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How the Internet of Things (IoT) Impacts Marketing?

How the Internet of Things (IoT) Impacts Marketing?

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The Internet of Things is the hottest buzzword in the tech world. The exponential growth of Industry 4.0 powered by the IoT and connected technology has influenced every aspect of our lives. Amongst all, the Internet of Things has revolutionized how marketers understand, approach, and interact with their audiences.

Internet of Things and Connected Audiences

Today, we have many appliances that utilize IoT technology. The invention of such smart utilities has elevated the scope of marketing. According to NPD group, the average devices per internet-connected home in the US is 7.8 in 2017.

The gathered data help businesses plan effective and cost-efficient strategies to sell their products and services. The information is invaluable to enrich customer profiles and gather critical insights. The data collected from smart gadgets such as mobile phones, fitness trackers, and Bluetooth connected appliances allow marketers to make better predictions regarding purchases and intents while catering better consumer services.

Simply put, leveraging IoT technology will aid marketers to understand the connected consumer. Used correctly, the implementation of IoT can help businesses to create better experiences that meet the interest and the intent of the audiences.

So, let’s break things up. Here are few key benefits of IoT in marketing.

Understand Consumer Behavior

With connected technology, marketers can understand four critical questions about consumers what, when, how, and where. IoT provides key insights about consumer behavior and helps marketers to approach their customers with a robust plan. As predicted, there will be more than 75 billion connected devices within 2020, providing a pool of information to the marketers.

Personalization

The implementation of the IoT in marketing has enabled marketers to connect with their consumers on a real-time basis. Today, there is an abundance of smart sensors in local stores and supermarkets that allow marketers to understand whether consumers are lingering on their products for extended periods of time.

And for online marketers, Google is there to help. If consumers search for related contents, then Google will display their advertisement on effective web platforms. Marketers can leverage tools like Google Analytics to place their ad in front of target audiences.

Instant Customer Analysis

With the IoT, marketers can enable CRM tools to collect and analyze client data to create actionable plans. IoT devices can help marketers to understand where prospects are in their marketing journey. With the gathered data, marketers can serve right information to their customers to close the deal.

Connected Marketing

The IoT allows marketers to connect with related organizations to create unprecedented opportunities for every player in the ecosystem. Today, manufacturers are building innovative tools to build applications that can be accessed by other companies in the market. Such applications enable connected API economy. For instance, eBay generates 60%, Saleforce.com generates 50%, and Expedia generates 90% API through connected marketing.