Last week, we walked through some of the latest trends and data surrounding the Internet of Things (IoT) for B2B. Everyone agrees that B2B applications will realize the greatest economic impact from IoT.
The diagram below from from the McKinsey Global Institute illustrates the value potential across various sectors:
Download PDF: Where is the Value Potential of the Internet of Things? [Infographic]
The way enterprises are employing IoT tech is one thing—how marketers leverage it is another question entirely.
With all the opportunities that IoT provides in terms of data and analytics, B2B marketers should start to consider how they can harvest this information to help inform their strategies. As this article says, “For B2B marketers, wading into the Internet of Things will be essential, because the IoT is all about having a clearer window on customers and how they’re using products."
Here are some IoT opportunities that B2B marketers can take advantage of right now:
1. Precise Tracking
The most obvious and currently available application of IoT is taking advantage of the ability to monitor and track browsing behaviors. Effective marketing in the current climate demands that content find its way to potential buyers “just in time” — at the optimal time in the sales funnel. Virtually every move a user makes online today can be tracked in some form or another.
2. Perfect Timing
Timing is a huge factor in the B2B funnel. Marketers can listen and respond to prospects in real time and detect instant they are engaging on your website or with a targeted ad. This immediate feedback means there is far less need for the traditional surveys or focus groups that take time to show results. Companies can have persistent dialogues with customers and get receive feedback to inform the direction of campaigns and communication. It also allows them to tailor their approach to different segments in a way that makes their communications more effective and delivers greater value to the customer.
3. Usage Analytics
Once a prospect becomes a customer it is possible to map when the product is being used, how it is being used and in some cases what value is being realized as a result. These data points will provide unprecedented analysis understanding of the influences of market forces, social interaction, and behavioral economics alongside business interactions.
4. Responsive Product Development
IoT This gives new meaning and power to the idea of “continuous improvement”. The enhanced flow of data from smart, connected products lets companies understand and improve product performance in ways that weren’t previously possible. Connected products can employ analytics and algorithms to collected data to improve efficiency, productivity and, ultimately, customer satisfaction.
The IoT is begging for marketing, sales and product development to integrate tighter than ever before. We now have extraordinary power to effectively court buyers through a tailored user experience, understand them better through immediate data-driven insights into their behavior and decisions and improve overall product performance based on usage and direct feedback
Realizing the full value of this new market intelligence will require a lock step, unified approach throughout the sales cycle.
Need some help integrating this in your arena? Let us know. We would be happy to have a conversation.