IoT solutions have the potential to completely rewrite how businesses think of their customers.
One way in which this is happening already is by analyzing information about how consumers use a business’s internet-connected products. We will keep a track on devices and products used by an user that will help us observe how much he likes and dislikes a product and use machine learning models for personalized advertisements and surveys related to certain products. We don't need to capture each and every customer but only the relevant ones using the data provided from the respective IoT devices.
This is a great business model where we can track the customer and observe his behavior for recommending future best products that will make him buy it more. This will also help them get the feedback of the products through the IoT devices to the company itself on regular intervals and will help them improve the product as per customer needs.
Birst data example :
Farnaz Erfan, senior director of product strategy at Birst, explains how IoT connected coffee makers transmit information to the manufacturer about how many pots of coffee a consumer is brewing per day.
This data can then be correlated with social media data to determine whether consumers who brew more coffee are more likely to be actively discussing the brand on social media. Additionally, the vendor can see whether variations in the amount of coffee brewed by consumers correspond to the amount of coffee capsules also sold by the vendor.
Strategic takeaway: The IoT isn’t just about launching new kinds of products. Analytics on IoT data about product usage also yield actionable marketing insights about your customers and your business’s supply chain operations.