Smartwatches are the new “it” gadget on the market. Everyone seems to want one and once they get it, they don’t hesitate to flaunt it.
But how can we define the target market for smartwatches?
Some people say that the target market is young, hip people who love fashion and technology. Others say that the target market is busy professionals who want to stay connected at all times. The truth is that it is still early in the game, and most people are still figuring out all that they can do with these gadgets.
In this article, we will discuss some of the different groups of people who love smartwatches and why they love them. Stay tuned!
Understanding the Target Market for Smartwatches
One of the best ways to understand the target market for smartwatches is by analyzing why people wear smartwatches when for a long time people have been content with regular watches.
By understanding people’s motivations for purchasing smartwatches we can divide the market into the following customer segments:
- People who think smartwatches are stylish
- People who want to always be connected
- People who track their health with their smartwatches
- People who use their smartwatch to be more productive
- People who just want the latest technology
1. People who think smartwatches are stylish
This customer segment is attracted to the new and trendy designs of smartwatches. For them, it is all about being on trend and having the newest gadget. They want a device that will make them look good and that others will envy.
These are the people who see smartwatches as the latest must-have fashion accessory. They may not care so much about the functionality of the watch and they are likely to change watches frequently to keep up with the latest trends.
In fact, people in this segment are interested in purchasing watches in general and for them, a smartwatch is just a new kind of fashion accessory that they must possess.
Brands like Apple, Fossil, and Michael Kors have been able to target this group effectively with their sleek designs and variety of colors and materials.
2. People who want to always be connected
This segment of the target market for smartwatches likes to be always connected. These are the people who had pagers stuck to their belts. Pagers made way for the Blackberry. The Blackberry made way for the smartphone. The smartphone is now making way for the smartwatch.
For customers in this market segment, a smartwatch is mainly a device to check emails, text messages, and social media notifications without having to pull out their phones. For this group, staying connected is a way of feeling important. And without this electronic leash, they would be lost.
3. People who track their health with their smartwatches
This customer segment is interested in using their smartwatch to track their fitness goals and daily activity levels. They may even have specific fitness apps on their phones connected to their smartwatches.
They like to see how many steps they have taken, how many calories they’ve burnt, and how their heart has kept up. They will also check sleep patterns and monitor blood pressure.
The Fitbit Ionic, the Garmin Vivoactive, and the Apple Watch Series all have built-in fitness tracking features that appeal to this customer segment.
4. People who use their smartwatch to be more productive
This customer segment wants to use their smartwatch to help them get things done throughout the day. They want to be able to track their to-do list, set reminders, and see their calendar. The Samsung Gear S and the Apple Watch Series both have features that allow users to do this.
This group wants to use the smartwatch to its full potential and they see it as a way to increase their productivity. They are likely to use the watch for things like checking their email, getting notifications, and staying on top of their schedule. They may also use it to track their fitness or sleep – but more from point of view of productivity rather than of health.
5. People who just want the latest technology
This customer segment of the target market for smartwatches is interested in having the newest and latest technology. They want to be able to say that they have the latest smartwatch on the market. And they will not hesitate to flaunt it in meetings and social gatherings.
While this group of people will be interested in the technological features of the smartwatch, that’s more to know that they have access to the latest and greatest features rather than to use them.
Summary
The target market for smartwatches is an expanding one as we move from early adopters to the masses. There are a variety of reasons why people want to buy a smartwatch and that means there are opportunities for a wide range of brands to target different segments effectively.
For many, the smartwatch is just a fashion accessory to be shown off. They see it no differently than a fashionable shirt with cufflinks. The technology that goes into the product is secondary to them.
Then there are those who use it as an extension of the smartphone but one that you can access with the flick of the wrist rather than pull something out of the pocket. This group of people is always connected to the internet using their smartphones and tend to fully use the smartphone’s geolocational features.
Another segment of the market uses the smartphone primarily as a health and wellness device. Their objective is to use the smartphone to help them achieve a health objective – be it sleeping better, losing weight or controlling food intake.
Then there are people who use smartphones to help them become more productive. They will allow the device to track their time and how they spend it and look for insights into how they can become more productive.
And finally, there are those who just love technology and cannot live without having the latest technology around their wrist. These are the earliest of technology adopters who will change devices often as soon as a new version of a product reaches the market.