We’ve all heard the stories, seen the viral videos of people falling over using their phones. We’ve heard the complaints about how someone is ‘always online’. It’s fair to say that Millennials love tech, maybe even more than avocados. But what does this mean for the Internet of Things and is it really as simple as saying young people love technology?
Well the first point about IoT is…
Millennials are the LEAST likely to own devices!
A US-based survey showed that Millennials are the least likely age group to own IoT devices. Shocking eh? Here at Ovon we always make sure to research customers before we actually develop a product to avoid misconceptions like this one. This is a large problem for big energy companies and utilities looking at launching smart connected products. With low numbers of home ownership a Millennial doesn’t want to be battling his landlord simply to fit a connected thermostat. That’s before we look at specialist connected cooking appliances and more.
So Millennials aren’t necessarily purchasing connected products, but they’re online right? So what does that mean for your new shiny product? Well this level of tech awareness actually means that Millennials are very aware of issues such as security of devices. In a survey conducted by KPMG, 74% of Millennials say they would use more IoT devices if they had more confidence that the devices were secure. This is in contrast to under 50% of more elderly potential customers in the Baby Boomer generation with concerns about security. Millennials also know a lot more about your company than you think. YouGov last year released a new study showing 61% of shoppers between 18 and 34 years old had switched brands over the last 12 months. A surprising number of these switchers blamed issues in a brand’s supply chain. Millennials are able to find out about that factory scandal from 4 years ago, with social media often amplifying concerns about social responsibility or environmental impact.
So, what are Ovon’s take home points for developing IoT for Millennials?
Know your customer. Don’t just assume because it’s ‘smart’ young people will want it. Home ownership and living situation are important factors for example.
Millennials know what can go wrong. Security and safety are not a given, so make sure to demonstrate why your technical solution is the best.
Millennials know how to dig the dirt. Work with reputable partners and manufacturers. That’s why here at Ovon we only work with trusted partners to ensure we avoid problems.
Again, we’d love to hear any comments, so just get in touch!