Expectations around the Internet of Things abound, nowhere more so than among chief marketing officers.
They and their peers in the executive suite are challenged to view IoT as the “innovation of things” when it comes to rethinking their business models, differentiating their brands, gratifying customers and gaining new competitive advantage.
The cover story for the latest issue of PeerSphere—the Chief Marketing Officer (CMO) Council’s quarterly eJournal—reveals the immense opportunity and revenue potential for organizations that are able to develop IoT strategies that integrate seamlessly into their customers’ lives.
However, as Bain & Co. reports, only 90 percent of the companies they surveyed are only in the planning phase with respect to IoT implementation, revealing that there is still much work to be done internally before they begin to reap the financial benefits of these solutions.
Just as digital posed many hurdles for marketers in its infancy, IoT presents many challenges for marketers looking to benefit from its capabilities.
In addition to the need for enhanced technical skills and data/analytics capabilities, cost and data security issues hinder advancement for many organizations, and making customers aware of the true benefits that these technologies can bring to their lives will be fundamental in order for many organizations to take the next leap toward IoT innovation.
However, the companies that have managed to incorporate IoT technologies successfully are already seeing the early benefits in the form of cost savings, operational efficiency, improved products and services, and deeper engagements with customers.
The feature article includes insights from a number of global marketing executives who are gaining ground with respect to IoT, including the benefits their organizations are experiencing and the challenges they are working to overcome.
It also touches on a new study being conducted by the CMO Council and the Business Performance Innovation (BPI) Network—titled “The Impact of Connectedness on Competitiveness”—which looks to reveal the different ways that enterprise connectedness among strategic audiences can enable companies to compete more effectively and produce greater business value.