How to Utilize IoT Data to Boost Your Marketing Efforts
This post is an excerpt from our Digital Growth Summit event in Los Angeles.Here are the digital marketing experts who contributed to this blog:
Here are some key takeaways from the marketing trends with IoT Panel:
- Take advantage of IoT technology
- Use real time data to make better business decisions
- Think about different ways to utilize your data
While IoT (Internet of Things) is still in the very early stages of being utilized for marketing, there is no better time to make sure your brand is utilizing this powerful data.
Companies are finding great uses for IoT data, like using it to streamline the manufacturing process, collect important user info and become smarter marketers.
Sometimes the data you collect can be useful in other applications you hadn't thought of when setting up your IoT systems. Take the data that was created for one purpose and use it for a completely different application.
IoT (Internet of Things) can be described in many different ways with many different definitions. What does it mean to you?
IoT is a device that is connected to the Internet, but it does not give you Internet access. —Dave Mathews
IoT is a device that is connected to the Internet in some way, but it does not give you Internet access. The FitBit is a good example. It is connected via your phone; there is a bridge technology. —Dave Mathews
The IoT concept arose because sensors are now able to directly communicate their data to the cloud or to servers. Where we used to think of a sensor as basically a very dedicated device where you could only read off data, now it’s become a smart device. You can reason about the data it’s giving you in real time. Everybody’s phone is pretty both much a computer and a sensor that can acknowledge where you are, which direction you’re driving and so on. —Swamy Narayanaswamy
What are your favorite home/personal applications and your favorite applications from a corporate or professional standpoint?
Audio is going to be an incredibly powerful interface as we move forward. —David Knight
Besides the Tesla, which is just beyond cool, I think my favorite current device is actually the Amazon Echo. I was one of the initial trial users and I am completely in love with it. My background is in applied physics with a specialty in wave theory, and I love audio. I think audio is going to be an incredibly powerful interface as we move forward. —David Knight
My favorite thing in my professional life is essentially like a “situation room” in the supply chain field—kind of like Wolf Blitzer on election night. There is this big company that runs a supply chain management facility with touch screens all around and they have real time IoT data coming in, weather reports coming in, and if there’s a storm in Singapore and their supplier there cannot get them their stuff, they have alternatives lined up to keep the supply chain moving. Very cool stuff. They have a 360 degree view where you can literally go up and touch the screen. —Swamy Narayanaswamy
What are some real-time, real-life examples where companies are using this data to make more intelligent business decisions?
Take data that was created for one purpose and use it for a completely different application. —David Knight
A lot of the more interesting applications for this are still coming at us, which are cross-correlative opportunities. To give you a great example, we haven't even really advertised Terbine yet but we are already hearing from car companies. All new cars such as Teslas have their own cell-track transceiver on board that has nothing to do with you as a user. It is part of the car. What is really fascinating is when you sit with a car company such as a BMW or Mercedes, they say, “Did you know that our gas-powered cars sample external air temperature and barometric pressure several times a second to manage fuel economy and power?" Imagine if we beamed that meteorological data along with geo-location to a central place that you might be able to use for marketing and all sorts of fascinating applications that we didn’t think of when we built the car. I think the cool stuff is really about taking data that was created for one purpose and using it for a completely different application. That could be very powerful. —David Knight
For me, it is just a new acronym for something called M2M, or machine to machine. In the 90s, we worked with companies to put cell phones inside of vending machines because when a row was out of candy or when the bill changer was full of $1 bills, then that would be dispatched out via the cell phone. —Dave Mathews
Is privacy still an issue, or have we gotten to the point where people just don't care anymore?
There is a part of every business that is trying to react to the market. —Swamy Narayanaswamy
Depends on where you live. For example, in the United States, we are the opt-out society. The European community is opt-in. It depends on where you are on the platform. There is no such thing as a uniform body of law that handles these privacy issues on the planet right now. —David Knight
I think privacy is always going to be an issue. We always have to weigh privacy vs. convenience, and the vendors are very good at getting you at the pain point. They know exactly when you’re not reading the terms of agreement. I have noticed that people in this country and culture are much more aware of when they are giving things up to the government—that brand is a negative brand right now—but with every other brand they are willing to give up data quite willingly. —Swamy Narayanaswamy
Did you know that almost all ATMs have a microphone in them and a lot of them have cameras? Those were put there so you could have a real time interaction with a person, like a teller, and then they realized that you would be talking out loud when they said "What is your account number?" and everyone around you could hear, so it was a dumb idea. But someone else could place software there and use it for something else and that is interesting to me. —David Knight
We used to consider military applications and medical applications real time. These days, I find that every business has a real-time component. There is a part of every business that is trying to react to the market. Even the smallest store has competitors; if they are offering specials, for instance, you want to know what they are doing so you can react. That type of immediacy when making decisions if you want to compete is now necessary. —Swamy Narayanaswamy
How are companies, like advertisers, going to get into the Internet of Things and take advantage of that?
Companies have adopted IoT. But it's very, very early. —Jay Symonds
Companies have adopted IoT. But it's very, very early. —Jay Symonds
It is really, really early. Amazon with the Alexa platform and the Echo, you are starting to see brands integrate it. For example, Alexa is an open platform and the TV networks are using it for setting reminders as to when to tune into a show, so they have adopted it. But it's very, very early. —Jay Symonds
Another example might be getting financing details sent to your phone for the car that you are standing in front of. With airlines, if you are walking through the airport and you have an hour before your flight, then maybe we will give you an offer for a restaurant—but if you have 10 minutes maybe it will be an offer for a coffee. This is sort of just-in-time information, but we are really early into the testing phases of these types of things. —Dave Mathews