After 25+ years in the M2M and IoT strategies industry, Steve Brumer has the experience and know-how to educate you on success models that will work for you! Here, with Cellular Fuse, he discusses the ways for IoT vendors, channel partners, and ecosystem players to make money in the IoT industry. Learn more by watching the video or reading our summary, below.
In the current business landscape, you need a diverse IoT go-to-market plan to solidify your business stance within the IoT strategies industry and its future.
IoT Strategies: Which IoT Products and Services to Sell
There are many IoT products and services you can choose to sell to customers and IoT vendors. The ones you choose will be based on your experience, knowledge, and market.
● Software is probably one of the biggest areas in IoT. The various applications and programs available for end-users are critical. Focus on trying to solve their problem and you’ll see success.
● This business must have partnerships. You can not go about it alone. You have to have the hardware or module IoT vendor or gateway network provider. Networking is vital to seeing success in selling IoT.
● Trusting the end-user to successfully install an IoT device can lead to headaches for everyone. Instead, sell them on installation services to get things off on the right foot.
● Monitoring services allow you to continue to have a recurring revenue stream. You can also include device management and billing platform integration to monitor those IoT devices around the world.
● Increased airtime data usage is all about the content and the amount of data. Who owns that data is very very critical. The ownership of the data is something we can sell all the time, which is where the true value lies. The carrier’s cost of airtime continues to go down and the margins continue to erode, but we are selling more data.
● The data analytics is the main component you are selling with IoT devices. Being able to analyze the data and figure out what it’s telling you so that you can solve the issues is the whole point of IoT.
● Hardware margins exist. From the sensor, to the network EDGE computing box and the gateway, there is money in hardware. You can earn a profit from installation and monitoring of those IoT devices.
So what’s the best way to make money with IoT strategies? Through partnerships comes bundled IoT solutions. Bundling the airtime, hardware, software, platform and more into an OPEX model seems to be what clients are looking for. They want to preserve their cash, put it into an OPEX model, and bury it. Today’s advantage is that there are many financial companies looking to work with us to put those OPEX models together as well as programs that allow you to sell an OPEX program to your customers.
Ready to Profit on your IoT Strategies?
Learn more about the challenges, how to get started, what you can sell in retail & B2B, and Steve’s number one rule to live by when working in the IoT industry by watching the rest of the video, above. To see how to get BH IoT Group on your side, please contact us today.