Public Relations & Social Marketing Insight

It would be somewhat of a great understatement to say that The Internet of Things is a work in progress.

As more connected things join the network, more people around the world are becoming connected to those things.

There are 7 billion mobile cellular subscriptions and almost all (95%) of people are now within reach of a mobile network, based on a new major study by the International Telephone Union (ITU).

The seventh annual global study, Measuring the Information Society Report, in more than 200 pages covers 167 economies in an in-depth analysis of IoT and a connected world....

The acceptance of mobile payments in countries such as Japan, North America and some Western European countries will lead to 50% of consumers in such mature markets using a wearable device or their mobile device to make payments by 2018.

Three types of mobile payments or wallets were identified by Gartner, namely smartphones or wearable tech, branded mobile wallets from banks or credit cards and branded mobile wallets from retailers.

However, rather than mobile payment wallets that are tied to a device, Gartner forecasts that cloud-based solutions will have a better rate of adoption as they are able to "reach a wider audience and can support many use cases beyond face-to-face or in-store options".

Last year, a report on wearable payments from Tractica predicted transaction volumes will increase significantly over the next five years rising from around $3.1billion in 2015 to $501.1billion by 2020 and accounting for about one-fifth of all mobile transactions and 1% of all cashless payments in retail....

We know the Internet of Things is big and going to be massive in scope, impacting all aspects of marketing and communication.

Some recent data points from some of the very large companies fueling the growth yet again highlight just how big a deal this is.

Within five years, 200 billion so-called smart objects will be deployed,  according to Intel’s latest guide to all things IoT. That translates to 26 smart objects for every human being on earth....

The Internet of Things, IoT as it has been dubbed, is a topic that every marketer is talking about. But, what does it mean, and more specifically, what does it mean to marketers? These smart, connected devices are ringing in a new and exciting era for marketing. IoT provides endless opportunities for marketers and advertisers to listen and respond to the needs of their audience based on behaviors. And your audience is eager to improve their lives with these devices and provide marketers with information for more personalized communications.

The possibilities for IoT in the future are endless! Picture this: down the road your car might be able to know when it’s getting a flat tire and send out a signal (via beacons) to the nearest auto shop. Based on your calendar, the shop can send a push notification to your phone offering an appointment at a 30% discount. Another example could be that health insurers start incentivizing their customers based on real-time data. For example, based on a patient’s lifestyle choices and habits, such as daily exercise and sleep patterns all tracked on a wearable, insurance companies can incentivize customers who have healthier lifestyles—giving them a discount on premiums.

Forget the days of trying to figure out what people want; IoT presents opportunities for real-time engagement and customer service. It’s time to approach marketing in a new and improved way. Check out our latest infographic to learn all about what IoT means for marketers....