The Internet of Things (IoT) has become a daily part of our lives. IoT for consumers is a whole new lifestyle: one that connects all of us, at all times, with massive data output. But the question is – are marketers taking full opportunity advantages to use it?
What exactly is the IoT?
First, before diving into the data from IoT, what exactly is it? IoT is the interconnectivity between things using wireless communication to connect objects, locations, animals, or people to the internet. Think about all the gadgets we use today: wearables like smart-watches, cars, home security systems, and kitchen gadgets are all part of IoT. IoT may seem like a business buzzword these days, but remember that IoT has been around for a long time.
What kind of data does IoT Report?
Forecasters have reported that by 2020, there will be anywhere between 26-75 billion connected devices. This means that Marketers are going to have access to massive amount of data. However, huge amounts of data does not automatically equal smart marketing decisions or guarantee results. Marketers now more than ever are going to have to find the “smart” data.
This means that data cannot exists without action or insight. Marketers need to find a clear direction in the massive amounts of data to uncover data that is transparent, granular, diverse and global to be truly effective. In short, though this is nothing new, marketers need QUALITY data. IoT is going to churn out tons of data, it is now more important than ever that marketers find the right combination of strategy and data quality to see a clear benefit to a more connected future.
How this “Smart” Data could Improve Marketing ROI
Congratulations! You were able to uncover the “smart” data! What do you have to look forward to?
You will have an easy exchange of sales data. IoT can report information regarding how, why, and where your products are being purchased and you can use this to better tailor your marketing efforts. Customers will also be able to provide useful feedback instantly – if a product is not delivering intended results, you can cut it out sooner.
In addition, you will have smarter CRM. The IoT will be able to efficiently and accurately analyze data providing actionable results regarding your customer base. This helps streamline the process to help you understand your customer’s buying journey.
IoT is going to disrupt the face of traditional advertising. Marketers can no longer rely on banner ads or pop ups, the age of interruptive commercial will come to an end. Advertising MUST be beneficial and completely relevant to the prospect.
While this may seem a little scary at remember that the IoT is like what e-business was to businesses 15 years ago. Once they learned the workings and became more comfortable it was fully absorbed into their business. Remember to narrow your focus when dealing with the IoT to your strengths. Focus on your market, your business, your partners, and your customers. In doing so you will be able to navigate the tremendous data produced by the IoT.