Current trends among IoT hardware startups should look into this as a key strategy.
2. Catering to a specific niche audience can discourage potential competitors
Amazon, Quidsi, and Zappos are great ecommerce examples of being able to scale by focusing on very niche consumer products: books, diapers, and shoes, respectively. Some recent hardware startup examples include GoPro, 3D Robotics, and Nest.
3. Building a strong, formidable brand can heavily influence consumer preference and create customer loyalty
Besides AAPL, other brilliantly marketed hardware companies
include Intel, Cisco, Nintendo, Beats by Dr. Dre, and Dyson.
The “fashion and apparel” and “food and beverage” industries, where branding plays up to a 95% role in customer purchase decisions, are excellent case studies in creating a strong brand.
4. Implementing an innovative revenue model can get your customers coming back for more.
The traditional relationship between the consumer and supplier is a pay-per-product transaction.
However, proven and popular models also include hardware-as-a-service (leasing) like Xerox printers and hardware-as-a-platform like mobile phones and video game consoles.
A clever off-shoot of the hardware-as-a-service model is the pay-for-uptime model from Amazon Web Services and Rolls Royce jet engines.