Tuesday, November 10, 2015

CEO's: How To Share A Piece Of Cake In The Wearable Market

With no doubt, the next big bloom in the technology market is wearable product and as a CEO you need a plan to prosper from this trend. Even though wearable are not new to the market anymore, but it is still at adapting stage with so much potentials. Company needs to react fast to share a piece of cake in this relatively undeveloped market before there are too many players with too many diversified products.

Photo Credit to IanAllen Photo

Article 5 Reasons Wearables Ready Mass Market Adoption talked about wearable products are still at the adoption phase in the market, however there are signs start to show that wearable products develops fast. There are 5 signs that wearable market is ready for the mass-market adoption. Celebrities give wearables big expose to the public and it’s an indicator for people to show that they care about health and wellness. Fashion and luxury brands start to work with wearable products and wearable. Customers are also have high expectation on innovated wearable products, which lead the fast revolution on wearable products among different competitors. Companies start to develop their own wearable platforms to engage with customers. Consumers look forward the wearable products more than ever, that’s why company should starts to innovate and develop wearable before competitors saturate the market. Author: Alexander Sommer, WT VOX

Article Wearable Technology Market Forecast 2015-2020 talked about some trends and statistic about the billon dollar wearable market. People think 2015 is the breakthrough year for wearable products to achieve its mass-market acceptance. Apple Watch heated up the wearable market and people expect more than ever on wearable products. Each market that related or involved with wearable industry will deliver different business opportunities and create big bloom. Wearable products provide customers with convenience and many benefits that to keep them stay on the task in their lives. In this way, wearable market is blooming and aiming for bigger profits in the next few years. Author: Clare, Reportlinker

After reviewing these articles, and from my experience at the Northwestern University Integrated Marketing Communication program, I have developed 3 actionable items that you need to consider to help your company stay in track with the fast developing wearable market.

1.    Evaluate Your Company-Analyze your products and business to see how you can fit into the wearable trend and able to share a piece of cake with this fast developing market.

2.    Be Customer Centric-Develop products and services that provide convenience and benefits for customers. You need to understand what do they want to win the battle in this growing market with increasing competition.

3.    Be Innovative-Keep an innovative mind, because people always want more. Wearable market changes fast, in order to stay in a good position, innovation is crucial to the success in wearable market.

These actions will help you to stay toned in the wearable market and provide the fundamental direction when you look into the wearable market.

April Yuan

I am a master candidate at Northwestern University, Integrated Marketing Communication program. I am currently exploring interests and professional knowledge in marketing that related to digital and technology market. Feel free to contact me through twitter and LinkedIn. You can find me @AprilYuan1 on Twitter.

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