Are All Smart Home Consumers Created Equal? (Infographic)
Are all potential Smart Home consumers interested in the same solutions? Do they have the same needs? How does location impact your offering? How we can we learn from the differences between the American and European consumers?
We at Essence Group recently conducted an in-depth survey with smartphone owners in the United States and Europe to better understand how they look at IoT-based smart home management solutions, their distinct needs, interests, and buying habits. Our survey has shown significant differences between American and European consumers in terms of needs, requirements and the attitude toward Smart Home solutions.
US market adoption of new technologies is more mature than its European counterpart. This holds true for Smart Home solutions and products as well.
Rising energy prices is the issue that most concerns the European consumer. The vast majority of Europeans surveyed ranked saving on energy costs as one of the most important Smart Home capabilities. In comparison, only half of US respondents ranked energy cost savings as critical.
By contrast, we also found that US consumers’ greatest concern is the safety of their loved ones. Americans were almost unanimous in the importance of the ability of any Smart Home solution to effectively detect fire and notify residents and the relevant authorities. On the other hand, only 78% of European ranked fire safety as vital.
Both regions recognized the value of solutions that allow the ability to monitor their homes from anywhere. Overall, Europeans were willing to pay a one-time hardware fee of almost 50% more than Americans for an IoT-based home management solution controllable from any device and any location.
Our study shows that the preferred and trusted distribution channels for this type of technology are also quite distinct. Americans show a preference for purchasing an IoT system from a security service provider, while Europeans preferred to buy their systems from electronics retailers.
Another area of significant differences between the two continents focuses on how early adopters are most influenced by the variety of media channels. While this segment is influenced by television on both continents, 77% of US early adopters see television as their main source of information while only 53% of Europeans in the same category are influenced mainly by television. Interestingly, our study found that the early adopters in both locations are equally influenced by online internet ads.
Our findings highlight the importance of custom tailoring Smart Home marketing and development efforts based on the interests and buying habits of the different target markets.
At Essence Group, as a B2B2C company, we are aware of the challenges involved in engaging the consumer market; therefore we provide our customers with marketing tools and support to help them maximize their go-to-market strategy and activities.