As the world slowly moves closer toward Web 3.0, the Internet of Things is revolutionizing the business landscape tremendously.
With enterprises upgrading their tech stack to streamline every aspect of their work processes to modernize their IT infrastructure, CMOs should consider developing a modernized marketing tech stack that helps them to be agile in a highly competitive business environment.
B2B marketing teams are exploring leveraging the opportunities of Integrating IoT technology into their MarTech stack to improve the presales efficiency.
Even though embracing IoT can significantly influence marketing outcomes, integrating this technology can expose enterprises to new challenges.
Here are a few challenges of the Internet of Things data in B2B Marketing:
Data Privacy Concerns
Enterprises generate a large volume of data as they embrace the fourth industrial revolution. Moreover, the Internet of Things devices generates a huge volume of structured and unstructured data that can provide valuable insights. B2B businesses have access to sensitive client information, which increases the risks and concerns around it. Unauthorized access to such data can devastate business operations because these threat actors can exploit this sensitive information. IT decision-makers must implement robust privacy rules while gathering, storing, and processing sensitive business data.
Also Read: Top Strategies for Businesses to Leverage IoT to Enhance their B2B Marketing Strategies
One of the significant challenges with implementing IoT in B2B marketing processes is that it might expose sensitive data to unauthorized users. CMOs should consider implementing stringent policies and tools to protect the client’s right to privacy, that has a threat by the Internet of Things challenges in B2B strategies. However, the marketing teams find it challenging to develop stringent privacy policies due to the lack of standardized privacy laws worldwide. Non-adherence to privacy laws due to IoT devices might have legal implications for the business. Such unhostile environments discourage marketing operations from integrating the Internet of Things into the marketing tech stack.
Risk of Data Breaches
Consumers’ right to privacy is crucial for CMO’s role; they must also secure the data from breaches. Enterprises that integrate IoT devices in their marketing tech stack can expose the IT infrastructure to various threats and risks. Cybercriminals are looking for IoT vulnerabilities to exploit to infiltrate the business network and access the organization’s sensitive marketing data. For businesses with a bad model of risk management, legacy networks, and devices, integrating the Internet of Things can expose the enterprise to external threats such as machine phishing and other security risks. CMOs should work closely with the CISO to develop robust cybersecurity strategies to ensure a streamlined, massive IoT adoption.
Difficult and Expensive Internet of Things Integrations
It is very challenging for businesses to revamp or upgrade their marketing tech stack. Businesses that aim to ensure seamless integration of the Internet of Things into the marketing tech stack need an efficient implementation strategy. CMOs should consider evaluating the marketing tech stack’s capabilities and look for opportunities to leverage IoT devices. Moreover, implementing IoT systems into B2B marketing IT infrastructure that needs location-based interactions will require hardware and software-based tagging to ensure seamless integration.
Businesses find it challenging to gather, store and process high data streams generated from different data sources. Organizations need robust IoT data-gathering processes and data analytics tools to process information effectively.
Additionally, the lack of skilled resources to leverage the Internet of Things in the B2B marketing workflows is one of the significant challenges in the mass adoption of this technology.
ROI and Business Justification
Embracing IoT in the MarTech stack can be expensive; B2B marketers need to justify IoT initiatives’ return on investment (ROI) to stakeholders. Demonstrating how IIoT can positively impact business outcomes, such as improving operational efficiency, reducing costs, and enhancing customer experience, can be challenging. Marketing leaders need a strong business case for IIoT adoption to secure the necessary budget and resources.
Change Management
IoT implementation in B2B marketing will include changes in business processes, organizational structure, and workforce roles. Managing change can be challenging, as it requires overcoming resistance, addressing skill gaps, and ensuring a smooth transition and adoption of IoT technologies. Marketing leaders should effectively manage change and communicate the benefits of IoT to various stakeholders within their organization.
Also Read: How IoT is Revolutionizing the B2B Marketing Space
Data Analytics and Actionability
Implementing the Internet of Things generates vast amounts of data that can overwhelm B2B marketers. Extracting actionable insights from IIoT data and leveraging them for marketing decision-making can be challenging. Investing in advanced data analytics capabilities and developing strategies to harness IoT data’s value to drive marketing outcomes is crucial.
Ethical Considerations
The adoption of this technology raises ethical concerns related to data privacy, consent, and transparency. Presales teams should design and execute their IoT initiatives ethically and responsibly, considering the potential impact on society, the environment, and human welfare.
While IoT offers significant opportunities for B2B marketing, it also presents several challenges that must be addressed to leverage its benefits effectively. Overcoming these challenges requires a strategic approach, collaborative efforts with IT teams, change management skills, and adherence to ethical and regulatory considerations.
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