With data feed directly from IoT devices, marketers are not dependent on surveys to communicate to the target market anymore
IoT is fast transforming the relationship between consumers and products. With new opportunities for optimization, increased effectiveness, and improved business process for marketers in the B2B domain, it is time for the real B2B martech transformation. By leveraging IoT, marketers are able to access real-time data, customize their approach, and make more informed decisions.
According to a Strategy Analytics report, over 55% of businesses and people are aware of IoT and its advantages, while over 30% of enterprises are using IoT in one form or the other.
Devices connected to the internet and their extensive data provides enormous opportunities for entrepreneurs to discover new and innovative business opportunities. IoT can actually be instrumental in converging services and products based business. For example, heavy machinery, industrial equipment, and other physical assets can be sold as a service.
Here are some ways in which B2B marketers can leverage IoT to achieve higher conversion rates:
Revolutionizing Personalized B2B Marketing
With IoT devices becoming part of the value chain, marketers do not need to rely on marketing surveys or call centers to identify the targeted audience. IoT devices monitor activities, environment, and operational performance, and share data that can be analyzed to generate useful insights. Similarly, marketers can make custom messages for individual customers that are generated using insights. With the help of IoT, the timing, delivery of marketing messages and collaterals can also be improvised. With this ability to target buyers with a tailored sales pitch and marketing to fit the prospect’s interests, marketers can drive higher conversion rates.
As timing plays a crucial role in B2B sales & engaging with potential buyers, with the help of IoT, marketers can engage with prospects with the targeted ad at the right time. Access to live data & feedback eliminates the need to send out surveys or hold focus groups and wait for the results.
Tracking Buyer Journey
IoT enables B2B marketers to track the entire purchase history. Starting from the first visit of the prospect until the sale and the post-purchase of usage, data can be generated with IoT devices. With smart data points provided by IoT, marketers can use them to plot the influence of market forces, social interaction, and behavioral economics along with business interactions.
Content marketing has reached the saturation point, as 88% of B2B companies in the US use digital content marketing. Data from IoT devices can prove to be helpful as it can cut through the noise in a crowded content landscape. Since IoT offers chances for B2B marketers to engage with prospects, the appropriate message can reach the client at the right time. IoT systems provide data from smart devices and enable marketers to respond with real-time engagement. By implementing IoT in the B2B business, the entire scenario of marketing is expected to change with the change in engaging customers and hitting the bull’s eye with the right message at the right time. While content creators are updating their approach to existing SEO strategies, there is a higher chance of consumers finding their content. With increasingly more connected devices, marketers can create compelling content by harnessing the influx of consumer data.
IoT has tremendous potential, in B2B businesses Space. The post-purchase tracking feature that IoT enables, it could replace old methodologies swiftly. With its ability to manage a massive amount of data from devices, IoT could provide better CRM, customer experience, and boost efficiency by B2B marketers. IoT App Development Companies, too, now offer features to B2B marketers that enable deeper insights for better customer experience along with real-time engagement.
Despite its disruptive nature, IoT does have its weak points. Data overload and the ability to make sense of huge parcels of data that flows in is still a challenge. Over 80% of the data is unstructured, and marketers need to structure it, organize it and analyze it to draw insights.
The final aim of a successful IoT strategy must be to seamlessly integrate it with other technologies that support B2B marketing.