The Apple of Our Eye: The Power of the Apple Brand
Granted, these are not entirely novel ideas that Apple is putting out. Payment apps and wearable technology have already been on the market for years. Paypal, Google Wallet, Square, Google Glass, Pebble have all been sizable players years prior to the introduction of Apple’s newest lineup – Apple Watch and Apple Pay. So, how are they going to fare entering a crowded market that already has established competitors?
Most innovative payment solutions currently fall under the New/Unfocused or Niche/Unrealized Potential category of the BAV power grid among the general population. Even with their promise of a simplified lifestyle and increased convenience, wearable technology options have been unable to gain traction with the masses yet.
New names and brands, especially in the tech industry, need to make deeper, more meaningful connections with the public to gain trust and accessibility as a brand that consumers would use regularly. It took PayPal years to gain traction, and through becoming the internet financial backbone of large websites such as EBay, it has succeeded in entrenching itself with internet shoppers to become a household name.
Apple’s newest products, the iPhone 6 and the Apple Watch, are attempting to seamlessly transition the general population into adopting new technologies. By riding on the power of their parent brand, many of Apple’s technologies and products have leapt into a leadership position among the general population faster than fledgling brands and innovations that aren’t attached to a larger, well-known entity.
The iPhone, iPad, even Apple TV have been adopted at a rapid rate and across demographics and geographies. Smartphones are no longer seen as only for the wealthy or the tech savvy consumer; tablets are no longer seen as redundant technology, but rather as an intermediary between the a smartphone and a computer. Apple has a proven track record for taking technology and making it relevant and accessible for all.
This now begs the question: how well will Apple Pay and Apple Watch perform as they enter an already saturated market? My guess is that their new technologies will ride on the popularity of the Apple brand and seamlessly connect with their already loyal consumers. Apple will not require additional downloads or new hardware for their Apple Pay product; rather, consumers can now connect their credit card stored on their iTunes store to their Apple Pay account.
The Apple Watch has the capability to connect to iPhones, MacBooks, so that Apple users can access information on the run and across all of their sundry platforms. It’s the fluidity between exclusive Apple products that continues to build entrenchment and brand loyalty among their consumers, and, if the past is a good indicator of the future, will propel their new technologies into leadership positions within their respective categories.