IoT and the Race for the Car of the Future

GUEST WRITER | December 5, 2019

article image
When people think of the car of the future, they usually imagine something that drives (or even flies!) itself, but there’s much more to innovation in the automotive industry than just autonomy. According to Gartner, there will be more than 250 million connected vehicles on the streets by the end of 2020. “Connected vehicle” doesn’t just mean “self-driving” – it includes anything that enhances our life on the road by communicating with other devices. From anti-lock brakes to rearview mirrors, motorsport has pioneered a number of things that are now considered standard on the vehicles we drive every day, and you’ll struggle to find a more connected vehicle than a modern Formula 1 car.

Spotlight

Madison Technologies

Madison Technologies is a respected industry leader with a 25-year track record of delivering the very best products, services and solutions for the cabling, industrial networking, wireless, telco carrier networking, broadcast and audio visual disciplines.

OTHER ARTICLES

How to Refine Your Market Strategy with IoT

Article | January 29, 2021

If you’re struggling with creating a value proposition in volatile markets, you’re not alone. According to Neil Patel, 40% of marketers struggle to acquire leads by traditional marketing methods. As competition grows in each industry, even fairly monopolistic markets like tech are seeing rising competition in all areas. To combat market uncertainty, as well as stand out amongst your competitors, you need a market strategy that not only offers a direction but actively targets your goals. A market strategy is your go-to plan when things get rough and it is a map for when the waters are calm. Moreover, marketers with a documented strategy are 313% more likely to report success. We’re sure you already have a market strategy that is just right for you. But have you considered if it can be refined further? Thanks to emerging technologies like IoT, we now have access to the most mundane customer decisions that are taken on a day-to-day basis. This data is your ticket to a better market strategy without having to spend a bomb. This is how you can refine your market strategy with the help of IoT. Data-driven Decisions The Internet of Things has offered us insurmountable amounts of consumer data. A caffeine brand can now access information such as what time consumers have coffee, whether it is at home or office, what flavors they prefer, how much they’re willing to spend on coffee, and what other alternatives they consume. This kind of data, collected on an IoT device such as a coffee machine, is instrumental in making marketing decisions. If you know that your consumer prefers to have coffee at work in peace rather than in a rush at home, you can target offices in the area with your product rather than targeting individual consumers. IoT offers you the right information to make the right decisions. But you can also leverage this data to drive your market strategy. In the above example, the marketing team can account for campaigns geared towards workplaces based on the available data in the budget. Data-driven strategies prove to be more effective than otherwise, and as marketers, you must absolutely leverage any IoT data that may be relevant. Respect your Customers While IoT offers marketers a truly astounding amount of data, not all users are aware of what data is being tracked. This raises concerns for privacy and security among the users. Even though most of the users waive their rights to withhold the information when signing into an app or wearables software, they are not always comfortable sharing certain data. As marketers, it is important to keep your practices ethical and legal. Using consumer data may be completely legal, but it is best not to offend your customers by overt use of data that they aren’t comfortable sharing. Make sure that the usage of data in marketing campaigns and strategy is limited to what data has been consciously shared by your consumers. This will bolster your goodwill, as well as make your customers trust your brand. Offer Valuable Solutions With the advent of Big Data and AI technologies, the internet of things is turning over a new leaf. As there is a vast amount of data that can be processed fast with AI, marketers can now target individuals rather than households or groups. With precise data available over consumer decisions and actions, it is possible to know if there are any unlikely customers that you have been ignoring so far. IoT allows you to not only target these customers but also solve their problems. If we continue the caffeine example, the connected coffee machine can tell you when the coffee is about to be over, this can send you reminders to buy coffee, or in case of further automation, place an order on Amazon on your behalf. These solutions can be now hyper-personalized to suit individual needs through IoT. IoT Based Campaigns Your market strategy will have to account for campaigns throughout the year, but if you’ve noticed closely, the only marketing campaigns that gain significant traction are the ones that have a ‘wow factor’. A lot of marketers mistake the wow factor to be a subjective preference that customers have but it couldn’t be further from the truth. The wow factor is simply the effect produced when a business goes above and beyond to meet customer needs. IoT offers us the resources required to manufacture the wow factor in every single campaign. A great example of this phenomenon is beacon marketing. Beacon marketing is considerably new in the marketing industry and uses Bluetooth technology to transmit information to nearby mobile devices. It is heavily used in retail across the globe and giants like Target and Walmart are already using the technology to market its services. Walmart places beacons in its lights across its stores and sends offers to its customers based on their location. It not only personalizes the shopping experience, but also saves a large amount of electricity bill for its stores. Target Existing Customers Many times, in a bid to appease new customers, marketers often forget about their existing customers. Your existing customers already know you, have tried your product or service, and are clearly interested in the product. A good product or service is often enough to keep the customers returning, but with the current levels of competition, customers often find themselves wondering if they should try new things. As a marketer, all you need to do is deter your existing customers from straying. You can do this by either providing an unparalleled service, which is quite unlikely in today’s market, or you give them a reason to stay. Thankfully, targeting existing customers is much easier than targeting new ones. You already have their data over their preferences and habits. If you know that a certain firm updates their applications every second quarter, you can send them offers just before the second quarter starts and remain fresh in their memories when they decide to make the decision. Allergy medication Zyrtec leveraged IoT when targeting their existing customers with a voice-enable application. Its users could just ask the application about the daily allergens and pollutants in their area so they could prepare ahead. The app offered a powerful solution to its users while making great use of its brand image and retaining almost all of their existing customers. Leverage New Technologies We have already discussed several complementary technologies to IoT that can help you make the most out of your market strategy. AI and Big Data are some of the strongest allies for IoT that can help change the norms across industries. But even limited technologies like voice-enabled applications, QR scanners, beacons and so can open up a lot of opportunities for marketers. Consider adopting some of these technologies such as geofencing which are inexpensive and effective at the same time. Burger King is a great example of using geofencing for marketing. Geofencing is a technology wherein you can transmit messages or information to mobile devices within a certain area. Burger King set up their geofences across all McDonalds in the UK and as soon as anyone entered within a 500 m radius of a McDonald’s outlet, they received Burger King coupons and directions to the nearest store. Case Studies There are a lot of examples of IoT being used to enhance strategies or campaigns. Some of these examples are given below. Diageo, a whisky brand in Brazil innovatively used IoT to run a father’s day campaign. They encouraged men to buy whisky for their fathers and placed a QR code on their bottles. Once the bottle was received, the fathers could scan the code which would play a personalized father’s day message by their sons. This concept was so loved by people in Brazil that Diageo saw a 72% sales uplift in the two weeks leading up to Father’s Day. South East Water, CRM leveraged IoT by building an end-to-end IoT ecosystem powered by IBM’s Maximo. This helped them roll out an app that offered near real-time insights into customer requirements for over 80 engineering teams. This alone helped them ensure higher customer satisfaction and accelerated access to critical reports by 99 percent! Uber and Spotify rolled out an IoT campaign together wherein you could access your Spotify playlists through the Uber app and once you were in an Uber, you could play whatever you liked through the app and it would play on the car’s speakers. This increased customer satisfaction for both Uber and Spotify users. There are several examples of using IoT in marketing campaigns, and there is never a dearth of ideas. However, in order to appeal to your unique customer base, you need to innovate your product with IoT. Frequently Asked Questions What is the IoT strategy? IoT Strategy refers to an organization’s strategy to inculcate IoT in their business, whether as a marketing tool or as an integral part of the process. How does IoT affect the marketing industry? IoT offers a lot of insights and resources to marketers which helps them target their customers better and optimizes any marketing efforts, thereby effectively obliterating traditional marketing practices. What is the best internet of things marketing strategy? There is no one IoT marketing strategy that fits all businesses. Each business needs to identify its customer requirements and strategize accordingly. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is the IoT strategy?", "acceptedAnswer": { "@type": "Answer", "text": "IoT Strategy refers to an organization’s strategy to inculcate IoT in their business, whether as a marketing tool or as an integral part of the process." } },{ "@type": "Question", "name": "How does IoT affect the marketing industry?", "acceptedAnswer": { "@type": "Answer", "text": "IoT offers a lot of insights and resources to marketers which helps them target their customers better and optimizes any marketing efforts, thereby effectively obliterating traditional marketing practices." } },{ "@type": "Question", "name": "What is the best internet of things marketing strategy?", "acceptedAnswer": { "@type": "Answer", "text": "There is no one IoT marketing strategy that fits all businesses. Each business needs to identify its customer requirements and strategize accordingly." } }] }

Read More

HERE’S WHY SMART IOT IS FUTURE

Article | January 29, 2021

The term ‘connectivity’ is no more confined to laptops and smartphones, as we’re witnessing a transition towards smart cities, smart homes, smart retail, connected cars along with connected healthcare to name a few. In this arena where advanced technologies have been blooming at a tremendous rate, IoT is also catching up. IoT has been one such technology that is going to have an impact not only today but also in the coming future. The base for IoT is designed for storing and processing IoT data and is the core of all IoT-related devices and solutions. The base has been set in such a way that it provides an intake of huge volumes of data generated by sensors, user websites, applications and then accordingly initiates actions based on real-time responses and analytics.

Read More

How Will the Emergence of 5G Affect Federated Learning?

Article | January 29, 2021

As development teams race to build out AI tools, it is becoming increasingly common to train algorithms on edge devices. Federated learning, a subset of distributed machine learning, is a relatively new approach that allows companies to improve their AI tools without explicitly accessing raw user data. Conceived by Google in 2017, federated learning is a decentralized learning model through which algorithms are trained on edge devices. In regard to Google’s “on-device machine learning” approach, the search giant pushed their predictive text algorithm to Android devices, aggregated the data and sent a summary of the new knowledge back to a central server. To protect the integrity of the user data, this data was either delivered via homomorphic encryption or differential privacy, which is the practice of adding noise to the data in order to obfuscate the results.

Read More

Who should lead the push for IoT security?

Article | January 29, 2021

The ease with which internet of things devices can be compromised, coupled with the potentially extreme consequences of breaches, have prompted action from legislatures and regulators, but what group is best to decide? Both the makers of IoT devices and governments are aware of the security issues, but so far they haven’t come up with standardized ways to address them. The challenge of this market is that it’s moving so fast that no regulation is going to be able to keep pace with the devices that are being connected,” said Forrester vice president and research director Merritt Maxim. “Regulations that are definitive are easy to enforce and helpful, but they’ll quickly become outdated.”The latest such effort by a governmental body is a proposed regulation in the U.K. that would impose three major mandates on IoT device manufacturers that would address key security concerns.

Read More

Spotlight

Madison Technologies

Madison Technologies is a respected industry leader with a 25-year track record of delivering the very best products, services and solutions for the cabling, industrial networking, wireless, telco carrier networking, broadcast and audio visual disciplines.

Events