1 – Enhanced Data Acquisition
IoT presents a major opportunity to gather first party data, allowing for new levels of insight to be gained. Information about shopper habits and areas of interest based on previous activity can be attained, thus giving a better overview of the type of customer you have.
This data can then be used to inform advertising campaigns, allowing you to capitalise on products that are selling well, and work out ways to push items that have perhaps not yet been as successful.
2 – Market Analysis and Research
The additional insight IoT can deliver makes it easier to analyse markets and potentially identify new product opportunities.
Why is that demographic using that product in that way? Could a new product take off in that space? Market research with IoT allows for a more objective overview to be realised and helps you answer questions like this.
Observational bias around products can also be avoided, as data insight can make it clear what the state of play is.
There’s also an opportunity to boost supply chain management and align production with demand, as well as creating new products and enabling new customer journeys.
3 – Put People First and Personalise
With more smart devices and wearables out there than ever before, there’s a chance to deliver personalised and relevant information, content and advertisements to people via the internet of things.
Could a QR code be put on your products, which could then link to personalised content on a smart watch for example?
There’s a chance to re-evaluate how you approach sending information to customers and look to enhance your brand identity. In today’s new world of convenience, making it as easy as possible to let customers take advantage of what you have to offer is a must.
Don’t make things complicated and simplify the user experience. IoT gives you the chance to build a world around the customer.
4 – Advertising in Real Time
With wearable technology starting to take off in a big way, this presents a chance to deliver contextualised advertising to customers and promote products and services in new ways.
Say a person uses a fitness watch to chart their workout. Might there one day be an opportunity to suggest a sports drink to them once their workout is complete?
Or perhaps when they walk towards a shop with a smart watch on, that could trigger a sensor that could then send out a notification to the customer about what offers are available in store. These could be tailored to specific customers based on previous purchases at that store.
Though this isn’t reality yet, it’s interesting to consider the kind of contextualised insight available thanks to IoT. There is likely to be a chance to make the process of advertising far more streamlined and targeted.
5 – Get Creative
IoT is here and it’s already having a big effect in many industries. There’s a host of opportunities within digital marketing to take advantage of its capabilities, and it’s now down to marketers to find the best ways to turn the potential in this space into genuine business benefits.
Think outside the box, re-evaluate how you interact with customers and what they want, and find the best approach for you. This is an exciting space and it’ll be interesting to see what approaches are taken.
Taking an Opportunity
There’s chance to reinvent your relationship with your customers and deliver new levels of service tailored to their specific tastes and needs.
If done successfully, the benefits to your business are likely to be considerable.