How IoT can Revolutionise Market Research

industry news

Much has been written about how IoT changes the way we live and work, but what is its potential impact on market research? Taking into consideration a product like Twistar, how does IoT affect how consumers engage and are understood?

In a time when so many companies are becoming increasingly customer-centric and data-driven, IoT offers an amazing opportunity for companies to engage with their customers in the same seamless way they would have online.

IoT is already helping businesses identify who their customers are, understanding what they want/need/like/think, and then delivering the solution best suited to their needs. Data in isolation is great, but being able to join the dots in the customer journey and predict what’s coming next, has undoubtedly amazing value.

This is not to say the conventional market research channels are going to be replaced over night by ‘new school’ technologies. Instead, we are going to see an evolution of these conventional techniques where, by blending with the best technologies, they will be able to deliver solutions based on experience and technological advancement, united.

The technology and connectivity infrastructures that underpin this transformation to a smart economy are often subtle, but they are already happening all around us; for example many iPhone users do not realise that the latest iOS update has Bluetooth already switched on by default.

For the masses of consumers who are moving to wireless headphones, smartwatches and smart home devices, this change of technology will make no difference. However, for companies providing location or proximity-based technology solutions, it is a really big deal. In a similar move, Apple made the decision to open up NFC to their developer community, something which had traditionally been locked-down and tied to ApplePay.

Beyond our personal smartphones and devices, there are new opportunities for forward-thinking companies to proactively identify and engage with their customers and wider audiences; understanding footfall, dwell-time and loyal customers is now simple.

Legislation like GDPR (General Data Protection Regulation) is important, but companies maintaining their own ethical code-of-conduct are even more important to the future of IoT. An example of this is Google (Alphabet) changing from their motto of “Don’t be Evil” to the new standard of “Do the Right Thing” in 2015.

In the same way that Facebook wasn’t the first social media platform, WhatsApp wasn’t the first instant messenger and Google wasn’t the first search engine; we are about to witness a rapid evolution of both technologies and attitudes that will undoubtedly revolutionise market research.