Internet Of Things – Does this term ring a bell? It is not a nascent concept or hypothetical belief anymore but a strong factor that brings amazing changes to your business in real-time. Did you think IoT was just for the likes of technical enthusiasts? You could be wrong there, because non-techies are also aware of IoT extensions such as Fitbit fitness tracker and Google Nest learning thermostat. Now that may make you question what all qualifies as IoT? Is it about their ability to obtain data and interconnection nature?
Besides sending and receiving data at a global level, ability to change the indoor thermostat setting based on the humidity level measured outside is an added advantage. On a large scale, this kind of data helps businesses make smarter decisions. Want to know how? Let us elaborate with an example. Nowadays, vehicles have connected on-board sensors. Do you know the motive of manufacturers behind this sensored connectivity? They are deployed to acknowledge their performance data.
Assembling data to make smart decisions is a part of IoT business ecosystem, must be followed by small businesses and digital marketers. Furthermore, digital marketing strategies can be improved by taking charge of an anonymous user data at a global level. Hence, IoT could be a platform for companies of all sizes to make better marketing strategies, bringing in more revenue.
Will IoT Revolutionize market research?
Phone calls, surveys, emails, etc. are considered as prime sources to gather data to make conclusions. This data could be deployed in a sophisticated manner say retargeting audience segmenting irrespective of other collective methods. Do you remember snail mail? It is still alive, and is used to gather market data.
The use of IoT is spreading like a wildfire, leading to a powerful new efflux of data, and therefore, marketers should be like ready-steady-go. Apart from coming out with better automobiles using the same technology, a huge portion of your home environment is IoT enabled. Brace yourselves for this drastic change.
IoT – an opportunity for a new World?
Annalect conducted a survey and concluded that all trends will make a U-turn by 2020 with IoT hitting the top of the list. 59 percent of consumers believe in the forecast that a set up of smartphone app or cloud-based platform will take over charge to control their home features. This implies that by 2020, nearly 50 billion different devices will emphasize on online connectivity. And by 2025, IoT’s total economic impact will be upto $6.2 trillion dollars. Aren’t these statistics enough to make any conclusion?
OralB’s electric toothbrush with bluetooth connectivity can elaborate this, perfectly. It self-reports on hygiene activities and has the capability to measure toothbrush habits over a long time span and their intrepid dentists, possibly. Therefore, this data is transferred directly to Oral-B and other companies about how market is responding to their products.
Consumer Consent – the Biggest Challenge!
Evidently, 58 percent of IoT decision-makers stated that business policies say privacy would be a great concern and big challenge to IoT. Even for small businesses, accessing data from IoT could help them to generate better business models. This can be elaborated by taking a small example of data from self-driving cars help teach law offices about the peak hours of visits.
Always remember that ignoring digital/online marketing is like opening a business, but not telling anyone.