How the Internet of Things will change marketing and marketers

The Internet of Things How will IoT transform marketing

and marketers

Author: Prayukth K V Graphics: Prabahar Chitraikan

Jan 2015i

The Internet of Things

How will it look like a few years down?

IoT will disrupt the established industry, individual behaviour and economic models

Over 50 billion things will be connected to the Internet by 2020

A third of them will be computers, smartphones, tablets, and TVs.

The remaining will be sensors, actuators, and intelligent devices that monitor,

control, analyze, and optimize our world

New privacy and data security standards to emerge

IoT will be the largest device market in the world

Common standards and technologies will enable compatibility

Drop in sensor prices, bandwidth availability, and smartphones and tablets sales to

drive growth

Device shipments will reach 6.7 billion in 2019


What’s already connected?

Healthcare gadgets

So Marketers will now be able to…


Target better

With more data on usage patterns through smart devices

Through better behavioral and preference profile of the end customer

Shorter product cycles with more focus on incorporating customer feedback

Usage data will flow to the product and marketing teams simultaneously

This means products will be more in-line with what customers expect

Makes it easier to sell with the right messages

IoT will also be able to indicate the position of a prospect in the buying cycle more

accurately

Analytics driven campaigns that are based on millions of data points will become

the norm


Analyze better

CRMs are turning into analytical engines

Some of them will be able to predict buying cycles thanks to the rich and accurate

data flowing through them

Better understanding of prospect and customer sentiment

Even mundane devices will become important thanks to the data contained in them

Devices become the new sources of value in delivering personalized customer

experience

Opportunity analysis will gain momentum

Feedback conversions will rise

Predicting long term buying patterns will be easier


What about someone called the customer?

Marketers cannot assume unhindered access to customer data

Customers will become more aware of the data they posses

Customers will definitely control the flow of data from their devices

Will be imperative to provide compelling value to customers to facilitate data sharing

Customer data will continue to gather attention

Marketers will continue to rely on Social media to generate insights into mass

behavior

Early entry into the buying cycle

Gamification?


Marketing impact

Marketers will have to adapt faster

Those who incorporate IoT in their marketing landscape faster will gain an unfair

advantage

Big data is already helping marketers deal with huge volumes of information

A new generation of marketers will shift completely to IoT-based marketing

IoT will have a disruptive impact on marketing practices

A new degree of complexity could arise; even with all the insights generated through

IoT

Specialized IoT CRMs will be developed with active involvement of marketers


Marketing opportunities

These will revolve around data generated by four strategic categories

Enablers” that develop and implement the underlying technology

“Engagers” that design, create, integrate, and deliver IoT services to customers

“Enhancers” that devise their own value-added services, on top of the services

provided by Engagers

“Analyzers” tools that will crunch the data generated and prevent inundation


Marketing opportunities

For some it will be all about data augmenting traditional marketing approaches

For others it will be about the relationship insights

For a few, it will be about opportunities

Few others will try figuring out connected devices that lie outside data protection

and privacy standards

The biggest opportunity however lies in gaining a “complete view of customer”

within and outside your product or service footprint

Thank You !!!

© Prayukth K V in.linkedin.com/in/prayukthkv