What is the Internet of Things, and what does it have to do with you? Well, it is made up of billions of everyday devices that are all interconnected. This is stuff everyone uses all the time, like smartphones and cars, thermostats and refrigerators—you name it and it has the potential to be a part of this Internet of Things. These objects share data with each other and with the companies that produce them. Imagine the possibilities this creates for your business!
Take Starbucks for an example. You can download the official Starbucks app on your phone, order your drink ahead of time, and collect rewards. This saves you time and makes you a happy customer who is more likely to return. In turn, Starbucks can use the data they get from the mobile orders and decide what drinks are more popular in what areas, which products to advertise, and plenty of other factors that benefit their sales. They can even offer online coupons and sales and send you emails with information specific to the data they collected about you. You can use this to your advantage as well. If you have an app or a website, you can use data analytics to get to know your customers better, to advertise more effectively, and to improve your business overall.
You can use the data you collect to predict what your customers want and be ahead of the game. Before your patron tells you what they want, you can be advertising for that very thing. This will improve sales and customer satisfaction and will help you to make future marketing decisions. If a certain product is in high demand, you will know it from your analytics. This will also be helpful in making your products and customer service better and more effective in a shorter period of time. It’s like taking a customer satisfaction survey, without having to ask a single question.
You will have access to other data about your customers as well—what websites they visit, other products they have shown interest in, better information. Customer service is important, and with an abundance of data about your clientele, you can improve this as well. Ever been on a phone call that was being recorded for “quality assurance purposes?” The data you receive works the same way. Once you analyze the data you’ve collected, you can see trends in sales and flux, using all this information to help you promote your company and product.
If you want your business to be relevant and successful, make it a priority to become a part of the Internet of Things. You will collect valuable and important data, use analytics to better serve your patrons and market your services, and reap the benefits of your newfound information. You won’t regret it!