A decade ago, the Internet of things was the new buzzing word for everyone. As time passed, the applicative part of the Internet of things increased. In the past five years, IoT devices doubled in number. They are found everywhere from a fitness tracker in your wrist to IoT-enabled appliances in your home. These devices have changed how we interact with the world around us.
The collection of data and its usage has empowered us to find users’ interests, preferences, and behavior. That is how the Internet of behavior is born. By 2023, Gartner has predicted that 40% of the global population’s activities will be tracked digitally to understand the behavior and influence it.
Let’s know more about what the internet of behaviour is; how it can help you with your business and what some of its common applications are.
Introduction to Internet of Behaviour
You can say it is an extension of IoT (Internet of things). IoT has linked people with their actions. Internet of behavior tells us more about how people make a decision, is there any predictable pattern in so-called ‘unpredictable human behavior’. Knowledge of these patterns helps in influencing them to use a product or service. IOB is a combination of technology, data analytics, and behavioral sciences.
Consider an example of an e-commerce application where you frequently browse and shop. IOB will help us to find out from where you buy a product, what kind of product you generally look at, at what time you are most likely to buy something. Service effectiveness grows exponentially with such personalized insights.
Analyzing consumer behavior is not a new thing. IOB provides an automated environment that collects and interprets the humongous amount of data we generate daily. IOB adds a human psychological perspective to data analytics.
Impacts of psychologically analyzing human behavior are:
- Improvement in development of user experience (UX)
- Search-experience Optimization (SXO)
- Better promoting strategies for products and services.
Advantages of IOB
- Knowledge of customer buying habits
- Analyzing how a user interacts with devices and products
- Deep insights into customer behavior in the buying journey
- Provide a real-time point of target ads and sale notification
- Better customer service in resolving the issues.
Applications of IOB In digital marketing
The impact of IOB cannot be foregone today, as it will affect and alter consumer behavior. It will influence marketing platforms to lure their attention. Multiple sub-domains in digital marketing that will help you to boost your business are
a. Big data
You can access information from multiple points of contact using IoT. It helps in overviewing a customer’s journey from his interest in the product to the point of purchase. It will help you to create more positive communication points to quicken the purchase process.
b. Market Research 2.0
Till today, collecting and processing data with IoT is quite complex and inaccessible to many companies. However, big giants like Google, Facebook are a step ahead. They are well versed in researching the data and develop tailor-made offerings to the customers.
Consider an example; have you ever get the feeling of someone had read your mind when you see products recommended for your list? Have you seen a product on an e-commerce website or in an advertisement about which you were speaking with one of your friends?
These companies have developed algorithms that will look into historic data and assess the present situation. That is how highly personalized recommendation lists are created.
c. Access to Consumer lifestyle
Internet of behavior studies consumer behavior based on data collected from various social media and other platforms. Data is also collected from our day-to-day use of IoT devices like fitness bands, coffee makers, kitchen appliances, etc. Data collected will be used to draw inferences on each user’s lifestyle.
Suppose I consume 4 cups of coffee daily. So the marketers will suggest to me all kinds of coffee brands and products that I am most likely to buy. That is how getting a fair idea of your lifestyle can amplify your sales.
d. Improved SEO
Earlier, search engines used to recognize keywords. These keywords improved the quality and quantity of traffic redirecting to your website. But now with artificial intelligence-based assistants like (Alexa, Siri), search engines are focusing more on the intent of the user. That calls for change in the SEO content approach focusing more on intent rather than the keywords used.
- Amazon gift shop: Amazon has built an AI-based gift shop that suggests gifts for our near and dear ones. They keep a record of buying preferences and shopping habits to give personalized gift suggestions.
- Barista facial cognition coffee shop: Barista has developed a facial recognition system that will analyze the age, sex, and mood of the person. Based on the past orders and the current parameters, it will suggest an appropriate drink.
By 2025, 50% of the world population will use IOB. In the coming years, IOB will be an ecosystem that defines human behaviour in a digital world. IOT extracts information for you but developing the wisdom out of it is the job of IOB.
Let us know how you are going to apply IOB in your business @ firstname.lastname@example.org