The Internet of Things (IoT) is making a massive impact on an array of industries. To be specific, IoT technology is impacting network traffic, data volume and how people handle both. IoT also is making a monumental impact on daily living for the average consumer as devices can instantaneously transmit data to the web and back to product manufacturers. Those who take full advantage of this treasure trove of information will win the marketing game by securing more customers, ultimately raking in the cash.
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IoT’s Impact on Marketing
IoT is making quite a profound impact on the marketing world. IoT technology is helping businesses make their products and services more appealing to consumers by making it easier to listen to customer needs and respond appropriately. Savvy business owners, managers and marketers are using this breakthrough technology to better transmit the right marketing message at the proper time on the optimal device(s).
IoT is helping companies better market their products and services as they are able to collect more data from customers. This data is valuable as it provides insights into consumer behavior, making it easier to market products/services with success. In fact, some industry insiders argue that IoT will revolutionize marketing within a year’s time or less.
Here are some interesting stats on how IoT will impact marketing in the coming year(s):
- More than 50 percent of leading marketers across the globe anticipate IoT will significantly alter the field of marketing by 2020
- The global market for IoT will exceed $7 trillion by 2020
- The total number of IoT connected devices will hit 13 billion by 2020
- Thirty percent of the population will have a smart thermostat within the next five years
- Nearly 40 percent of the population will have a smart refrigerator within five years
This begs the question “How exactly will marketers use IoT in the coming years? From resolving customer issues to closing sales, analyzing customer buying tendencies and providing instantaneous notifications, IoT has seemingly endless potential. In fact, marketers will go as far as using IoT to provide specific customers with narrowly targeted ads for the utmost personalization. This means marketing materials shown to one customer will not be exactly the same as those shown to the next.
A Future Characterized by Data-Driven Marketing
It might not be long until the data gleaned from IoT devices largely shapes marketing strategies for all different types of products, services and other offerings. Such data-driven marketing will deeply analyze user habits across an array of web-connected platforms. There is no longer a question of whether targeted and completely contextual advertisements will reach the masses but when such ads will be commonplace.
IoT also will help provide marketers and business owners/managers with helpful insights into the typical buyer’s journey. Data derived from IoT will make it easier for businesses to understand the customer’s current stage in the buying process.
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Change is the Only Constant
The moral of this story is marketing, business and technology will continue to change into the future. Those who work in advertising should become familiar with IoT technology in order to maximize the value of information pulled from web-connected devices. The trends reveal that IoT will enrich the marketing world in the months to come. Those who adapt to this change will prevail. Those who refuse to change and stick with the status quo will inevitably fall behind.