The Internet of Things is taking over the buzzosphere! The Internet of Things (IoT) has taken its place alongside Cloud and Big Data as the seasoning that gets tossed into just about every tech talk these days… so I couldn’t help but toss them into my blog!
Don’t get me wrong, I believe that cloud, big data and IoT are actually tech concepts that every business leader should be getting to know and thinking about. Why? First, it is inevitable that these concepts will become important in your business. Second, few businesses will incorporate them in a way that creates true customer value and sustainable advantage. Third, the businesses that find breakthrough ways to apply these concepts will be the market leaders of the future.
So please make sure you have at least a rudimentary knowledge of what they mean, and that you’re thinking of how to incorporate them in your business strategy going forward. And also think hard about how these trends will come together in your customers’ lives. For want of a better term, you can call the point where these trends come together the Internet of Everyone. Consider a world where all data is available (the cloud), curated in real time (big data) and shared between devices constantly (IoT).
Most growth strategists are already considering how to incorporate various elements of these technology trends into sales and marketing strategy. Whether it is considering how to collect and curate all the data becoming available about customers; or understanding how to use machine-to-machine and location-based service opportunities in messaging strategy; or determining how to use the power of IoT in the distribution supply chain- the options for incorporating technology into marketing tactics are endless.
I believe it is very important to have a clear and articulated strategy around how the use of these technology opportunities will impact brand strength. How will your ability to exert influence on your customers change?
In order to examine the potential impact on your brand’s influence, consider how your planned use of technology will impact each of the key dimensions of your brand in your customers’ minds. Think carefully about how to make the internet of everyone positively affect your brand dimensions, rather than putting them at risk.
The opportunity is ripe to be the company that uses the internet of everyone to build advantage – and that is surely the path to win. But remember, in this new era of interconnectedness, your every move is amplified. It has never been more important to look at every opportunity through the lens of brand impact.
Note: If you have not yet completed a brand map to determine the unique influence levers of your brand, you can start with the five key influence variables as defined by Ipsos Reid: 1. Trust, 2. Engagement, 3. Leading Edge, 4. Corporate Citizenship; and 5. Presence. (If you’d like to read more about Ipsos Reid’s definition of these influence factors visit this link to the Ipsos Reid Most Influential Brands in Canada 2013 report