A three-part series exploring IoT value propositions in the real world. These articles examine the materially different go-to-market strategies required for hard savings, soft savings, and revenue growth in IoT markets.
Part 1 of 3
Hard savings involve curtailing an external expense with IoT technology. The simplest example is an energy retrofit of a building which deploys technology and capital to curtail external spend on energy. These are straightforward sales engagements — but understanding payback periods, closed-loop automation, and the transactional nature of the model is critical.
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Soft savings involve curtailing internal costs via IoT technology. The most common examples are technologies that improve employee satisfaction and wellness. These technologies are very sales intensive and the key questions around finding champions, scaling sales, and market representation can make or break the business model.
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Revenue growth is the holy grail of IoT products — driving executive engagement and share-of-revenue pricing. But the challenges of competitive positioning, proving value during the sales process, and deep system integration create a daunting risk profile that few companies have successfully navigated.
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