Home automation -- Technological innovations, Technology -- Management, Electric utilities monitoring, Water utilities monitoring
HomeSense is a proposed new smart home monitoring solution by Honeywell Inc and will be part of the Resideo smart home brand. This marketing plan for HomeSense will describe the problem we are solving, the solution, our target market, our ideal customer, and go to market strategy.
Based on market research, we have identified the residential market to be the most suitable market to launch the product. Currently there are only two solutions in the residential market for utility monitoring and those are only focused on energy consumption. HomeSense provides additional capabilities beyond the existing solutions to the residential market which will allow us to be successful. We have estimated the total available market for the smart home monitoring products to be $14 billion while the total serviceable available market is 2.5% of the TAM ($35 million) and 1% Serviceable Obtainable Market ($350 K). Our initial SOM represents our conservative goal to target and gain our first 1,000 customers.
Customer interviews identified frustration when trying to understand utility bills and uncertainty on how to lower payments. HomeSense is designed to solve this problem by helping homeowners track energy and water consumption in their homes to drive changes in consumption behavior and to lower utility bills.
The go to market strategy for HomeSense will be primarily focused on building partnership and sales channels with energy providers. Our year one focus will be to target energy providers (PGE, PSE, PG&E) in three specific regions on the west coast of the United States. Also, HomeSense will be sold through the Honeywell Smart Home Website (Resideo) and through Amazon. In the next 2 years HomeSense will continue to grow partnerships with energy providers throughout the United States as well as investigate launching into the Property Management market.
Al Khalil, Ashwaq; Aebi, Brian; and Dedhia, Mitesh, "HomeSense" (2020). Engineering and Technology Management Student Projects. 2292.