The Internet of things (IoT), is the connecting of any electronic device to the Internet. We have smart homes where one can control just about everything electronic in the home from a mobile, computer, or tablet. The collection of usage and behavioral data by these IoT devices to give insights to users’ behaviors, interests, and preferences. This is referred to as the Internet of Behavior (IoB). This can reveal broader consumer behavior patterns as well specific consumer targeting.
“With Internet of Behavior (IoB), value judgments are applied to behavioral events to create a desired state of behavior. Within Western countries, the most notable example of a usage-based and behaviorally based business model is in property and casualty insurance. Over the long term, it is likely that almost everyone living in a modern society will be exposed to some form of IoB that melds with cultural and legal norms of our existing predigital societies.”
Now that we have a good understanding of what the IoB is, let’s dig a bit deeper on its value. The IoB can become the ultimate marketing and sales weapon in the hands of businesses and organizations around the globe. It can give them the in-depth, personalized understanding of their clients they have been striving for.
Analytics, tracking A/B testing and all the beautiful things that companies have been using for the better part of this decade, have all been a rat race into mapping the perfect user journey. Here’s how the Internet of Behavior is the missing piece that will push them over the line.
It will not be simply giving companies insights to past performance, but it will allow them to guesstimate future behavior. The data gathered from the IoT will be the foundation upon which companies will be able to plan their development, marketing and sales efforts.
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