for their customers. At last year’s SXSW in Austin, Pepsi partnered with Lightwave, Fast Company and DJ A-Trak to pull biometrics into the fan experience. Lightwave wristbands track and visualize real-time fan analytics like movement, temperature and excitement, allowing the musician to customize the experience based on real-time crowd feedback. Consumers are also looking to wearable tech to make traditional entertainment experiences more seamless and fun. Disney introduced the Magic Band – a wrist-worn device that allows customers to “be the ticket,” gaining instant access to park features, hotel rooms, and even cashless payments.
Rethink retail:
As wearable tech adoption increases, we are beginning to think of new ways for retailers to incorporate the technology into an already crowded, multichannel marketing mix. Marketers should think about wearables being an extension of their mobile marketing strategy, and not a replacement for the phone. For consumers, wearables can improve the shopping experience through faster payment and customized promotions or offers. For retailers, wearables can collect shopper data like buying habits, in-store frequency, length of stay and dwell times. This kind of granular customer data allows for you to optimize in-store operations, store layout and product placement in order to improve sales.
Conclusion:
Marketers are consistently pressured to be more data and customer-driven in their decision-making, and to use new technologies that engage customers in new and more authentic ways. Capturing the data derived from wearable devices and turning it into something meaningful for the consumer presents a challenge, but also an exciting opportunity.
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