The article discuss how IoT will change all aspects of marketing. IoT enables three things - smart and sensor-embedded devices and software, machines as users of information, all connected through the Internet. Let's see how IoT will influence all four traditional aspects of marketing:
Business Insider article
- Product - With IoT companies will have enormous amount of data on how customers use products. Manufacturers can use information to get crowd-based feedback in real time and marketers can use it to to better satisfy needs (like repair in time, suggesting optimal product for geography/environment etc.)
- Price - removing friction in the systems and lowering defects rate will low the price. Also IoT will allow price discrimination as "different prices to be dynamically offered to different buyers based on their purchase and credit history, loyalty, and importance to the company"
- Distribution - this space will be disrupted the least compare to smartphone experience, because main things just need location and screen (location-based marketing etc), which already exists with smartphones.
- Promotion - Main change is that customer gets marketing messages from everything - starting from Smart TV and adjustable billboards ending with fridges and other home appliances.
Business Insider article
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