As the story goes, in 1969 Kevin Ashton coined the phrase “Internet of Things” while working for Procter & Gamble.
Much of today’s world and the future will be potentially ruled by the IOT reinforced by artificial intelligence (AI).
Today a quick search of the phrase “Internet of Things” yields more than 34 million results. The IOT is changing how businesses market, how people buy and how customers interact with solutions.
For example, Native Advertising (paid media where the ad experience follows the form and function user experience on a particular platform such as Facebook or LinkedIn) continues to grow because of the IOT. Now Bluetooth is working with “beacons” (indoor technology up to about 50 yards) to improve the on time-customer experience.
Much of this technology is currently geared for B2C customers however B2B customers are also tracked for what they search and then are exposed to paid ads. Have you ever searched for a business book on Amazon and then received notices about other business books?
Artificial intelligence for B2B marketplace continues to grow.
By 2020, the AI market is estimated to be worth more than $16 billion. According to Markets and Markets,
B2B marketers have a wealth of data that was not previously available.
Firms like DemandGraph are aggregating this data for B2B salespeople to further their relationships because people buy from people they know and trust.
Here is where word of mouth and sales referrals are united through AI to provide a complete picture of potential and existing clients. Then B2B firms can use this information to make better predictions (predictive analytics) specific to what deals can be earned or closed.
The IOT along with AI will continue to evolve and become more integrated into the overall B2B buying process. Being aware of this continued evolution is now part of the business acumen for forward thinking business leaders and salespeople.
Leanne Hoagland-Smith is an author, speaker and executive coach. Her weekly column explores issues that impact the bottom line of firms with fewer than 100 employees. She can be reached at 219-508-2859.