Product marketing in the era of Internet of Things

Abstract

The Internet of Things (IoT) provides interconnectivity of physical devices with the Internet, allowing it to be remotely controlled by the users. Devices are now able to generate their own content about the usage and operations, providing deeper insights by revealing the hidden patterns. IoT is affecting virtually all industries and has a tremendous impact on the way we do business, specifically where marketing is concerned. Traditional ways of marketing were revolutionized by Digital Marketing around a decade ago. Now is the time when IoT is going to disrupt the marketing space by providing the access to information regarding how, where, and why the products are being purchased and used. Marketers would now be able to make data driven strategic decisions to refine their product in order to reduce friction in customer experience. loT opens up a wide landscape of opportunity for brands to incorporate and respond to customer's need on the real-time basis and target the customers with right message, at the right time at a right place. Thesis report would provide an overview of the current state of the loT industry, its technology stack and how a company can make use of the IoT in marketing. The thesis also shed light on different monetization models and pricing models along with the important considerations for designing a strategy for product development and launch. Application of IoT in different industry is highlighted along with example to show how companies have adopted the newer ways to interact with customers.