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As the IoT evolves into a sophisticated platform, it will enable physical objects and devices to become their own brand platforms. “Things” will be able to tap into consumer behavior, morphing into their own customer relationship management tools. The result will be a more personal shopping experience. Devices and gadgets will be part of this huge market, but the “big data” they will generate will be an even bigger part.
The IoT will usher in a new marketing era. Marketers will gain enormous power to anticipate and address customer needs, but must respect privacy issues. Here are a few opportunities and challenges they will have to navigate.
- In the home, the IoT’s use of sensors and connectivity may make it possible to determine needs and anticipate and address concerns before they arise, from water leaks to circuit overloads and blackouts, to name a few.
- Smart thermostats, meters, light bulbs and lamps are the leading edge of IoT devices. More important will be data that helps marketers create better products, deepen customer rapport and craft more relevant advertising.
- Some observers predict that customers will have to opt in to make IoT part of their worlds. That’s because they will need to be given a voice in how much information marketers glean and how that information is used.
- The most savvy marketers will be able to walk a fine line between knowing customers’ preferences and being excessively intrusive.
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