Marketing considerations for the IoT world
Big data feeding from all the connected devices also changes the dynamics of the potential of marketing, providing predictive forecast, location and movement of things and individuals. Marketing has now more tools and data points to create dynamic marketing models, proposing alternatives and even anticipating the needs of the people.
Would it be impressive if the next marketing offer showing off on your smartwatch is linked to the need you will experience in 1 minute? Would it be that unbelievable that your next balance meal choices are presented to you based on your habits, weather, location and time you have available before your next activity? Would it be sensational that your doctor could anticipate your next medical needs based on your vitals, medications taken and stress level at work?
Marketing is now positioned on the forefront of AI (artificial intelligence), where anticipation of decision making can prepare the ground for a more balanced life, healthier nutrition or even better calendar management.
Today’s technology of wearables, robotics, driverless cars and supply automation provide opportunities for products and service sale that does not require to wait for the customer to express their need. Traditional CRM-campaign creation based on identifying a customer need from POS data from a cashier or check in at a hotel is outdated.
The next level of marketing is to be embedded into the movement and activity of the customer (and this could be a robot, an appliance, a driverless car) by predicting the need, making some accurate service or product proposals and anticipate the delivery for quick sale transaction.
The tools for data gathering are also multiple and data collection depends greatly about the confidence that customers have about sharing their experience with you. At the least, the use of a smartphone app provides quick and customisable access to the user movement, agenda sharing and includes the immediate interface for pushing products to the customer.
When wanting to reach beyond the user itself, data gathered by connected vehicles or online purchasing institutions are key to the success of automation and AI integration into everyday’s life.
The stronger the customer experience, the more the better the acceptance of sharing more of information without the feeling of being monitored. There is a delicate balance between being abusive or helpful with the data gathered. Value is of the outmost importance as competition for services and products increases. The sense of value must constantly be assessed and adapted to the quick change in the competitive landscape. the Internet of Things speed of change is faster than ever, making the four "P" (Price, Product, Promotion and Place) an even faster marketing exercise.
To reach out to those more, demanding services, partnerships and legal validations have to be carefully done for not falling into any data privacy entanglement.
Marketing skills in the IoT world are the most dynamic element of service that can be provided to a company. Marketing turns from a campaign approach to a flow of events that adapts based on the signals received. It is no surprise that any company that has Cloud services is fighting for their share of the pie. Where there is data, there is motion, where there is motion, there is reaction... there is a choice to be made.... ground for Marketing!
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© STIFFAN Consulting November 2016
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