Internet being the biggest thing that happened in this millennium, the question to be asked is: what next? Internet has indeed changed the way we live and dominates most of our day-to-day activities. More so it has changed the way business is dealt with. Is there something that technology can do to affect our lives and businesses the way internet has? Could it be the ‘Internet of Things’ (IoT)?
IoT is being considered as one of the next big things in technology which will bring a huge change in the way people search, consume information, interact with other consumers and even buy products online. IoT is a top trend which marketers worldwide believe will have the biggest impact on marketing by 2020.
The digital marketing industry will also start becoming more dependent on smart devices, specifically on sensors. The machines will communicate back to the brands with real-time analytics allowing them to understand consumers much better. Brands will know where their consumers are, what they engage with, how their interaction drives sales and much more.
Today, when marketers work towards improving the search rankings, they mostly keep the desktop interface in mind. With the huge spurt in mobile devices, everything including the search interface and the way we access information will be different and today’s digital marketing trends and techniques could become obsolete. Hence, there is an increased need for digital marketers to revamp their existing marketing strategies.
How will IoT impact businesses?
Inventor Nikola Tesla once wrote “When wireless is fully applied, the Earth will be converted into a huge brain, capable of response in every one of its parts”. Internet of Things will make these words of Tesla come true. Here are some ways in which implementation of IoT in daily business models will impact businesses
1. Most businesses have one common goal – customer satisfaction, and IoT can help track this in the best way possible. Products being connected to one another opens a new area of data analytics, process optimization and accurate forecasting. Effective data collection enables improved services.
2. Personalization of devices and services is another huge advantage of IoT. Allowing consumers to personalize their devices lets them use the product at their convenience. While this is an advantage to the user, the manufacturer of the device can track all data related to it and make improvements. Personalization therefore helps both the users and manufacturers.
3. IoT will help businesses create higher value. It will help capture the actual user experience in its real sense and provide critical inputs to guide businesses towards value creation and acquisition of new customers.
4. IoT will change the way marketing, selling and post-sale services take place. Higher benchmarks, targeted market segments and accurate predictions will streamline businesses to assure maximum ROI.
What would be more interesting is to look at the new methods marketers and businesses will adapt to tackle the fast changing digital sphere. We are clearly moving towards a well-structured ecosystem of products, apps and services. Marketers will be able to use this to get closer to customers by delivering highly personalised experiences and building stronger, longer lasting consumer-product partnerships like never before using the right mix of IoT and digital marketing tools.
