Can ‘Internet of things’ coupled with Big Data change marketing forever?
IoT as it is often referred to goes a little beyond M2M and offers advanced connectivity devices, systems and services. While the technology is starting to find use in the field of medical (implants etc.), a major change for marketers is around the corner. The technology can hook up anything from your phones, refrigerators, ACs, washing machines, lights, door locks and perhaps even razors and shavers! Technology research companies estimate 26-30 bn devices to be connected on the IoT by 2020. How would it impact marketing when we have smart homes?
It’s a fine morning in February of 2020 when you walk into a shop to buy a washing machine. It has two offers on its smart washing machines –both are connected to internet and offer you all the control plus alerts of all sorts from washing cycle time left to servicing of parts etc. The second option lets you get the machine at half the price if you agree to share data from you IoT enables washer (including but not limited to usage, service, spare replacement etc etc). Integrated with Big Data, a marketer would know about the user more than what user herself knows about her usage and attitude. Would tradition research be required at all? Would marketing in the new era be any different?