Parks Points

Of the three questions Parks Associates asked to consumers about products—product familiarity, product value, and product affordability—which is the most meaningful?

The answer likely depends on context and the product in question, but for smart home products, knowing how consumers value these products is highly meaningful. Without a perception of value, the inclination to purchase the product will not exist.

A few smart home products were compared with smartphones (a product that is central to many people’s lives), smart TV sets, and two emerging products (speakers with personal assistant capabilities and smart watches). Compared with highly diffused products, familiarity with smart home devices remains low, as does the perceived value of these devices.

The real interesting data point here is that more consumers see value in smart door locks, video door bells, and networked cameras than are familiar with these product categories. This is a very positive sign, as it indicates that a value proposition exists for smart home devices. The key variable in the smart home equation for brands in a variety of smart home product categories is raising product awareness. Overcoming the awareness inequality with more diffused products is easier said than done. However, smart home products as a whole seem to be operating from a strong position, and there’s reason to be optimistic for continued growth in a variety of product categories.

To learn more about the smart home market and Parks Associates' latest consumer research, register for CONNECTIONS™: The Premier Connected Home Conference, taking place May 23-25, 2017, in San Francisco.