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IoT Might be a Goldmine of Customer Data for Marketers

Internet of Things or IoT solutions in the consumer market has witnessed an overwhelming response. And year after year as more and more internet-connected devices and applications become common place, businesses are identifying new ways to fully leverage the potential of IoT.

This is a very good news particularly for marketers that have turned to digital and mobile platforms to connect and engage brands with their customers. After manufacturers, energy, transportation and automotive companies, IoT software development market has emerged as a blessing for the marketers for numerous reasons.

As per findings by Morgan Stanley research, there will be nearly 75 billion IoT devices by 2020. Just think about the data volumes generated by those devices! Access to unprecedented volumes of data forms the vortex of the development and opportunity that the growth of IoT solutions guarantees to the marketers to make most out of their marketing budget and activities.

Based on the industry insights and market research, compiled below are some of the benefits that marketers can avail with the steady growth of the IoT market:
  1. Unlock Value from Customer Data: The very first possibility that the proliferation of IoT-enabled devices and wearables offers for marketers is unlocking insights from customers’ data through analysis in real-time. Marketers can have an eye on the ‘always-on’ users to understand their behaviours and define the best possible strategy to engage and make developments in products design for better performance, profitability and customer loyalty.
  2. Establish Deep and Meaningful Customer Relations: IoT allows marketers to understand consumers’ real-world activities and behaviours. The use of consumer IoT products like smart-watches, smart kettles, thermostats and home automation devices give an overview of customers’ daily lifestyle and choices. This data is integral in making decisions on marketing, sales and customer relation activities to ensure that customers’ needs are addressed and brands gain their loyalty for long-term revenue growth and profitability.
  3. Run Simplified Market Research: Market research is a time-consuming and complicated process that involves analysing magnanimous volumes of data gathered from disparate sources and physical research methods. IoT devices would simplify this process and empower marketers to carry out market researches as per their requirements by allowing direct access to relevant customer data and make predictions on future customer actions.
  4. Use of Conversational Agents: Chatbots and intelligent conversational agents are immensely popularly in e-Commerce segment to simplify buyers’ journey and solve customer queries in real-time. With the widespread use of devices with conversation intelligence like smart speakers and other interactive wearables, marketers can connect with the consumers in real-time and foster direct communication between brand and customers.
  5. Easy to Run Personalized Campaigns: Delivering personalized marketing messages is further simplified with IoT devices that host relevant customer data which can be leveraged to send personalized notifications and content. IoT helps marketers take a step ahead of the conventional methods like harnessing siloed data from CRM and other platforms to enable targeted email campaigns, product recommendations, push notifications and others techniques for running personalized marketing campaigns. 
Marketers role in the burgeoning IoT market is as important as that of product developers, engineers and tech evangelists in developing strategies to create a profitable and customer-centric IoT ecosystem. Users of IoT products prefer unique and personalized experiences and marketers hold the key to enable brands and IoT device manufacturers to cater to the customers’ need by unlocking the real value of previous customer data.
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Location: Mumbai, Maharashtra, India

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