Wearbit device maker Fitbit officially landed on the US stock market on June 18. As the first professional wearable device technology company listed in the US, Fitbit's share price rose 48.4% to $29.68 on the first day of listing. On Friday, Fitbit shares rose nearly 10% to $32.5. Today, Fitbit's share price has risen by about 60%, and it has been soaring on the premise that its issue price is not low.
It goes without saying that Fitbit is a success. Then, how can our smart wearable industry get out of the “bitter†financing and become the second “suction dollar†Fitbit? This is a question worthy of our discussion today.
Fitbit is able to become the first "sucking gold" in the wearable field, and it stands in the trend of smart wear, representing a future value. As the forerunner of success, the seven things that Fitbit has experienced in the process of moving forward in the field of intelligence and the choices it makes are worthy of our reference and reference for entrepreneurs in this field today:
Status 1: Industry chain technology does not support.
The entire intelligent industry was brought to the forefront by the sci-fi movie, or more accurately from the laboratory, under the condition that it has not yet matured the technical support of the industry, and thus detonated the smart wear industry. concept. However, due to the lack of support from industrial chain technology, it is obviously immature and irrational to engage in the products of “Wanjin Oil†at this time.
In the current actual situation, whether from the chip, technical solutions, algorithm technology, sensors, battery life, display and other aspects of the technology are exploring and developing at the "rocket" speed, and borrowing these technologies that are still in rapid evolution. Building the product is like moving the laboratory's products directly to the commercialization of the market.
This is very valuable for promoting industry exploration, because different entrepreneurs can directly gain experience through the “show†of different products in the market. At the same time, this is also a very stressful thing for the entrepreneurs themselves. Basically, it can be said that "the inside is not a person." On the one hand, it has invested a lot of manpower, material resources and financial resources to build this product; on the other hand, if the consumer does not pay the bill after the construction, it may also attract a buzz.
Fitbit strategy: Resolutely cut off all the functions and technologies that can be cut off, instead of heaping all the "playing objects" that can be piled up, and then from the current limited industry chain technology, through the strategy of "dwarf and long" A relatively reliable product.
Status 2: Consumer perception is vague.
At present, most people have no clear concept about what is smart wearable products. It can be said that some practitioners in the industry are also difficult to stand on the consumer's point of view, eliminating all technical terms and explaining exactly what is going on with their smart wearable products. As for the current smart glasses, watches, bracelets and other products are concerned about, from the perspective of marketing communication, it has a great relationship with its ability to allow consumers to establish a clearer cognition. Adding "intelligence" to the front of products such as glasses, watches, and bracelets, everyone's intuitive response is to be more advanced than the "traditional" products currently used. It is a technological product. If it is more complicated, as a startup, it is often difficult to undertake a new field of consumer cognition education.
Fitbit strategy: Use the words that consumers can understand to locate their products, and tell consumers directly who I am! I am a smart bracelet and a sports bracelet. This is also a marketing advantage, because life is in sports, this is something that everyone on earth knows, and Fitbit simply tells consumers that my product is to make your movement more "scientific".
Status 3: The value of big data is difficult to form.
Smart wear is the most important data entry in the Internet of Things era, which is a consensus. It can be said that the biggest value of money for smart wear is not in the hardware product itself, but in the collected data. However, from the current situation, on the one hand, due to a wide range of product applications, from the human body, the environment, home, industry to pets; second, the product image is different, from the eyes, watches, bracelets, shoes, pendants, clothes to In other fields, the products are in a stage of differentiation and evolution. Fragmented products, on the one hand, lack a platform for data integration; on the other hand, users are less sticky towards products. The reason for these two aspects has led to the fact that most of the smart wearable startups' big data is difficult to form effectively, and the collected data can be basically defined as invalid data.
Fitbit strategy: to make the product function "minimum", through "small" to improve the product experience. On the one hand, it can integrate relatively high-quality resources in a limited industry chain to create a hardware product itself; on the other hand, after focusing, it can correct algorithm technology that is closer to “real†and obtain relatively accurate monitoring results. Only such "accurate" data monitoring can give users reasonable advice and increase user stickiness. And Fitbit uses this to get a larger amount of user data, and these relatively effective data provide substantial protection for its big data value imagination.
Status 4: Can be referred to the lack of business model.
In the field of smart wear, although some organizations are currently exploring business models, especially those led by the United States, it is difficult for domestic entrepreneurs to have reference value in a short period of time. Perhaps Fitbit is a reference object that is currently more reliable and realistic.
Fitbit strategy: First, make money through the product itself. Focusing on market segments and segmenting people under the premise of limited technical resources, making relatively reliable products, earning corresponding profits through sales of traditional hardware products, in order to maintain the company's greater investment and make better products to serve user. The second is to make money through big data. Relying on reliable products, even if it is a monitoring project, as long as the monitoring is accurate, a large amount of “effective†user data can be obtained while providing users with data monitoring feedback results. By mining these data, it can be used for individuals, The agency provides more in-depth analysis and recommendations, and this service is of course an extra fee. The third is to create a vertical entertainment social circle, laying the foundation for the next value growth point.
Status 5: Value is difficult to support prices.
As I said in the article "Business Enlightenment Brought by Microsoft's Smart Bracelet Out of Stock", "price has never been a matter, how to make products the ultimate is the thing." At present, many people who consume and do not consume think that the price of some smart wearable devices is high. The main reason is not the price itself, but the imbalance between price and value.
In the smart wearable production base represented by Huaqiang North, a large part of the smart wearable devices have two problems in different degrees: First, the product technical solutions are basically the same, the functions and problems are similar; second, the products are very powerful, basic "omnipotent". If you say that these "all-powerful" products can not be said to surpass Apple in technology, performance, and experience, at least not worse than Apple, then the current price of more than 1,000 yuan is obviously very "cheap". The product. However, from the perspective of realistic products, more is to stay in an ideal stage of marketing concepts, which will inevitably give consumers a feeling of being "fudged."
Fitbit strategy: Focus on simple, controllable, and reliable functions, which are presented in a simple product form, giving users such a product with practical guidance. This is an intangible added value beyond the hardware itself. It can be said that what the user wants is not cheap and low price, but whether the value of the product or service provided can meet or exceed the price of the currency itself.
Status 6: Lack of technical talent.
I am not against a powerful product that stacks a bunch of technologies. It can be said that this is an inevitable trend of smart wearable products. However, as far as the current reality is concerned, after Google detonated the smart wearable industry, don't say that the industry chain technology has not yet formed, and even the relevant technical talents still don't know where. However, Google itself has not gone to the vocational training school of the smart wear industry to train relevant technical talents. At present, the only industrial talents come from two aspects: one is the technicians in the field of smart phones; the other is the IT-related technicians. .
Although these people have rich experience in their original industries, it is obviously inexperienced in the face of the subversive industry of smart wear. It is precisely because of such a factor that a large number of technicians continue to engage in the smart wear industry by continuing the industrial and technical thinking of IT and smart phones, and have produced many mini-versions such as "PC" and "mobile phone". Not a smart wearable product in the true sense.
Fitbit strategy: In the absence of industrial technology talents, cut into the most "small" function of the product, with the lowest technology training cost and the fastest technology accumulation speed to cultivate their own, and is the true sense of the smart wear industry technology and Talent, this is the guarantee for the sustainable development of smart wearable products.
Status 7: Technology is always very skinny.
In the beginning of any new industry, it is always easy to fall into such a technological situation that "ideal is full, reality is very boneless." This can be said that it is a relatively obvious situation at present. Many of our products have more publicity functions than actual application values. This cannot be simply defined as the "untrustworthy" behavior of business. It is these beautiful ideas that are difficult to express effectively through technical means in the actual implementation of entrepreneurs.
It can be said that there are still many difficulties in ensuring that the "single-item" technology is the ultimate, whether it is from the technical combination, product reliability, or algorithm technology, it is still in its infancy. The result may be that watching is like going on, and it is not always a matter of use.
Fitbit strategy: Focus on resources to make breakthroughs in “single-item†technology, to make relatively reliable products with the lowest cost of technology exploration, and to make their product technology quickly break through in similar products.
For the practitioners of the smart wear industry, the most important thing at present is not to consider how to "package", how to market; nor to consider the product's ability to be powerful enough, but how to make their product function small. To get out of the current puzzled confusion and become the second Fitbit with unique capital value, then the seven strategies of learning Fitbit can't be said to be absolutely successful, at least to ensure that you don't die, or die after others.
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