September 23, 2015
The Internet of Things. If you’ve spent much time online in the last three years or so, you’ve likely heard more than your share of IoT ideas that were going to “revolutionize” their industries, but never seemed to live up to the hype. While connected watches, tablets and phones have changed our lifestyles, they have been a quiet revolution, and some would say that they could still live without them. So where does the true value of the Internet of Things lie? Is it in the next cool “smart” gadget, or somewhere else?
I believe the true value of the Internet of Things is going to be found in the marketing opportunities it offers. Through connected technology, marketing gurus are going to be able to better target and reach their consumers, with real-time data about consumer behavior. In other words, the Internet of Things is going to make marketing smarter.
Think about this – by 2020, estimates have risen to 75 billion connected devices across the world. Everyday devices will be gathering data on the people who use them, with everything from coffee temperature preferences to location of a car throughout the day being available. This is going to be huge for those marketers who can tap into this data to get a clear picture of who their customers are, and what they want. Connect this data to your customer relationship management tool, and you will have instant, actionable steps to take to reach those customers more effectively.
Sales data is also going to be instantly available. Knowing when and where items are being purchased will help marketers know when and where to better target their marketing efforts. Better informed marketing efforts will bring a higher return on investment in the future.
And that doesn’t even touch on the technology that marketers can tap into. Imagine a store where sensors determine that a consumer has been standing staring a product selection for too long, and that signals a message on their smartphone to provide help with making the selection. This technology, with the rise of beacon technology, is not far off, and could and would be a marketer’s dream.
The potential impact the Internet of Things has on marketing is really quite significant, and is something that points to the true economic value of the Internet of Things. These developments are worth watching as the world continues to become more and more “connected” in the coming years.
What are your thoughts on where the true value lies?
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