Success in the Internet of Things Is Now about Services, not Devices
There are new ways companies can cash in on the Internet of Things and how it connects our hardware.
More than just a tech buzzword, the Internet of Things (IoT) has evolved as more companies recognize the value of offering services on devices that are connected to one another. In an article for Inc Southeast Asia, AJ Agrawal spoke with tech entrepreneur Kit Hughes, CEO and Founder of Look Listen, about how brands can take part in the IoT gold rush: "The IoT has caused people to form emotional connections with products. Data is the foundation of this connection," writes Agrawal. This changing market means that people will react and interact in different ways to marketing materials: Go the extra mile in communicating how your service will benefit customers; brands should highlight how their service meets not just the basic needs of their market, but their emotional needs as well.
In line with this, brands should strive to be more ambitious with their objectives: "Instead of setting basic goals, [...] brands need to set goals based on an entire experience. This is the only way to benefit from everything the IoT has to offer," Agrawal says. The rise of IoT has also made multichannel marketing a must: companies should be able to get their brand message out there and communicate with their target market using different mediums. Staying attuned to various channels to collect data will give entrepreneurs more insight on how their IoT service can optimize a specific experience for their customers. Agrawal explains, "A company that makes GPS devices could track the routes the driver takes each day and then offer suggestions to save time or gas. This type of realtime service is an excellent way to use IoT signals."
If IoT, as Agrawal suggest, is primed as the next Bitcoinrevolutionary, thriving through collaboration rather than monopolythen the savvy entrepreneur should work fast to take part in this technological game changer. Read the full story here.