The industry will be worth $70 billion in the next 10 years. The following examples will give marketers food for thought on how to monetize this opportunity.
I bought my first Fitbit Ultra in January 2012 as a cool device that could help me stay fit. Little did I know that I was joining the wearable tech revolution that would shape a $70 billion (Dr Peter Harrop, 2014) market in 2024. From on-body and ingested devices that can track your every movement to Google Glass, which allows you to take pictures with a blink, it seems like wearable tech will soon become an integral part of our lives.
On paper, wearable tech presents us with an opportunity to revolutionize our interactions with customers, partners, and even our own employees. However, the question is how can we monetize this opportunity?
The following examples will give you some for food for thought to apply this trend in your own industry:
At this moment, most companies are monetizing wearable tech through selling devices and services. As wearable tech gets ready for prime time, it’ll offer a lot of opportunities for marketers. The devices and apps will provide personalized data about consumer preferences, allowing us to target consumers with targeted content.
As a marketer, I’m excited about what the future holds for wearable tech and look forward to finding ways to enhance the consumer experience and positively impact the business at the same time!
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Mandeep has over thirteen years experience of building brands with blue-chip organizations like Johnson & Johnson and Pfizer across FMCG & Medical Device categories. His latest assignment is to launch a newly acquired medical technology start-up business across Asia-Pacific.
Mandeep is a recognized expert in integrating emerging media to drive business results. In 2007, he led the launch of one of the first branded apps on Facebook. The app was a finalist at Cannes and won the highest recognition for marketing excellence in J&J. In 2009, he pioneered the launch of the first iPhone app in J&J, which was featured in the Sydney Morning Herald as an example of innovation.
Mandeep has spoken widely on social media, mobile marketing & multichannel marketing at conferences across Asia-Pacific. He writes regularly for ClickZ and has been a judge for the Australian Marketing Institute (AMI) Awards for Marketing Excellence.
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