Why Internet of things(IoT) is important in Marketing?
Internet of things(IoT) is going to be the next big thing in the coming years. So let us first understand what is Internet of things?
If we explain in simple terms, Internet of Things means things which are connected to the internet.
Any stuff which would have an ON and OFF switch. Therefore anything which is controlled and monitored through the internet would give rise to the meaning Internet of things i.e. IoT.
Interestingly it would be like things talking to each other as we humans do and control our actions according to the situations. Hence each and everything would be related to each other and the relationship would be between people to people, people to things and things to things.
Just imagine! How it would be that you are sitting at the office and controlling your things at home through internet. It would be same as Smart home just like the smartphones. How would it be that the moment your alarm beeps in it sends a signal to the coffee maker? Imagine that the moment you step out of your home the lights and the fans automatically gets switched off?
Internet of things would actually collect data from our daily habits and pattern. For example, if you generally sleep at 11 pm (considering 8 hours of sleep) so the alarm will automatically get set for 7 am. If you do something regularly or on a regular basis your watch or mobile can act as a reminder without you doing it manually.
The benefit of IoT to the Marketers
1. Real-Time Engagement (CRM)
Marketers can get a better hold of their customers in real time. Intelligent CRM will provide the marketers to let their customers take the pro-active decision. Hence saving the time of both the customers and the Marketers.
It can be very helpful in customer retention. As the marketers would focus on the product best suited for the Right Audience. IoT devices would have a beacon which would signal the seller about the product’s status. Therefore no need to go out and take customer’s feedback.
2. Smarter Devices
According to Statista, there are going to be around 75 billion connected devices by 2025.
Hence that day is not far when your products will automatically tell the manufacturer if it is broken.
As the saying goes “work harder not smarter”. IoT devices can bring real meaning to this statement.
3. Better knowledge of customer’s need
As discussed in Marketing Mix marketing is all about knowing what is going on in the customer’s head. Therefore by analyzing their purchasing habits, we can actually understand their need.
Thereby producing and advertising the right product at the right time for the right customer.
4. Better Click-through-Rate (CTR)
It is obvious from above that if we know the need and interest of the person, we will show appropriate and relevant ads. This will in evidently improve the CTR.
Hence there would be more relevant advertising.
Few examples of things connected to the Internet
Nowadays phones and iPhone’s can tell you your speed of walking, the distance you have walked and your heart rate to keep analyzing yourself and remain fit.
It is just an alternative to what smartphone’s do. Fitness tracker connect’s itself to the mobile phones via Bluetooth. It track’s all the fitness-related metrics such as distance walked or run, calorie consumption, heartbeat, quality of sleep etc.
Tesla Motors has recently made a phenomenal electric car by the architect Elon Musk. Moreover, they update their car’s software remotely without any inconvenience to the customers.
There are many other examples of IoT.
Internet of things in marketing might sound unreal but it is a real technology which will revolutionize the industrial world.