Blogpost: The impact of The Internet of Things on Marketing
Although in theory, it does sound like the beginnings of Skynet taking over, The Internet of Things (IoT) is seen as quite a useful concept. However, how does the idea of a sea interconnected objects taking over your home affect their marketing?
The Internet of Things is a term used to describe a world where everything, including everyday objects, is connected to the internet. As a concept, it was first documented by British Visonary, Kevin Ashton, in 1999 and points to a world where these everyday objects are connected to each other, and even the manufacturer, through the internet.
Having an object connected in this manner, in theory, increases it’s value and ability to provide a better service. This is because it is connected to the world around it and is not only capable of working with other objects that it is in touch with, but it also allows the manufacturer to send through updates. It is estimated that there will be 75 billion of such devices by 2020.
One of the more controversial impacts that The Internet of Things can provide the marketing industry with, is the endless amounts of data that it can provide due to its feedback from how the connecting objects are being used. Although this is seen by some, especially those in the marketing world, as a valuable insight into the habits of the object’s users, others see this as a massive breach of privacy, pointing to the idea that anyone, with the right access, could effectively monitor what people are doing in their homes via the data that is being stored by these objects.
However, for marketers, having products connected to The Internet of things can be very useful for receiving feedback as it would be directly sent from the device. This means that a fault in the product can be found at a much quicker pace and even have it rectified remotely if it is a software problem. This can save valuable time and money due to not having to issue a recall which can be both time consuming and expensive.
The rise of The Internet of Things can be seen as an invaluable asset to markets due to one simple reason: a better understanding of your customer base. Having a higher understanding of your customer base, coming from the data you receive from your smart products, can mean you can tailor your marketing strategy to better suit your customer base.
Overall, The Internet of Things can be a massive asset to the marketing industry as long as it is used correctly. Marketing companies will have to contend with breaking down potentially large amounts of data that these products are feeding through which may require investment in a good CRM tool. However, with smarter advertising and the potential to cut recall costs, investing in The Internet of Things will be a good strategy for marketers in the future!