In a more connected world, our everyday objects are data-driven. Wake up and work out with a wearable device that sends your average heart rate and calories burned to your smart phone. You’re already out the door when you check in with your smart heating and cooling system and adjust your house temperature. You then drive to work in your connected car. And so, the Internet of Things (IoT) becomes a part of our daily lives.
For consumers, the IoT is fostering a whole new lifestyle – one that connects all of us, at all times, with massive data output. But this begs the question: “With so much data at our fingertips, are marketers taking full advantage of opportunities to use it?”
First, a quick review: what exactly are we talking about when we use the term, “IoT?” According to Forbes, the IoT is the concept of connecting any device with an on and off switch to the Internet, as well as to each other. As you can imagine, the possibilities of such devices are endless – from wearables like smart watches to cars, to home security systems and kitchen gadgets.
In fact, Forbes reports that by 2020 there will be over 26 billion connected devices – meaning the IoT concept is not going away any time soon. And a December 2015 survey from eMarketer shows that IoT devices (in particular, wearables) may become common financial transaction methods in the next five years. When buying a product is literally at arm’s reach for consumers, imagine how that will impact future ecommerce.
With billions of IoT devices reporting on such a wealth of data, increasing campaign accuracy has to be positively easy, right?
Well, it’s not as simple as that. That’s not to say that having access to large amounts of data is not a huge benefit to marketers – it most certainly is. The issue that arises is that having access to a massive amount of data in and of itself doesn’t automatically equal smart marketing decisions, or even guarantee results for marketers.
Because consumers are using more connected devices than ever before, spending 150% more time on digital platforms than they did in 2010, data must be “smart” for marketers to see results – in other words, marketers have to know what they’re looking for. Data cannot just exist without action or insight – marketers need to find a clear signal in the noise by gathering data that is transparent, granular, diverse and global to be truly effective.
Another important concept for marketers when dealing with the output of IoT data comes down to data quality.
“If you don’t have accurate data about the company, or if you don’t know that this is the right prospect, the actions you might take as a business might be misguided,” said Vimal Vel, VP of Partner Solution Strategy, Dun & Bradstreet in a 2015 interview with Oracle Data Cloud. “Start with accurate, quality data and marketers will really see results.”
“While we focus on volume, we really focus on quality,” said Jeff Teng, Senior Director, Business Development, Oracle Data Cloud in a recent blog. “We view data quality as a function of both uniqueness and accuracy. It provides the marketer the highest degree of confidence that they are reaching the specified audience as requested.”
Teng explains that Oracle Data Cloud gives businesses access to data on 110MM U.S. households, $3T in consumer transactions and from over 1,500 data providers through the BlueKai Marketplace – that’s more data than any other platform. And with the accuracy to back it up, data can be applied to marketing campaigns with confidence.
So while the IoT continues to churn out more and more data, marketers can rest assured that with the right combination of strategy and data quality, there can be a real benefit from a more connected future.