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Insights

The Internet of Things

24 November, 2014 - Source: Dinosaur

Open your mind to the Internet of Things

  • The Internet of Things
    The Internet of Things

In June 2000, LG Electronics first introduced an internet-connected home refrigerator. Launched with a $20,000 price tag and a set of features that consumers did not want. Not many sold, and the concept of cyber fridge was put on ice.


Fast forward to June 2014, and the ‘Internet of Things’ is a major buzzword. About 8.7 billion devices are connected to the internet, and we’re starting to see examples of connected devices everywhere.
 

While many companies are considering the Internet of Things for its ability of automate business processes, there will be a whole new landscape of opportunity for brands to satisfy customer demand for new ways of interacting.

In fact, customer experience accounts for $3.7 trillion of the $14.4 trillion in new value that network hardware company Cisco predicts the Internet of Things will create over the next decade. Increased customer lifetime value and increased market share are the core drivers.

As connectivity gives way to connectedness, and more home appliances, medical devices, vehicles, learning tools and entertainment media begin sharing data to deliver new products, services and experiences, brands and marketers should be watching very closely.

Which is not to say that marketers should ignore the Internet of Things. Certainly opportunities will arise for brands who engage in smart ways that add to their customer experience instead of trying to interrupt it.

Our advice for marketers:

Learn first, act later. Connected thermostats and automated cat flaps are just the beginning. At this point it’s difficult to understand the full impact of what ubiquitous connectivity will bring. Companies should be watching very closely to understand not only how the tech plays out, but also how people react to it. Understanding shifts in behaviours and expectations among consumers will be critical to being able to leverage new opportunities.

It’s the experience, not the message. Ecommerce, online services, mobile and social media have already done a lot to change the way people expect to be able to interact with brands. The IoT will bring this into hyperdrive. Even more, people will base their brand affinity on the experiences brands offer, not the messages they broadcast. When monitoring the progress of the IoT, look for opportunities for enhanced customer experience, and pilot quickly for early learnings.

 

www.dinosaur.co.uk

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