The Internet of Things (IoT) is gaining more traction as more homes and offices are becoming smarter and connected. Recent research has also shown that the growth of IoT revenues globally will more than double by 2030–amounting to over one trillion dollars, according to Statista.
With this rapid growth comes more opportunities to leverage IoT for every area of business, including B2B marketing and customer experience. IoT allows business owners to innovate and create new pathways for simplifying processes while enhancing customer experience.
Here are some ways that entrepreneurs can harness IoT for their businesses.
- Voice-powered technology
The way that customers are engaging with businesses is changing. Consumers are now using voice-activated tech such as Siri, Alexa, and Cortana to perform simple tasks such as Google searches and even online ordering.
Voice technology has the potential to eliminate the need for virtual assistants and customer service representatives. According to Baruch Labunski, CEO of Rank Secure, automated voice tech can improve customer service and pave the way for a highly efficient end-to-end experience.
The same technology can also be used to boost retail marketing. More people are starting to use their smart speakers for online shopping. As voice technology becomes more refined, we can expect to see a higher demand for e-commerce services, SEO specialists, and the like.
- Personalizing content for customers
Following the advent of voice tech, IoT strengthens B2B content marketing in two ways: customization and timing. IoT offers customer insight into their relevant pain points, interests, and what they’re looking up on search engines. This information is key to creating personalized content for your existing clients and potential new clients.
Additionally, the data from IoT can inform when and where to send custom content so that your customers can receive it when they need it the most.
- Data-gathering for innovation
The pandemic forced businesses to find ways to keep operating despite lockdowns. One of the ways that companies leveraged IoT for innovation, particularly for HR management, is by installing platforms that detect a workers’ presence at a business site, making attendance-checking more effective and flexible.
In the world of retail, the same sensors can be used to track customer movement in brick and mortar establishments. Data can be gathered through store cameras and mobile apps, and the information can be leveraged to create customer service solutions. For example, the same tech can be used to monitor peak times in the specific store, which allows businesses to adjust or modify staffing needs, inventory levels, and more.
- Enhanced supply chain management
Thanks to IoT, supply chain management is much more efficient. IoT streamlines operations through embedded sensors in manufacturing equipment and electronic devices. With more internet-connected devices, the availability of real-time data also increases, making the supply chain smoother with instant tracking functions. The end-to-end shipping process becomes more informative and compelling for both parties.
- Tracking and storing inventory
Storing and tracking goods are often the most expensive tasks in running an e-commerce or physical store. IoT devices can keep track of available stock and can be automated to request for replenishment. Barcodes attached to specific items also show data related to the product code, manufacturer details, and specific instructions. Not only is IoT-driven inventory management less prone to human error–it also saves space and lowers overhead expenses.
IoT is more powerful and innovative than just connecting devices and fine-turning processes. The data these devices gather has the potential to provide solutions, anticipate needs, and pivot for change and greater business excellence.