Victoria Bok | 20+
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The Bigger Picture
Friday, 15 April 2016 | 22:40 | 4 comment(s)

To say that the internet is growing expeditiously is an understatement



Devices have become a vital part of our lives. The future of marketing based on Big Data and Internet of Things (IOT) is emerging and attributing to a whole new dimension in digital marketing. As said in the article by Andrew MacAfee and Erik Brynjolfsson, "Big data seeks to glean intelligence from data and translate that into business advantage. (McAfee & Brynjolfsson, 2012) The massive accumulation of data now readily available allows one to extract valuable information from it and creating devices that will complement connection between consumers and marketers. (Labrecque, vor dem Esche, Mathwick, Novak, & Hofacker, 2013)
For one thing sure of IoT, It is creating a new connected avenue for marketing. Iot have enabled ways for communications with the brand and consumer benefiting both consumers and marketers. Marketers will be able to understand why customers are buying certain products as well as being able to interact in real time with customers while customers are able to explain their needs and wants.
An example of Iot in the enterprise is Walt Disney World. 


(Photos taken from here)

They created 'MagicBand' where visitors can check in to parks, get food and gain fast pass by tapping the band on receivers. The band can also help parents track their kids' whereabouts as well. I believe Disney has put alot of thought into device making it beneficial to consumers and also for themselves.This data also allows Disney to track movement of visitors and determine what attractions are more popular and which sector requires more studying. 'Magicband' has become Disney's wearable technology.  The connectivity between Magicband and Internet of things enhances Disney's mission to provide an overall magical experience for guests. This shows the relationship of consumers and marketers through the internet of things. 

However, this can pose a problem to consumers and marketeers as now marketers will have more information of their consumers and may be an invasion of privacy and security. Marketers have to be careful with the information they obtain as it is now a tool to get to know consumers. This may pose as threat to consumers as they might feel their privacy being invaded.

But that is what evolution of marketing will be and is going to be. I see no wrong in Marketers using technology to know more about their consumers if not how else could they satisfy the needs and wants of consumers. Do tell me what you think.

Till then!

Reference:

McAfee, A. & Brynjolfsson, E. (2012). Big Data: The Management Revolution. Harvard Business Review, (90(10), 61-69.


Labrecque, L., vor dem Esche, J., Mathwick, C., Novak, T., & Hofacker, C. (2013). Consumer Power: Evolution in the Digital Age. Journal Of Interactive Marketing, 27(4), 257-269. http://dx.doi.org/10.1016/j.intmar.2013.09.002

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