Wearable technology: it's a buzzword that's incessantly thrown around without much understanding of what it actually is, or what it does. Beyond the fact that these technologies are smart devices that consumers wear and interact with, the full effects have yet to be determined. And while there's nothing wrong with some ambiguity on the consumer side, you, as a marketer or business owner, need a firm grasp on the concept in order to use these new resources to your advantage.

Understanding Wearable Technology

According to one definition, wearable technology refers to the "category of technology devices that can be worn by a consumer and often include tracking information related to health and fitness. Other wearable tech gadgets include devices that have small motion sensors to take photos and sync with your mobile devices."

From a marketing perspective, the two keys to this definition are the abilities of wearable technologies to track information and sync with mobile devices. As these technologies continue to develop and improve, these are the key features marketers will want to keep an eye on, study, and ultimately monetize.

Why Consumers Love Wearable Tech

While the many benefits and advantages of wearables for marketers will be covered below, it's important to start with the consumers. Why do/will consumers love wearable technologies? There are ultimately three answers to that question:

Connectivity.
Productivity.
Innovation.

Potential Barriers to Adoption

As with any new technology or innovation, there will be potential barriers to the widespread adoption of wearables. In particular, these may include:

Privacy concerns.
Ambiguity.

Opportunities for Marketers

As a marketer, the question is this: How will the growth of wearable technology in the coming months affect your marketing strategy? And more specifically--how can you capitalize on it? Keep the following in mind:

Location tracking.
Behavioral data.
Increased access.

While the opportunities are endless, it's important that you perform your due diligence and patiently observe the successes and failures of others before developing an intricate strategy. As a completely new marketing channel, there will be significant trial and error for everyone.

When attempting to capitalize on wearable technology in the early stages, understanding the mindset of the consumer will be the single most important thing you can do. Ultimately, you should focus on how you can interact with consumers in minimally invasive ways, while still utilizing the benefits mentioned above. You probably won't get it right the first time around, but getting ahead of the pack and moving alongside the industry as it expands will better position you for future success.

Don't Get Left Behind

As a completely new frontier in the marketing world, the topic of wearable technology can be intimidating and stress-inducing if you aren't careful. Instead of curling up in the fetal position and waiting for the fad to come and go (Hint: Wearable technology is here to stay), now is a good time to strategize and prepare for ways to capitalize on these new technologies for maximum success and long-term profitability.

By understanding what wearable technology is, how consumers will adopt these new technologies, and what opportunities exist for marketers, you can benefit from this fundamental and exciting shift. Get ahead of the pack and start today!

 

Published on: Apr 12, 2015
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