Internet of Things (IoT) & Marketing:
People across the globe access the internet to gain information, communicate with others and to do business. Up until a few years ago, the only mode of interacting with people for organisations is through magazines and advertisements. Enhanced internet technologies, helps the marketers to target their customer base and also predict their actions.
Internet of Things:
First of all, for an organisation to have increased sales and to achieve sustainable growth and development the marketing strategy plays a vital role. Internet of things is an ecosystem of smart devices when connected to the internet. The working paradigm of a business model will undergo a massive shift in the cultural and technological ecosystem through the Internet of Things.
The IoT is not a single novel technology. Similar, technical developments when put together bridges the gap between virtual and physical world.
A person tagged with a heart monitor or a car/bike associated with built-in-sensors with internet connectivity known as IoT; to be specific, devices with private ISP are the ‘things’ in the Internet of Things.
The sensors in these things help in collecting and monitoring the data.
What’s there for Marketers?
Consequently, IoT is an exponential force that helps businesses improve their performance through IoT analytics and IoT Security to deliver better results.
Similarly, marketing professionals from all industry sectors can reap the benefits from IoT by making more informed and data-driven decisions, aided by the series of interactional and transactional consumer data at their disposal.
Subsequently, with the digital representation of these devices, controlling them from anywhere is an advantage. Marketers can capture and predict vital information from these devices, ensuring more ways of providing proactive customer support.
With enhanced tracking of devices/objects using sensors and connectivity, marketers can benefit from real-time customer actions and analytics to track and predict the customer journey with real-time feedback. Finally, customers can influence an organisation while designing a product.
Benefits of IoT in marketing:
- Exchange of Sales Data on the ways consumers interact with these devices; help the marketers with better ROMI
- Getting a better insight into the customer buying journey and the stage; which is invaluable to a marketer.
- Efficient Target Ads to target groups, real-time interactions and POS notifications.
- Resolving customer issues by providing proactive support.
Apparently, Customers are connected to the organisation through IoT devices
The other way, around the usage of the IoT in marketing, marketers make use of extraordinarily contextual and tailor-made messages to their target groups, IoT in marketing should be about end-to-end experience optimisation.
Albeit, applying marketing on the Internet of Things arena is all about out of the box ideas to offer relevant services that have a real value for the ‘real’ customers. Alternatively, referred to a holistic marketing opportunity which is more of customer-centric.
Technology advancements come attached to security and privacy issues. Therefore, the organisation must stay within the ethical and privacy issues in the IoT space.
To be competitive, the benefit of providing personalised customer experience wouldn’t be sufficient. The consumer concerns, establishing customised strategies for customers and offering quality incentives are different ways of reassuring the consumers. IoT would help marketers to win their customer base and subsequently increase their brand loyalty.
Sooner the IoT develops, the quicker the need for marketers to start planning strategies for their digital campaigns and practices.