As Interpret recently shared, consumers are not always focused on the least expensive smart home products. Only 10% to 20% of smart home camera buyers are interested in a product at a price below $100, suggesting that consumers are willing to pay more for a product with a proven reputation. Moreover, Interpret research finds that the most important basic feature for camera buyers is ease of installation.
While many companies claim easy installation, this finding underscores the importance of product differentiation through true, out-of-the-box, easy installation, and heavy marketing to support that experience. Successful smart home device companies have found that a winning formula is about offering a great experience, not just a great product, and that includes ease of connection to other devices.
Interpret research finds that the most important advanced feature rated by smart home camera owners and intenders is the ability to view camera streams on a smart TV or smart display – emphasizing the need for camera products to easily integrate with display devices, and further suggesting that Wi-Fi networked cameras are a logical companion product to smart TV makers (Samsung, Sony, LG) and, of course, smart display makers Amazon and Google Nest.
The research reveals that other highly valued advanced features include complete motion capture (more than a video clip) and video analytics that alert the viewer when a person or object is in motion. Networked Wi-Fi cameras are products that 11% of US consumers are interested in purchasing in the next six months – meaning that the rewards are high for companies that can provide an excellent installation and connection experience. Those companies that best understand the profiles, needs and living situations of buyers, and provide them with the appropriate experience, will be the market share leaders in this fast-growing category.
Contact Interpret to learn more consumer insights in the latest smart home report: Smart Home Matrix: Smart Cameras and Video Services.