Wearable Marketing – 2015 The way ahead…

Author: Prayukth K V Graphics: Prabahar Chitraikani

Can you afford to ignore it? • Wearables market will grow at a compound annual rate of 35% over the

next five years, reaching 148 million units shipped annually in 2019, up from 33 million units shipped in 2014. (BI)

• Scope for Apple and Google to extend their domination of the mobile space into the wearables arena

• Ease of access and body proximity bring wearables closer to the users zone of use

• 63 per cent of CIOs said they believe wearables will become common workplace tools (Robert Half Tech Survey)

• 38 percent of consumers who plan to buy a wearable are habitual mobile banking users (Carlisle & Gallagher Consulting)

• 70% of the participants in a PwC survey expect their employers to permit the use of wearables at work

• In the same survey, 77% of respondents believe that wearables can boost efficiency and productivity at work

• 68 million smartwatches and 50 million smart bands to be sold in 2018 (CCS Insight)

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250 million wearables will be in use in 2018; 77 percent of these will be in

developing markets*

*CCS Insight August, 2014

Under the hood • For the first time, marketers get a chance to engage in real-time through

‘unmasked emotions’

• Knowing someone’s emotional state creates an opportunity to intervene with some kind of experience that the person might be receptive to

• Together with social sentiment info, the data collected could be a game-changer in many ways

• User’s psychological state could no longer be a mystery

• Accurate product/experience feedback is now a possibility

• Right now, most people disconnect their smart devices or computers for at least a couple of hours per day. It's likely that those with wearable devices will leave them on around the clock

• Watches that were ditched for smartphones, just a few years back have returned in a new avatar as smartwatches in 2015

• Biorhythmic data collected from personal health trackers could be analyzed by datacenters/supercomputers to find new treatments or even cures

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The opportunity • Location-sensitive ads can be served to customers on-the-go during their

commutes.

• Being with consumers almost 24/7, these smart devices have the ability to learn even more about their buying habits.

• Wearables are an integral part of the Internet of Things framework

• Co-creation opportunities will rise

• We are still in the “stone-age” of wearables

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Win-win for customers and marketers • Consumers gain better content by viewing ads while brands get attention to

sell their wares.

• Consumers get to unlock a higher degree of monetisation for data they wish to share.

• Better products (with smaller product cycles) and more customization becomes the norm

• Instances of brands deploying not so legal means of gathering customer data may reduce

• Cost of outreach may come down in the long run

• Accuracy of customer data will go up

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Integrating wearables into your marketing strategy

• Figure out your wearable marketing play

Identify business areas that could gain through wearables

Decode the data science needed to analyze information

Launch micro experiments in-house

Define your market and play space

Work towards evolving a wearable marketing preparedness strategy to begin with

If you have a mobile marketing team, get them to explore the wearables space

Start scouting for partners

Delineate the boundaries of data gathering and use

Be upfront and tell customers in simple and easy to understand terms as to what’s the type of data you will be collecting

Put a content engagement strategy together

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The drawing board

Wearables present marketers with an opportunity to start afresh on a

new platform

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Pillars of wearable marketing

•Proximity

•Personalization

•Paradigms

•Persistence

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Breaching frontiers

“The Happiness Blanket” offered by British Airways is embedded with LEDs and connected via Bluetooth to a headband containing sensors that read electrical fluctuations in the wearer’s neurons. If brain activity indicates that the wearer is calm and relaxed, the surface of the blanket turns blue. If the wearer is stressed or anxious, the blanket turns red.

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About Prayukth

Prayukth is a marketing transformation leader with extensive experience in strategic marketing, building brand credibility, market research and predicting customer behavior.

He is a social media power influencer with an engaging presence on twitter, linkedin, slideshare and google plus.

Thank You !!!

Author: Prayukth K V Graphics: Prabahar Chitraikani