The Big Revolution in B2B Marketing – Internet of Things (IoT)
According to Marketo, by 2020, 51% of the world’s top global marketers expect IoT will revolutionize the marketing landscape.
So What Actually is IoT and How it Works?
The Internet of Things or IoT promises to bring the connectivity of the internet into every facet of our lives, from our homes to our workplaces, and everything in between.
Not only does it promise to make the devices we use smarter and more efficient. But it also promises to revolutionize how we live and the way we do business.
In a nutshell, it’s a connection on crack.
IoT is expected to make impacts in all walks of life because of the endless combinations of applications.
For example, when a fire alarm goes off in your home it just beeps, but one day it will talk to your appliances to shut them off, and if needed, send an alert to the fire department and to your phone (to wake you up, or in case you’re not home).
With an expected 75 billion connected devices expected to be in play by 2020, there will be 10 times as many devices able to talk to one another as there are people on the planet.
All this data sharing is already starting to evolve the way we think and interact with the world around us. And as the Internet of Things expands, B2B marketers will need to adapt it more than ever.
Here are some ways in which B2B marketers can leverage IoT to achieve higher conversion rates:
1. Revolutionizing Personalized B2B Marketing
With IoT devices becoming part of the value chain, B2B marketers do not need to rely on marketing surveys or call centers to identify the targeted audience.
These devices monitor activities, environment, and operational performance, and share data that can be analyzed to generate useful insights.
Similarly, marketers can make custom messages for individual clients that are generated using insights. With this technology, the timing, delivery of marketing messages and collaterals can also be improvised. This ability to target buyers with a tailored sales pitch and marketing to fit the prospect’s interests can help marketers drive higher conversion rates.
As timing plays an important role in B2B sales & engaging with potential buyers, with the help of IoT, marketers can engage with prospects using the targeted ad at the right time.
Access to live data & feedback eliminates the need to send out surveys or hold focus groups and wait for the results.
2. Building better client relationships
The sheer volume of client data that IoT will generate in and of itself is not enough to guarantee a better product or service.
While it offers great potential opportunity, it also poses one of the biggest challenges that IoT presents: data overload.
Being able to make sense of unorganized data to conclude is the most important factor; how will data be analyzed and used to give a company a 365° view of their clients is a question that any IoT strategy must answer.
Doing so will help B2B sales reps add value to the conversation by offering meaningful and relevant content at the right time.
This will in turn help in building better client relationships.
The successful IoT strategy must integrate seamlessly with other technology and the people (your clients) who use it.
RELATED POST: 7 Ways to Improve Your B2B Customer Experience
3. Tracking Buyer Journey
Internet of Things enables marketers to track the entire purchase history.
Starting from the first visit of your B2B prospect until the sale and the post-purchase of usage, data can be generated with IoT devices.
With smart data points provided by IoT, B2B marketers can use them to plot the influence of market forces, social interaction, and behavioral economics along with business interactions.
4. Content building
Content marketing has already reached its saturation point, as 88% of B2B companies in the US use digital content marketing.
Data from IoT devices can prove to be helpful as it can cut through the noise in a crowded content landscape.
Since IoT offers chances for B2B marketers to engage with leads, the appropriate message can reach the client at the right time.
IoT systems provide data from smart devices and enable marketers to respond with real-time engagement. By implementing IoT in the B2B business, the entire scenario of marketing is expected to change with the change in engaging clients and hitting the bull’s eye with the right message at the right time.
While B2B content creators are updating their approach to existing SEO strategies, there is a higher chance of consumers finding their content. With increasingly more connected devices, marketers can create compelling content by harnessing the influx of clients data.
IoT has great potential, in B2B businesses Space. The post-purchase tracking feature that IoT enables could replace old methodologies swiftly.
With its ability to manage a massive amount of data from devices, IoT could provide better CRM, client experience, and boost efficiency by B2B marketers. IoT App Development Companies, too, now offer features to B2B marketers that enable deeper insights for better client experience along with real-time engagement.
Despite its disruptive nature, IoT still has its weak points. Data overload and the ability to make sense of huge parcels of data that flows in is still a major challenge.
Over 80% of the data is unstructured, and B2B marketers need to structure it, organize it and analyze it to draw insights.
Latest Industrial IoT trends
Now, let’s check out some latest Industrial IoT trends to look out for in 2020:
1. Effective Edge Computing In 2020
In 2020, edge computing will come to the forefront.
As you might know by now, IoT-enabled devices collect and process the data for analysis. Thus, the increasing number of IoT devices on the factory floor will make traditional cloud computing inefficient.
But edge computing only allows performing data processing at the edge of the network, near the data source.
Furthermore, the introduction of 5G networks will allow B2B industries to quickly achieve more intelligent, real-time analysis for better marketing.
Edge computing will allow fast data processing, as well as offer lower latency.
IoT devices backed by edge computing like intelligent traffic lights are expected to become mainstream by 2020.
2. IoT Trends in B2B Healthcare marketing
The healthcare industry is increasingly adopting IoT to provide better and improved healthcare services.
IoT-enable hospital devices not only help physicians and hospitals but also B2B insurance companies.
Moreover, with the help of IoT-enable wearable devices that are paired with mobile applications, patients can easily monitor their health.
Later in 2020, this technology will further prove to be immensely helpful for remote patient monitoring.
The wearable devices with built-in sensors can track patients’ conditions and help in taking timely action.
In the coming months, more and more hospitals will utilize IoT for optimizing routine operations in a hospital.
The “internet of medical things” will also include virtual assistants and smart hospital rooms with better connectivity to ensure improved treatment.
Implementing Industrial IoT in healthcare will help in reducing marketing cost, as well as ensure quick disease diagnosis and proactive treatment.
3. IoT Trends in Manufacturing
IoT has already entered the B2B manufacturing industries and in days to come it will be further used for big data analytics, predictive maintenance, and inventory management.
IoT-enabled devices generate data that helps B2B companies in making smarter business decisions. This data analysis also allows big companies to make strategies for future growth.
The manufacturing industry is, in fact, one of the early adopters of this technology and at present utilizes most IoT-enabled devices.
The industry uses sensors to recognize issues in hardware, as well as to uncover workflow inefficiencies.
IoT is expected to further improve the complex processes of heavy industries.
It is predicted that in the coming months, IoT wearable and connected systems will be used for ensuring better safety of the work environment.
In the near future, Cobot (Collaborative Robots) will be adopted by multiple industries. These will replace traditional industrial robots that are not smart enough. Cobots are equipped with AI and motion-sensing capabilities to ensure a high degree of accuracy.
All set to begin?
By 2021, it is expected that we’ll connect more than 36 billion individual devices to the internet.
So as for the B2B companies, the IoT can provide several exciting new ways to improve the effectiveness of your marketing messages. It boosts response time & service quality and provides actual competitive insights.
Further, leveraging this technology offers a competitive edge and will allow B2B marketers to better customize their approach to potential clients.
Our B2B Sales & Marketing Consultancy firm can help you by providing fantastic opportunities for optimization, improved business processes and increased effectiveness for your company.
If you still have queries,
and we will be more than happy to help!