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Framing Your Competition in a Digital World

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This brief presentation is a "how to" for product innovators seeking to differentiate their offerings in a brave new (digital) world. You will learn how to use a For-It's-That-Unlike (FIT-U) value proposition format for the three parts of an Internet of Things (IoT) solution. Originally presented at the IoT Fuse Conference in Minneapolis, MN on Friday, April 21, 2017.

Publicada em: Tecnologia
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Framing Your Competition in a Digital World

  1. 1. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 1 Framing Your Competition in a Digital World Jason Voiovich vCMO Vojvdec & Sigma, LLC IoTFuse: Conference 2017 Friday, April 21, 2017 / Minneapolis Convention Center / Minneapolis, MN Image credit: Sony
  2. 2. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 2 My promise to you: You will understand what makes an IoT solution unique, how that broadens the customer value proposition, and how that allows us to reframe our competitive environment. The approach is brilliantly simple to learn, and devilishly difficult to master. We’re going to use it to build a bridge over a chasm. Let’s go. Most of today’s IoT is over here.
  3. 3. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 3 An IoT “solution” is really three distinct offerings. The product itself, embedded with sensors, edge processing, and communication technology.1 The ongoing service, made possible by the combination of collected, transmitted and processed data.2 The data as a distinct aftermarket offering, disconnected from the combination of the first two.3
  4. 4. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 4 Product value includes: Functional features (grip, material, weight, sweet spot), non-functional features (branding, colors, sports celebrity endorsements), “new” electronic features (embedded sensors with tactile feedback) 1 Service value includes: Immediate feedback loop (self- guided and coach-guided, Hawthorne Effect), Time-Series Data Analysis (again, self-guided or coach-guided) 2 Data value includes: Aggregate data analysis (playing habits, equipment performance, coaching efficacy, performance data for fantasy sports) 3 Image credit: Babolat
  5. 5. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 5 Product value includes: Functional features (value design/patents, efficiency, PSI rating), non-functional features (warranty, compatibility), “new” technical features (embedded flow and ground moisture sensors) 1 Service value includes: Immediate feedback loop (flow control based on ground moisture, sync with GPS), Time- Series Data Analysis (change in water usage, cost savings, return on investment) 2 Data value includes: Aggregate data analysis (comparison between operator techniques, water use by location, runoff traceability, use restriction compliance) 3 Image credit: University of Minnesota Extension
  6. 6. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 6 Understanding the offering is just the start. A value proposition aligns that offering with a defined audience to deliver a distinct benefit.
  7. 7. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees FOR: suburban housewives with an ego IT’S: the discount retailer THAT: delivers affordable trends. 7 Image credit: Target Corp.
  8. 8. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees FOR: the rebel at heart IT’S: the classic American motorcycle THAT: sets you apart. 8 Image credit: Harley Davidson Motorcycles
  9. 9. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees FOR: the home barista IT’S: the easiest way to brew espresso THAT: is better than the coffee shop. 9 Image credit: Nestle
  10. 10. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 10 Image credit: Babolat Product value proposition: FOR The player who wants to improve IT’S a professional quality smart racket THAT delivers immediate feedback when you’re on your game. 1 Service value proposition: FOR The tennis pro trying to build her client base IT’S a coaching assistant system THAT allows her to serve more people at once. 2 Data value proposition: FOR The racket manufacturer IT’S a data aggregation tool THAT allows us to see how our product is truly used. 3
  11. 11. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 11 Image credit: University of Minnesota Extension Product value proposition: FOR The cost-conscious farm operator IT’S a reliable, maintenance-free valve system THAT allows me to maximize time in the field. 1 Service value proposition: FOR The value-driven agricultural investor IT’S GPS-connected irrigation solution THAT gets the same results with 20 percent less water. 2 Data value proposition: FOR The state watershed manager IT’S the irrigation system that continually sends me use data THAT allows us to plan ahead and avoid restrictions. 3
  12. 12. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 12 Now that we have a value proposition, we can understand the true competitive frame. Image credits: iStock
  13. 13. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees FOR: suburban housewives with an ego IT’S: the discount retailer THAT: delivers affordable trends UNLIKE Walmart 13 Image credit: Target Corp.
  14. 14. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees FOR: the rebel at heart IT’S: the classic American motorcycle THAT: sets you apart UNLIKE driving a minivan. 14 Image credit: Harley Davidson Motorcycles
  15. 15. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees FOR: the home barista IT’S: the easiest way to brew espresso THAT: is better than the coffee shop UNLIKE going to Starbucks. 15 Image credit: Nestle
  16. 16. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 16 Image credit: Babolat 1 2 3 Product value proposition: FOR The player who wants to improve IT’S a professional quality smart racket THAT delivers immediate feedback when you’re on your game UNLIKE affording a racket with superior materials. Service value proposition: FOR The tennis pro trying to build her client base IT’S a coaching assistant system THAT allows her to serve more people at once UNLIKE using my own methods (that are my “secret sauce”). Data value proposition: FOR The racket manufacturer IT’S a data aggregation tool THAT allows us to see how our product is truly used UNLIKE voice of customer surveys.
  17. 17. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 17 Image credit: University of Minnesota Extension 1 2 3 Product value proposition: FOR The cost-conscious farm operator IT’S a reliable, maintenance-free valve system THAT allows me to maximize time in the field UNLIKE a cheaper system that would require field maintenance. Service value proposition: FOR The value-driven agricultural investor IT’S GPS-connected irrigation solution THAT gets the same results with 20 percent less water UNLIKE using what we have now (water is cheap for us). Data value proposition: FOR The state watershed manager IT’S the irrigation system that continually sends me use data THAT allows us to plan ahead and avoid restrictions UNLIKE collecting field data ourselves.
  18. 18. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees 18 IoT Value Proposition Generator: 3X-FIT-U IoT Offering Component FOR Audience Segment IT’S Specific Offering THAT Perceived Benefit UNLIKE Next Best Alternative Tangible Product Who is the direct user of the physical product itself? Is there more than one distinct group or segment? What is the specific physical product? Does connectivity offer any immediate benefit without ongoing service? What specific benefit does the user receive from the product itself? How valuable is any immediate benefit received? What is the next best alternative to the product itself? Is the product superior or inferior to its IoT counterpart? Ongoing Service Is the user (or user groups) of the ongoing service different than the user of the physical product? What is the exact service offering? How is it delivered? When? How often? What does it cost? What benefit does the user receive over time? Is there a benefit for both user groups if they are different? Does the benefit continue through each billing cycle? If not, is the next best alternative cancelling your subscription? Data Aftermarket Who is most interested in the aggregate database you will create? What specific data fields will you collect? What is the data quality? What does the data tell you in aggregate that is new, surprising or useful? Can it build the database the user currently owns? Where else could that data come from?
  19. 19. Framing Your Competition in a Digital World Confidential Not for Distribution Beyond IoT Fuse 2017 Conference Attendees Jason Voiovich Jason Voiovich is the founder of Vojvdec & Sigma, a consultancy offering Virtual (Fractional) CMO services for B2B organizations in the most challenging markets who need affordable help creating and executing winning marketing plans that deliver a 10x ROI. He has invested the prior five years helping organizations discover and capitalize on new markets made possible by the digital revolution. How can I help you? jason@vojvdecandsigma.com 612.669.5807 19

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