Experts are heralding the Internet of Things (IoT) computing phase as the next industrial revolution, estimating 50 billion connected devices and IoT solutions reaching $7.1 trillion by 2020. As well, many businesses are also beginning to realize that IoT is not just a buzzword. Rather, it’s an opportunity that is driving the next wave of innovation.
Little wonder why companies including Nest, Bosch, and Philips are already planning to tap into this promising industry. The realm of IoT is much broader and encompasses a new world of services made possible by always-on connectivity. What’s more, IoT holds the potential to dramatically change the way we do business and market consumer goods. So how do you make the most of the emerging world of IoT?
- Achieve revenue growth with smarter marketing: Looking only at the surface, hardware is one aspect of IoT, which could generate hundreds of billions in sales over the next few years. but you, as a marketer, ought to see beyond the hype cycle and realize the unexplored potential of IoT to maximize revenue through smarter marketing. All of the information that an IoT platform aggregates allows you to have a deeper understanding of each customer’s usage habits and asset ownership.
- Own the customer relationship to enhance bottom-line growth: IoT-enabled technologies can empower you to deliver improved customer service and engage with customers anywhere and anytime. A combination of proactive support and customer engagement strategies that reach a user at his point of need can transform the overall experience and allow a company to gain ownership of the customer relationship.
- Build a better mousetrap: Millions of devices mean millions of data points. This intelligence is all funneled into the customer service function, finding new trends about products and services.
Not surprisingly, wearables (smartwatches and fitness trackers) are among the top categories expected to take off in the Internet of Things. But other areas, such as the control of home services and appliances remotely, from thermostats to sprinklers — are high on the list, too.
What IoT items are you watching? Let us know and as always stay #TopRight.