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Internet Evolution Gives You More Marketing Firepower

The Internet has revolutionized the marketing of products. But its next step -- the Internet of Things (IoT) -- promises a whole new ballgame. The IoT is a network of physical objects embedded with sensors and connectivity, enabling exchange of data among users, manufacturers and other devices. IoT’s potential foretells huge opportunity for home product marketers.

STATISTICS HERALD SWIFT IoT TECHNOLOGY ADOPTION

The figures hint at the potential of the Internet of Things. The number of connected devices will rise to 26 billion, information managed by enterprises will grow by a factor of 14 and $1.9 trillion in value will be added to the economy by 2020, according to forecasts from Gartner. General Electric believes this “industrial Internet” will add $10 to $15 trillion to worldwide GDP in the next 20 years.

We explore the emerging technology known as the Internet of Things, discussing what it is, how fast it will grow and how it will be used to transform marketing.

Cisco forecasts that one of the top three industries within IoT will be connected advertising and marketing. The others: factories and telecommuting tools.

HERE’S WHAT MAY BE POSSIBLE IN THE ERA OF IoT

As the IoT evolves into a sophisticated platform, it will enable physical objects and devices to become their own brand platforms. “Things” will be able to tap into consumer behavior, morphing into their own customer relationship management tools. The result will be a more personal shopping experience. Devices and gadgets will be part of this huge market, but the “big data” they will generate will be an even bigger part.

The IoT will usher in a new marketing era. Marketers will gain enormous power to anticipate and address customer needs, but must respect privacy issues. Here are a few opportunities and challenges they will have to navigate.

• In the home, the IoT’s use of sensors and connectivity may make it possible to determine needs and anticipate and address concerns before they arise, from water leaks to circuit overloads and blackouts, to name a few.
• Smart thermostats, meters, light bulbs and lamps are the leading edge of IoT devices. More important will be data that helps marketers create better products, deepen customer rapport and craft more relevant advertising.
• Some observers predict that customers will have to opt in to make IoT part of their worlds. That’s because they will need to be given a voice in how much information marketers glean and how that information is used.
• The most savvy marketers will be able to walk a fine line between knowing customers’ preferences and being excessively intrusive.

Read The Internet of Things (The MIT Press Essential Knowledge series) by Samuel Greengard.

In this edition of Net Results, we’ve begun to explore the emergence of IoT and its uses. Catch next month’s Net Results for insights into using IoT to market more effectively and profitably.

Email walt@waltdenny.com or call us at 708-246-4211 to learn the steps you can take now to ensure your company is ahead of the curve in its mastery of the IoT.