Internet of things has become one of the hottest buzzwords in the last few years. Most people are confused between the hype and reality surrounding internet of things. There is no denying that it will leave its imprints on most industries in days to come but only if they manage to iron out its security and privacy issues.
What if you own a business with multiple brands, does IoT help you win at branding? A brief answer to this question is probably a yes.
In this article, you will learn about how brands can win at branding game, thanks to IoT.
1. Take the Startup Approach
Acting like a startup will help you change the way you look at things. When you think from the startup perspective, you actively look for opportunities to innovate at a place where the latest technological evolution and your business intersect. You will end up missing out on this opportunity when you think from a traditional business point of view. When you are in a startup frame of mind, you are willing to take calculated risks. That is where you hit the jackpot because the higher the risk, the higher will be the reward.
2. The Internet of Me
As a brand, you should not look IoT as internet of things, but you should look at it as “Internet of Me”. Identifying where to incorporate IoT in your business is critical as a wrong decision can do more harm than good to your brand. The focus of your brand should be on delivering personalized experiences at every stage of the customer journey. That is where the internet of me term initially originated from. Most consumers today prefer brands that value their individuality and want to buy from brands that deliver a more personalized experience every time to them.
3. Incorporate IoT in Existing Products and Services
The main spur behind the rise of IoT is mobile devices. In fact, it is one of the main reasons why this technology has grown into top technology trends of last year. Never see mobile trends and IoT trends separately; instead, look at the bigger side and see mobile trends and IoT trends in conjunction with one another to incorporate IoT into your products and services.
You can easily do that with a dedicated mobile app. Persuade your customers to download your mobile application, so that you can turn their smartphone into a universal remote control. Fitbit is one of the best examples in this regard. They felt that there is a massive potential in sensor and wireless network technology, so they tried to put it to good use and in the process, managed to revolutionize the fitness industry.
Even if you can not directly incorporate IoT in your products and service, you can still be part of the IoT landscape by acting as a bridge connecting clients with businesses just like Uber and Airbnb does. This way, you can be a part of a big community, and it will help you speed up business growth and go beyond traditional corporations. A professional branding agency in Dubai can help your build your brand and grow your business.
4. Value of Big Data
We live in an era where data and information flow at the speed of light, entering our lives and devices. For a brand who wants to make the most of IoT, data is a powerful tool which they can leverage to grab future opportunities with both hands and efficiently serve clients.
Although, shifting to IoT won’t be a walk in the park for new companies as they tend to struggle when it comes to organizing and analyzing their data. Most brands collect data with good intentions, but that data ends up in a messy state. Some brands who are good at keeping their collected data consolidated, they fail at extracting some actionable insights from it. Therefore, it delivers no business value to them. That is why most businesses have not been able to realize the full potential of IoT data yet.
Data security is a significant concern as well for IoT devices. With GDPR rules enforced, things are only going to get tougher for brands who are interested in collecting user data for positive purposes. As IoT adopters, brands need to think out of the scope to ensure connectivity with devices that have never been included in the connectivity spectrum before. How you collect data and use it to benefit your brand will determine the success and failure of your IoT implementation and has become an integral part of IoT strategy.
5. Develop Integrated Customer Relationships
What’s makes IoT different from other technologies is that it let you tap into and personalize brand’s relationship with customers. The best example, in this case, is of Amazon, who have a vibrant ecosystem of reasonably priced connected devices and the number of devices keeps adding up. Despite Amazon Echo being a complete product, Amazon did not stop there and went on to create Echo Dot and Amazon Tap to help customers make purchases with a tap of a button, without leaving the comfort of their rooms. Then there is Alexa that can hook up to Bluetooth speakers to deliver functionality on the go. The more integrated your customer relationship is with your products; the better it is for your brand.
Conclusion
If you want to see your brands grow in future, you need to harness the power of internet of things that will reshape the future of branding. How well a brand use IoT to their advantage will prove the difference between a successful brand and an unsuccessful one. Follow the footsteps of some of the best brands such as Amazon and others and learn from them, how they maximized their business; thanks to technology.
So, how does your brand benefit from the internet of things? Share your success journey in the comments section below; I would love to know them.