Apple has prided itself on cutting edge products. Their mantra is to create great products that we didn’t know we needed. It worked for the iPod, IPhone and iPad. Now there are rumors about the iWatch. Guess what, they are going to miss the boat on this as they have overlooked what we do and do not need.
Who are the biggest consumers of new technology?
First it is the early adopters, they’ll buy anything. That is a small percentage of the population though, maybe 15% at the most and that is being generous.
They will likely be the bulk of the iWatch consumers. Here are the others:
Dilberts who need to have the most gadgets.
Some workout people who for while will think this is cool. This groups purchasing power will wear off as you can tell by the proliferation of watch style monitoring devices being purchased, but then discarded. It is not the killer app.
Who won’t by buying them?
Almost everyone else and the biggest problem is the group that has the largest digital footprint:
The generation of 18- to 34-year-olds, known as Millennials, are an increasingly influential group that impacts many aspects of the American lifestyle, including fashion, technology and entertainment, according to the upcoming 2013 Digital Marketer Report from Experian Marketing Services. The report looks at key segments of the consumer landscape, including millennials, who provide a major opportunity for marketers to reach consumers via mobile. Millennials spend 14 percent more time engaged with their mobile devices in an average week than their generational peers.
Guess what? They don’t wear watches for the most part, they keep time on their phone. They want a phone with a bigger screen, better input capabilities and easy access to social media. An iWatch doesn’t fit this model. This will continue for the rest of their lives (likely) and with the younger generation.
They also have to pick which device they are going to buy as student debt is at an all time high. If you need an iPhone to work the watch, no money left for beer or video games.
What is the biggest attraction for Facebook and most social media? It is the sharing of pictures. Why did Instagram get bought for 1 Billion dollars? Why is snapchat gaining ground and Twitter adding video to their photo capabilities? With the grandparents getting onto Facebook, the youngsters are using other apps like Instagram to share their lives with their friends. While you can see a picture, it is small.
So why are they doing it? Because they need the buzz or the next great thing. Will they do it anyway? Of course, Samsung already has one announced and Apple copies and tries to make it better
I’m not saying watches are dead, who doesn’t want a Rolex for example, it’s just that the impact of an Apple Watch isn’t going to be the $100 jump in the stock price that earlier products were.