The Internet of Things (IoT systems) are changing the way we live. Now it is time for marketers to adapt to this change and use IoT to their advantage. In a world filled with so much unstructured data with no meaning or value, big data is another focus marketers need to be able to manage. So, the BIG question I propose here is: are we ready for IoT and big data?
Marketers should use IoT to analyses customer buying habits, gather data about how customers interact with devices and products, gain deeper insights into the customer buying journey, provide real-time point-of-sale notifications and targeted ads and quickly resolve issues to close sales and keep customers happy.
Beacon technology is used in IoT systems, where small devices (called ‘Beacons’) send Bluetooth signals to nearby mobile devices. Mobile applications can allow Beacons to interact with the consumer and trigger specific actions by identifying their location.
In the US, Starbucks use beacons in their mobile app for payments, to remind customers to use their loyalty rewards; for example, a free drink that will expire soon and to even notify customers of what song is playing in the store. This allows Starbucks to gain deeper insights into the purchasing habits of their customers and connect to their customers in a more meaningful way.
Google launched smart glasses called ‘Google Glass’ in 2013 that wasn’t quite a success. Perhaps customers aren’t ready for this kind of technology. Maybe smart glasses are too expensive, bulky and unusual for today’s market. Consumers may not see the purpose of using smart glasses, with smart phones at their fingertips able to quickly access all kind of information and data, anywhere and anytime. Google Glass is not successful now, but possibly in the future there will be greater consumer interest and potential for success.
IoT is changing how we do business; however, the biggest challenge businesses face is managing the data that comes from IoT systems. Are we ready for big data? Marketers can convert big data into value through text analytics, audio analytics, video analytics, social media analytics and predictive analytics. Marketers can access publicly-accessible big data through google analytics which measures advertising return on investment (ROI) and track their social networking sites and applications.
Coca-Cola successfully analyses big data for customer acquisition and retention. Hence, Coca-Cola is a brand that is ready for big data. In 2015 Coca-Cola strengthened their data strategy by building a digital-led loyalty program. Coca-Cola’s approach to big data is to start small, rather than become overwhelmed by endless amounts of data. Coca-Cola ensure they continue to build brand trust, especially with growing concerns over data privacy.
However, Source Media revealed in a recent survey that 20% of companies in payments and financial services who were surveyed do not have a plan in place for big data. Therefore, we can assume that not all businesses are ready for big data. It is important for companies to remain calm and proactive when facing big data challenges to ensure that they are READY!
So, are we really ready for IoT and big data? My answer is YES we are ready as long as we have the confidence and commitment to face challenges and are ready to accept change. What do you think? Are we ready for IoT and big data? Are only a few businesses ready or is everyone ready?
TECHIE'S SCRIBBLING 