2. What is Internet of Things
IoT is the interconnectivity between things
using wireless communication technology
(each with their own unique identifiers) to
connect objects, locations, animals, or people
to the internet, thus allowing for the direct
transmission of and seamless sharing of data.
In essence, it refers to everyday devices that
are able to automatically exchange
information over a network.
IoT will have the enormous impact on the
way we do business, specifically where
marketing is concerned.
3. More “Things” are being Connected
Home Appliances,
Daily Life Devices,
Public Infrastructure,
Health Care,
Business Intelligent Systems….
…… and Much More.
4. People Connecting to Things
Motion sensor
Motion sensor
Motion sensor
ECG sensor
Internet
8. New Age Requirements to Use IoT
For Companies to take
Advantage of Internet of
Things, two things are Most
Important –
― IT Infrastructure, &
― Data Analytics Capabilities.
Huge IT Infrastructure that
could Analyze the Data in Real
Time and send command to
Consumer Devices.
9. Effect of IoT on Businesses
IoT will change the way the
Business Environment works.
According to Analysts the new age
Economy will be Consumer led
because people will buy products in
anticipation to Future Needs.
IoT will have a Huge Impact on –
― Advertisement,
― Customer Relation,
― Business Analytics.
10. Advertisement
In future the Advertisements would be Automated and
according Customer requirement and preference. Hence, the
age of the interruptive commercial will finally come to an
end.
Consider an Example –
“While coming back from Office your Smart Refrigerator send
you an Update about shortage of Milk or Other Product, A
marketer’s Automated System can place an Automated
Advertisement in between based on Your Location, Past
Purchase Record or even Your Diet Plan…”
Not only will the consumer save time by only being served
relevant ads, but marketing will no longer waste thousands
of dollars on irrelevant advertising.
11. Customer Relation
Because of Internet of Things there would be a lot of
Data about the Customer. The break through is in
analyzing this data and as well, providing actionable
results regarding your consumer base.
Buyers’ purchase process is often long, IoT devices can
streamline this process by helping you understand
where your prospect is in their buying journey,
resolving issues and serving them the right information
that will nurture them to ultimately close a deal.
Also after purchase automated devices can take care of
queries and complaint in a whole new way.
12. Business Analytics
Because of IoT most of Business Related Data such as
Sale Record, Customer Profiling and Purchase Behavior
will be available to Company instantaneously.
By having access to information regarding how, where,
and why your products are being purchased and used,
companies will be able to better tailor their marketing
efforts towards specific clients.
Perhaps even more important, the customers will be
able to provide useful feedback instantaneously. So, if a
specific product isn’t living up to expectations,
companies won’t have to wait very long at all to find
out about it, that would result in Lower Losses.