Why IoT Marketing Investment Is No Longer Optional

Billions of physical devices around the world today are connected to the internet, all collecting and sharing data. According to Cisco, there will be more than three times more networked devices on Earth than humans by 2023, creating new dynamics for marketing, sales and customer service. For CMOs today, there is no more excuse for inaction. They must begin building the right competences, technologies, and strategies for IoT (Internet of Things) success.

IoT will disrupt marketing in three main areas:

· Data collection: IoT is bringing along an overwhelming amount of real-time data about consumers and products. It will be a CMO imperative to strategically manage, integrate and use this new data for marketing innovation and competitive advantage. For example, through tracking customer’s digital footprint, device usage and interactions, IoT provides critical information that helps to understand how a customer reacts to different marketing engagements and what conditions impact the customer’s purchase decisions.

· Intelligent environments: IoT innovations tailored to specific user contexts, such as smart homes, IoT-enhanced retail venues, transportation and healthcare, will create more engaging experiences for customers. It is CMOs’ responsibility to identify and seize exciting market opportunities created by…