Digital Strategies to Leverage IoT
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This document discusses strategies for leveraging the Internet of Things (IoT) for digital marketing. It provides examples of how connected devices can collect user data to improve products and target advertising. The growth of IoT is projected to create $19 trillion in economic value by 2020. Marketers can use IoT data to better understand customer needs and provide personalized, relevant advertising. The document also discusses creating connected device ecosystems and partnerships to play in the IoT space and provides case studies of companies that have successfully done so.
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Digital Strategies to Leverage IoT
- 1. Digital Strategies to Leverage IoT Subbu Ramanathan Milwaukee, WI, USA International Conference on Digital Marketing Trichy, India February 2015
- 2. Internet of Things (IoT) Network connecting wired/wireless devices (things) which allow automatic provisioning, management and monitoring
- 3. An Example Electronic fork Alerts when eating too fast Eating pace data collected Data uploaded to online dashboard Data used to improve eating habits
- 4. IoT Significance for 2015 In Gartner’s Top 10 strategic technology trends IDC’s Top 10 technology predictions
- 6. Revenue Potential Cisco forecasts the economic value created by IoT to be $19 TRILLION in the year 2020
- 7. Digital Marketing Enablers Data from sources specific to target audience Better accuracy of needs assessment Real-time assessment of needs Predictive analytics
- 8. Digital Marketing Opportunities More devices to market through Better targeting of marketing efforts Advertising relevant & beneficial to customer Brand consolidation and cross-selling
- 9. Advertising Options If you want to play in this space as an advertiser, you’ll need to invest in one-off partnerships, or create your own connected device ecosystem
- 10. The Customer Experience Age of interruptive commercials come to an end Target marketing with IoT data can provide better customer experience
- 11. Beacons Low-cost hardware Small enough to attach to a wall or countertop Use battery-friendly, low- energy Bluetooth connections to transmit messages or prompts directly to a smartphone or tablet
- 12. Creating Your Own Ecosystem - Case Study London’s Regent Street - a big Beacon experiment Regent Street mobile app App captures users interests/preferences 80% of 130 stores have beacons Coupons, Campaigns & more 6% Click-Through Rate (CTR)
- 13. More Beacon Opportunities for Retailers
- 14. Partnership – Case Study AtYourService – an eCommerce and engagement offering that connects drivers with retailers and merchants on their drive
- 15. Partnership – Case Study Nest – Smart thermostats & smart smoke/CO detectors Products that can learn from data they collect Remote control/Remote notification “Works with Nest” Potential uses of data collected – Insurance companies
- 16. Creating Your Own Ecosystem – Case Study Nike Fuelband & Nike+ Since Fuelband launch, Nike+ signups have increased TV & print advertising digital marketing “Nike+ FuelBand” “@NikeFuel”
- 17. Creating Your Own Ecosystem – Case Study Daimler Trucks North America Sensors and software detect abnormalities in its trucks Automatic alerts to company’s call center that work is required Redirect drivers to local dealers stocked with replacement parts Predictive Maintenance
- 18. A Different Approach Think about customer value first Access to customer data depends on value provided in exchange Think about the data first Think about actions based on the data, second Stop making ads Design services that create consumer value
- 19. Considerations Honor privacy while providing personalization Few IoT standards Messy data for the foreseeable future Marketers will need partners to provide the connection, maintenance and innovation layers that they are not equipped to handle.
Editor's Notes
- There are “things” that simply transmit pre-programmed data, there are “things” that transmit data about what they are able to sense and there are “things” that can autonomously respond to changes in their environment.
- Gartner is the world's leading information technology research and advisory company. Each year, Gartner compiles a list of the top technology trends that have the potential to affect individuals, businesses and IT organizations during the next three years. Gartner's 2015 top 10 strategic technology trends are the prime enablers behind new digital business opportunities. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets. IDC predicted the invention of more intelligent and connected “things” in 2015.
- Yes, there is a finite number of things – at least big things – that might be computerized. But, by IDC’s count, that number is already approaching 200 billion.
- User login using their social media accts will allow you access to their social data that can be leveraged to drive your brand experience and marketing campaigns forward
- Regent Street is one of the major shopping streets in the West End of London
- OnStar previewed AtYourService at the recent 2015 Consumer Electronics Show (CES). This new technology will be imbedded in select GM car models and allow communication through GPS, Wi-Fi and other security features to deliver driver real-time promotional offers. The goal is to provide drivers relevant promotions based on where they are traveling. So far, GM has partnered with several large brands, including Dunkin Donuts and the popular coupon site RetailMeNot.com. Digital coupon providers RetailMeNot and Entertainment Book will supply retail and shopping coupons. Parkopedia will serve data for parking nationwide When a driver requests directions to a point of interest that has an applicable deal or connection to one of its partners, the OnStar advisor can send the special offer from that merchant.
- Works with Nest Mercedes. Tells Nest you’re on your way. So you’re comfortable as soon as you get home. Dropcam. See what’s going on when your smoke alarm goes off. Jawbone. It wakes you up. And your thermostat. Another big market Google can wedge itself into that takes even better advantage of Nest’s place in the home is with insurance companies. The Nest Protect, the company’s smoke detector, will be able to tell Google unequivocally when there has been a home fire or a carbon monoxide leak, even when the home owner does not report it. A Nest thermostat could tell when the heat breaks, and by extension, when the pipes freeze or when the power goes out. This is all information that insurance companies would love to get their hands on.
- The Nike FuelBand is a new and innovative way to track an individual’s daily physical activity. Whether its walking, running, or jumping this digital wristband has the capability to calculate every step taken and every calorie burned. The data on the Nike FuelBand can be linked to a computer, smartphone or iPod. Here, users can set exercise goals and monitor progress since purchasing the band. The application also holds a social media feature where users can share their recent exercise activity, such as new personal bests and workout streaks, to their friends and family through Facebook or Twitter. By tying customer fitness routines to its brand, the company provides a consistent, Nike powered experience from start to finish by letting users track their daily exercise and set fitness goals. Nike also bridged the fuelband experience with its apparel line by installing a vending machine in the middle of NY stocked with Nike goods. Used social media channels to drop hints about exact location and purpose of this vending machine. Fuelband owners who locate the machine can redeem Fuelband points for Nike socks/shirts/hats/… This facilitates a holistic experience that spans mediums and puts Nike at the center
- User login using their social media accts will allow you access to their social data that can be leveraged to drive your brand experience and marketing campaigns forward Who do you know who wants to have their workout interrupted by an ad to save money on a recovery shake? Instead of trying to sell someone a recovery shake, try analyzing their data to provide them with information that will help optimize their workouts. The consumer will gladly trade this benefit for a recovery shake later. And this experience will do way more to bring the promise of the brand to life for the consumer.
- While things will get better over time, for the foreseeable future, this data will be messy and constantly changing. Today, there are very few IoT data standards, although there’s a fundamental ethos around interoperability and connectivity. Marketers will need partners to provide the connection, maintenance and innovation layers that they are not equipped to handle. If I’m a tire dealer, I need a partner who will maintain connections to every new manufacturer’s proprietary data, for instance.