Think of all the data collected from consumers, companies, and devices. Now imagine all of that data being connected in a network of information, an ecosystem of devices that talk to you, each other and the world around them—that is the Internet of Things (IoT). The IoT is real, it’s growing, and most consumers interact with it on a daily basis. But what is it doing for you? Here are the good, the bad, and the ugly truths of what the Internet of Things can bring to your business.
- More customers
With smartphones and a variety of interactive technology, consumer data is more accessible than ever before. Many customers are willing to share their information through apps and digital interactions, which means you know your customers. And if you know your customers, you know your potential customers.
Using the information you have based on your current customer base, apply that knowledge toward connecting with new consumers. Maybe you’ve learned that most of your demographic is more likely to make purchases in the evening. Creating an evening sale or late-shopper incentive could be a great way to find new buyers.
- More competition
You aren’t the only company with this consumer data gold. Other businesses are collecting this information as well, and they know what to do with it. Your company needs to stay innovative and use the data to create better business and better products. Staying ignorant of the latest and greatest will not only make you fall behind, but your customers will notice your lack of innovation and knowledge.
- Smarter business
Smarter technology throughout the workplace means smarter business. Features like electronically tracking your inventory and equipment sending you notifications on functionality issues and energy usage create optimum performance and efficiency. We all love the pizza tracker, don’t we? And Amazon’s shipment locator is a gift from above when you’re anxiously waiting for that new cast-iron skillet. Utilize technology to increase your efficiency and foster customer loyalty.
- Higher security risks
The more information you have, the more you have to lose. With data breaches becoming a regular occurrence, it’s more important than ever to secure your information for both your company and your customers. Consumers trust you with their data, but one breach can change that forever. Building credibility is a long road, and once it’s damaged, it takes even longer to re-build.
- More revenue
If used correctly, the IoT can bring you more customers, more efficiency and more data to work with—which all result in increased revenue. It’s all about how you connect, how you interact and how you choose to use data to your benefit. Those who understand its potential are the ones who will succeed. Using data to cater to your clients and bring in new leads is the ultimate goal, so make sure you’re harnessing technology properly in order to meet that goal.