The Internet of Things (also called IoT) is deeply rooted in the future of all types of marketing. And all B2B marketing professional should expect this tech trend to ripple deep into their industry.
The Internet of Things refers to everyday objects becoming connected and coming online; it is also referred to as M2M communications. These objects become connected or “smart” with the help of sensors or cameras that allow data to be collected in relation to how the products are used, where they are located, when they are bought, etc.
B2B business communications and data already are being greatly influenced by using connected objects as part of marketing strategy. The opportunities for B2B businesses to grow and advance will continue to rise with the rise of the Internet of Things. Let’s explore the opportunities for B2B businesses and show how to jump ahead of curve and adopt this technology as it develops.
B2B Improvements on the Horizon Courtesy of IoT
There are many ways that connected smart devices will allow your B2B company to increase business and sales while decreasing inefficiency. The benefits of the Internet of Things can dramatically increase your sales when you access the data and use it properly, tap into greater personalization, take advantage of the immediacy of information and engage in real time.
Here are four B2B improvements businesses can realize when using connected devices and the data that they produce.
Big Data: One of the largest implications of the Internet of Things is the amount of data it is going to create. What you do with that data will impact how much your B2B company can take advantage of it. Using it properly will help your B2B business save money and target prospects more efficiently and quickly.
Personalization: One of the ways to use that data efficiently is through personalization. Use the data that you collect from the smart devices. B2B companies need to use personalization just like B2C companies do, just in different ways. Use the specific data to target potential buyers and customize sales pitches according to previous preferences. In addition to making your customers or clients feel special with personalized offers, this tactic also makes for more efficient planning and strategizing and a higher rate of conversion.
Monitoring Purchase and Use: Since the IoT makes products traceable, using the knowledge of a products life cycle or journey yields much information you can learn from and use to capitalize on future sales and even grow sales. The data collected from products tagged with sensors will enable companies to increase efficiency and sales in so many ways. Data collected will allow retailers to know when restocking needs to happen, it will also pick up information on user preferences to better accommodate consumers in the future. Production and sales can be more efficient and increase ways to personalize the users’ experience.
Real Time Engagement: Rather than having to wait for your data to come in and be calculated or rely on surveys to be filled out by customers and clients, with IoT you get immediate information reported from smart devices. You are then able to respond with real-time engagement. This can be used for upsells, reorders, and much more. When your buyers see that you are paying attention to them, they will likely feel endeared to your company and may be more likely to continue or increase the amount of business they do with you.
As technology progresses and more and more objects come “online”, IoT will impact every industry including B2B. This is definitely a budding technology and the implications are big. At the same time, the sensors and technology for IoT should not cause consumers behavior to change drastically. Instead, the new technology should improve the shopping experience with only subtle changes to buyer behavior.
No need to go big or go home. Start small to ease into the technology while giving consumers and other businesses a chance to understand and adopt this new change. Not only will B2B businesses be able to take advantage of the increasingly growing amount of data that will be produced as more things get connected and start producing user information, but the wholesale, branding, and product placement opportunities will impact the industry in ways that we likely don’t even know about right now.
Did you read our previous report on the Industrial Internet of Things? Check it out here.