IoT and Digital/Social Media – Is this our Future?
Heard of Internet of Things?
We are in the midst of a revolution, and it is probably the biggest of all times as the Internet lies in the center of it. The Internet has not only changed the way we think, work or interact with each other but it has also changed the way we do our businesses. This transformation in technology is paving the way for Industry 4.0 which fosters the concepts of the Internet of Things, Analytics, Big Data, and Automation.
In these times, it becomes extremely important for businesses to analyze and adapt to the evolving market demands. Businesses should not just be ready for a change instead they need to strive for it. As the future is all about the Internet, let us see how we can create our own destiny with the use of Social Media & IoT and transform our businesses to greater heights.
What is Internet of Things (IoT)?Internet of things in simplest terms is a concept where things (could be a device, a person) are connected to each other through the Internet. All these things have the ability to collect and share data. This data is then further analyzed and used to get valuable information and improve the other connected devices’ performance.
Suppose you have a smartphone and a smart clock and both of them are connected to the internet. Imagine that you have set-up an alarm in your clock to wake up early morning, now this information can also be shared automatically with your smartphone using the concept of IoT and ultimately the performance of devices is improved.
Future and scope of IoT in India and abroad
Internet of Things was merely a concept a few years ago that started with a simple idea, can machines communicate? Today, as we have around 27 billion connected devices and this number been projected to grow exponentially to 75 billion by 2025, we now know the answer to that. Now the next big question is how the Internet of things is going to impact anything and everything around us.
If we look at these interconnected devices, they live in our houses as fitness bands, smartphones, smart tv, etc. and all of them are connected with the help of the Internet. Now with the rise of communication among these smart devices and humans, there is more and more data being generated and shared across various platforms. This data contains a person’s behavior, needs, wants and almost everything is the essence of how much impact IoT can make in the future.
With this giant network of connected devices, the world is changing around us and it is only going to advance further. IoT makes possible the data-driven analytics for businesses that can enhance their customer experience. Wearable Technology in healthcare, Smart Machines in Manufacturing, Smart Education Systems is just a few examples of the game-changing technology that IoT can offer.
In this rise of IoT, Start-ups will be the major contributing factors as they are the leaders in innovation. As per reports, India is also expected to play a big role in this development of IoT Products and Services since it is a hub for providing economical technological solutions in the world. It now becomes a must for an IT Professional to develop a skill as desirable as IoT since the path to success lies there. We can say without any hesitation that the future is bright for tech enthusiasts and professionals who have developed IoT Skillsets and are working toward making this world more customer-friendly.
Internet of Things & Marketing
As we know, Marketing is most effective when we can pull the customer towards us rather than pushing our product to them. This pull marketing concept revolves around the idea of predicting what a consumer wants & preferences are and then further using this information to target the customer.
The data generated through IoT essentially provides a well sort out resume of what a specific consumer wants & prefers. This not only simplifies our task but also removes the uncertainty of predictions and gives a solid base to form pull marketing strategies. These strategies can now be personalized based on the consumer patterns and behavior which takes digital marketers one step ahead of our consumers.
Suppose you have to market a gym product. Now, just imagine if you had a database that contains details about people going to the gym, their gym timings, their product preferences, etc. Your task now becomes not only easy and economical but also effective at the same time. This is how IoT can impact the world of Marketing.
The transformation and rise of digital and social media networks need not be stated, it is quite visible in our everyday life. With more than 4.5 billion people now connected to each other, it furnishes both, an opportunity and a threat to the Business World. We live in such a time that only a few words and some clicks on the internet can make you the market leader or can make you fall out of the race.
The role of Social Media has emerged through a series of aspects. It started simply as a platform for people to connect and communicate with their peers. It then slowly moved into a phase of information gathering among the customers. Now we see that it has transformed into a global platform that bridges the gap between the businesses and the consumers.
Social Media & Marketing
Marketing has always been about connecting with your audience in the right place and at the right time. Today, that means you need to meet them where they are already spending time i.e. on the internet. This is why the rise in social media networks paved the way for a new generation of marketers, we call them Digital Marketers.
With all the information readily available on the internet, the power now rests in the hands of the customer. This makes it much more important to make use of these social media platforms to interact with the customers and market your products. Social Media marketing can be used at various levels of sales and also provides a global reach with simple techniques.
Coming back to the same example of marketing a gym product. You can do it using traditional marketing techniques like radio, print, newspaper, etc. or with social media marketing. The difference you will find in both approaches are:
- Cost – Social Media Marketing is essentially less expensive compared to traditional marketing as it doesn’t require huge investments.
- Reach – Social Media Marketing enables a global reach and allows you to choose your target customers.
- Tracking – Social Media Marketing effectiveness can be measured easily as it is a two-way platform where the customer interacts with the marketers while traditional marketing is a one-way street.
IoT & Social Media combined
We have talked about connecting devices and sharing information using IoT. We have talked about connecting people and sharing information using social media. But imagine what will happen when we combine them both. When we use the information shared by the smart devices and then target that specific individual through social media. The level of customization and effectiveness you can put into the marketing campaigns and at the same time reach customers globally with cost-efficient and trackable methods, yes this is what the era of the Internet looks like. This is what the Era of Social Media and the Internet of things looks like.