Guest Column: IoT all set to change the Digital Marketing landscape: Rahul Ramachandran, Manager – Branding & PR, Great Lakes Institute of Management
While the question of ethics, privacy and security are still under questionable turf, Internet of Things has already started acquiring its space in the world
Published - 23-August-2017
Published - 23-August-2017
Internet of Things is a constant topic of discussion in the recent days. While the topic is relatively new, the scope identified has already opened up immeasurable opportunities. IoT is your internet enabled everyday appliances interconnected with each other to exchange data. With billions of devices and trillions of dollars invested, IoT is just getting started. The boundaries of IoT and extent of its applications are still subjective and does not have a definitive picture.
IoT and its impact is harvested by people at all levels. Governments, Private Players and end customers, everybody has started adapting to the applications of IoT at their respective levels. This has literally bought the physical and virtual world closer than it has ever been and it is expected to reach the business ecosystem faster than the consumer ecosystem.
In spite of the great revolution in technology and marketing concepts, the gap between brands and consumers have always remained and is yet to be bridged completely. With growth in technology, brands have gained great insights into consumer behavior and have adapted various strategies to bridge that gap. However the consumer has also grown with technology and his ability to make an informed decision has also increased multifold. Can IoT bridge this gap as the next big thing in digital marketing? Now that is a question that will be answered in time.
Internet of Things and Digital Marketing
Imagine your washing machine sending you options of detergents to buy based on the clothes you wash, a TV suggesting the right cable package suitable for you, your microwave oven sending you information on recipes and diet recommendations. All these are possibilities in a not so far future. There will be unlimited data that brands can acquire when the capacity of IoT is completely exploited.
Internet of Things will educate the brands on what the customers exactly wants by analyzing their patterns and choices on microscopic levels and what really drives them to their choices. This way the brands will be able to customize and personalize their strategy and communications down to every individual consumer. The flexibility that IoT offers in terms of its own adaptability to change in the customer behaviour is in itself a huge advantage for brands to measure and analyze what the customer will need even before he actually realises that he needs it.
What if your refrigerator says you need to restock even before you realize you have exhausted everything? And even better when it says what you need to buy and gives you recommendations. Well the opportunities are endless. The relevancy and real time responses will produce the most personalised and effective brand-consumer interaction like never before.
Challenges for marketers
With endless data and greater insights from multiple channels and sources, marketers will face a great challenge in strategising and using the right tools. With the scope