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Marketing and Use of Emerging Technologies
Internet of Things (IoT) is a growing phenomenon in the online space where technologies are connected to the Internet, providing immense opportunities for businesses. IoT refers to the idea that gadgets can access, store, analyze, and share data as long as they are connected over a network. The concept is now possible due to the robust Internet connectivity globally and the availability of devices with networking and computational abilities (Spilotro, 2016; Swayne, 2017). As a result, the connected technologies collect and continue to gather data on peoples vital functions, actions, and behaviors that businesses and market segments can leverage to their advantage.
Like other sectors of the economy, marketing is exploiting IoT for its revolutionary impact on creating new opportunities. Undoubtedly, marketers love data as that is the basis of learning the dynamics of the market, and IoT provides massive marketing data that is also growing daily. It is estimated that there will be closer or more than a trillion IoT-connected devices in the next two or three years (Nguyen & Simkin, 2017). Technology is gradually getting more entrenched in peoples daily activities, allowing the amount of data available for marketers to increase persistently. From the latest data streams, marketers learn of the new and untapped consumer habits, preferences, and uses that revitalize marketing (Kumar et al., 2019).
The available information enables marketers to target specific consumers; for instance, if the devices inform the marketers about the vast numbers of fitness watch wearers, the marketing strategy would target that group (Abdel-Basset et al., 2019; Fahrurrozi et al., 2019). Hence, IoT allows marketers to simplify and narrow down their strategy to direct potential consumers.
To sum up, marketing has evolved to accommodate and integrate the IoT to collect massive data useful for marketing decisions and strategies. In this regard, the Internet of Things connects various devices used by people for different purposes. In addition, the same concept also stores and shares information about peoples habits, preferences, and behaviors. Thus, marketers can utilize the substantial available source of data to their advantage.
References
Abdel-Basset, M., Mohamed, M., Chang, V., & Smarandache, F. (2019). IoT and its impact on the electronics market: A powerful decision support system for helping customers in choosing the best product. Symmetry, 11(5), 611-632.
Fahrurrozi, M., Purwanto, M. R., Sitaniapessy, R. H., Roreng, P. P., & Toding, A. (2019). Study of marketing management using IoT. Journal of Critical Reviews, 7(1), 294-296. Web.
Kumar, S., Tiwari, P., & Zymbler, M. (2019). Internet of Things is a revolutionary approach for future technology enhancement: A review. Journal of Big Data, 6(111), 1-21.
Nguyen, B., & Simkin, L. (2017). The Internet of Things (IoT) and marketing: the state of play, future trends and the implications for marketing. Journal of Marketing Management, 33(1-2), 1-6.
Spilotro, C. E. (2016). Connecting the dots: How IoT is going to revolutionize the digital marketing landscape for millennials. Web.
Swayne, L. E. (2017). The Internet of Things (IoT): A marketing perspective. International Journal of Computation Engineering, 7(12), 51-57.
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