What can companies in the smart home space learn from one of the tech industry’s giants?

Entrepreneur Elon Musk. Photo Credit: Britta Pedersen/EPA
Entrepreneur Elon Musk. Photo Credit: Britta Pedersen/EPA

Elon Musk is known around the world for his innovation, his business acumen, his record-shattering wealth. His rocket company, SpaceX, just won a historic $2.89 billion NASA contract to take astronauts back to the moon, a sure sign that Musk’s influence and wealth will continue to rise.

How can Musk’s business principles help you? Here are four strategies that any company can adopt to boost its success in the smart home space.

Focus On Ownership Experience rather than just Shopping Experience

On an earnings…


The number of returned products is on the rise as consumer behavior shifts further away from traditional retail to online shopping. Fewer consumers have an opportunity to try out, or even look at products in stores before they commit to a purchase, resulting in a rise in returns which cost e-commerce businesses $7.4 billion in 2019. The so-called No-fault-found (NFF) returns amount to 68% of all online returns, while only 5% are due to malfunctioning products, according to a recent survey.

The consumer electronics and small home appliance industries are among the most affected by NFF returns. Key findings from…


It is every company’s dream to build a product that transforms the lives of consumers in a positive way. This is especially true in the consumer electronics space, where businesses strive to develop a product that is functional, easy to use, and adds real value to customers. To actually sell the product, companies need the help of customers through online ratings and reviews, which can play a vital role in acquiring new customers.

Research from Statista found that 55.6% of Amazon shoppers fully trust product reviews on the site. What does this figure mean? Consumers often look to the e-commerce…


The Consumer Goods industry is constantly changing. However, many brands are failing to make the most of their business model and diminishing margins are ensuing. The reason? They are struggling to understand the immense importance of tracking the Lifetime Value (LTV) of a customer, also referred to as Customer Lifetime Value (CLV).

The Lifetime Value (LTV) metric represents the total customer profitability over time — a projection of what they will spend on your products or services from your relationship. LTV is an extremely important metric to understand. Firstly, it helps you determine how much money you can invest to…


Customer success is an integral part of any business seeking to build a good reputation and propel its growth. One of the most effective ways to measure customer loyalty is through a Net Promoter Score® (NPS®). However, NPS only gives a limited view. The consumer electronics industry can go beyond NPS and gain valuable insights from customer product usage through Segmented NPS. In this article, we will discuss how consumer electronics brands can leverage both metrics to instantly improve customer experience and develop successful product strategies down the line.

To establish a solid rapport with customers, a company needs to…


In times of crisis, communication is so important. In the last few weeks, you’ve probably received an email from every company you’ve ever interacted with, and maybe a few you don’t recall interacting with at all, mostly telling you how they are changing their behaviors or policies in the wake of the Covid-19 pandemic. The point is, most businesses are recognizing a need to be in direct contact with their customers, whether they sell hamburgers or housewares. …


The trend of creating ‘smart’ devices is still going strong. In fact, analyst firm IDC estimates annual growth of nearly 20% for the IoT (Internet of Things) and smart home market through 2023. Without a doubt, both consumers and device makers can benefit significantly from new smart appliances and electronics. Yet, under pressure to rush to market, some device manufacturers disregard all of the crucial elements that can impact their customer experience (even giants like Motorola can miss the mark). They end up making significant errors that can lead to poorly designed and executed products that fair far worse in…

Tsiki Naftaly

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