In this digital era, the possibilities for using IoT or the Internet of Things in marketing have grown manifold as devices become more interconnected. Tech developers are still working on creating new ways of embedding IoT in daily-use items.
This excellent opportunity paves the way for marketers to craft compelling narratives around their brands and products to forge meaningful connections with customers.
Smart devices have already brought changes to how marketers create content. The SEO landscape has also altered dramatically in the past few years. Search strings have become longer, and voice commands are no longer a thing.
Customers are increasingly using digital assistants to conduct searches on their behalf. For instance, customers no longer key in “car repairing services in Delhi” while using a voice assistant. Instead, customers must say, “Hey, Google/Alexa, tell me the best car repair services near me.”
Innovative product features demand innovative marketing strategies, and marketers must cater to this need.
Growing the Connected Devices ecosystem
Industry reports suggest that IoT will revolutionize marketing within a year. Over 50 percent of leading marketers globally anticipate that IoT will significantly change the marketing field by 2022.
The IoT market is expected to grow to $650.5 billion by 2026, at a CAGR of 16.7 percent from 2021 to 2026. Data analytics will be essential for marketers to gauge and develop creative marketing strategies catering to customer behavior. IoT devices tell us more about the customer’s behavior and help open a line of effective communication for brands to get real-time feedback.
This is an essential tool that brands must use to improve and provide products and services and offer bespoke advertising. Hence, IoT is fundamentally changing marketing, and the wheels of change are already in motion. Needless to say, as the speed of trends and technology in customer behavior increases, fast-evolving marketing strategies is imperative.
Brands must invest in technologies that will elevate the customer experience to a new level. Personal technology, such as wearables, smartphones, and embedded intelligent assistants, will have a decisive role in how brands engage with customers.
How IoT is Evolving the Role of Marketing
As the capabilities of connected devices grow, the opportunities to incorporate them into an omnichannel marketing approach also multiply.
For instance, data gathered with the interaction of multiple devices can help the brand deliver relevant messages and enhance the personalized experience, driving customer delight. Connected devices are changing the role of marketing, and brands and products are becoming channels.
The Internet of Things not only helps improve product quality but also assists in forecasting demand and planning for new products. Accessing data from IoT devices will enable businesses to make better, faster decisions.
The critical role that data analytics plays also helps in understanding the customer’s needs, buying habits, how trends affect those habits, and geographic location, precisely enabling marketers to tailor their products appropriately.
IoT can deliver more accurate data on customer preferences – a gift of IoT, I believe, that has made marketing more dynamic and will continue to do so. Smart devices allow brands to “read” their customers’ minds. A vast wealth of data is provided by intelligent machines, which help businesses understand their customers better.
Data from IoT devices can make it possible for brands to identify popular trends and patterns of their target audience, enabling marketers to craft compelling and highly personalized content for social campaigns that will generate higher engagement rates and increase the ROI.
Moreover, with IoT-enabled devices, brands can directly link usage to customer requirements and eliminate irrelevant ad placements. For example, if a lightbulb stops working in intelligent home automation, the IoT network will note it and generate a digital coupon. This coupon can then be accessed via a smartphone, enabling the user to order a new bulb online. For marketers, this will make campaigns more relevant, cost-optimized, and actionable by cutting out unwanted ad expenses.
Relevant offers and seamless resolution at the right time
With connected products and services, brands can track usage in real time. By understanding how, when, and where customers use the products, brands can map offers directly to a customer’s needs or interests at a specific time.
Connected services open a two-way conversation between customers and businesses, providing faster ways to resolve and prevent issues. With real-time visibility into device behavior, companies can monitor performance and identify and fix problems as they occur, sometimes before the customer has had a chance even to notice.
As digital pioneers raise the bar of customer experience, consumers expect targeted, highly responsive, and relevant communication from brands. In this competitive age, any lapse may result in losing a customer to a brand with better services and experiences.
For a bespoke retail shopping experience, brands have used location-based trigger notifications about coupons and discounts via geo-fencing. As technology evolves and 5G is rolled out across India, these tools will grow to become sophisticated and more intelligent.
Customer Relation Management
The most critical effect of IoT in marketing is the evolution of CRM (Customer Relation Management). With robust CRM software, marketers can gather customer data and uncover critical insights about the customer journey.
Using these insights, companies can tweak campaigns and marketing strategies. Such data can help brands understand different touchpoints across various devices in shaping the customer experience and encourage customers to convert.
The Bottom Line
A revolutionary technology trend, IoT makes it possible to create a new world of connected experiences. It also has the potential to transform marketing strategies and functions, ushering in an era of creativity and personalization.
Therefore, to keep pace with customers’ constantly evolving behavior, brands need to adapt to the ever-changing customer profiles and new needs of existing customers and adopt cutting-edge solutions that will help consistently serve the customers’ highly personalized and precise demands.