We are looking forward to speaking at the IoT Global Innovation Forum in Portland, July 10-11th. There will be lots of technology companies and commercial, government, healthcare and industrial corporations coming together to share leading edge Internet of Things (IoT) ideas for improving our healthcare, environment, cities and lives. While we all know that these great technology ideas will be shaping the future, we don’t want to gloss over the fact that humans aren’t exactly receptive to change, especially when it comes to technology. According to Cisco Survey, almost 75 percent of IoT projects fail due to poor adoption. In the Wednesday panel, Kelly Stark, principal of Forward Vision, Steve Griffith, industrial director of connected systems at NEMA, and Kevin Tate, chief revenue officer at Rigado, will be hosting a forum on Looking Forward: Ensuring IoT Success. (more…)
Humans aren’t exactly receptive to change, especially when it comes to technology. According to estimates, almost 70 percent of IoT, RFID and IT projects fail due to low user-adoption. If users aren’t adopting your technologically superior solution, you are bound to have dismal sales. That’s where taking an educational marketing approach can give you rich dividends.
Almost 40 percent of users cite insufficient knowledge about available IoT and RFID solutions in the market as the reason for low adoption rates. Other common factors for justifying low adoption rates of new technologies are aversion to change, poor dissemination of information, technological complexity and unproven ROI.
How Educational Marketing Solves the Challenge of User Adoption
According to marketing firm Percolate‘s white paper titled The Ultimate Internet of Things Guide for Marketers, there will be 5 billion things connected to the Internet by the end of 2015. By 2020, that number could be 25 billion, meaning that there would be three things connected to the Internet for every person in the world. Also, the McKinsey Global Institute estimates that the impact of the Internet of Things on the global economy will exceed $6 trillion by 2025.
At the same time, the McKinsey Global Institute polled many corporate leaders who admitted they simply don’t understand the business opportunities that the IoT will eventually provide.
So what do numbers like these mean for those in the marketing industry? According to a study by the consulting firm Bain, every single consumer item will be connected to the Internet by 2020. This means that marketers will be able to gather more data on their customers than ever before, allowing marketers to create more personalized campaigns and customer messages. The amount of data marketers will have creates an entirely new foundation for building customer bases, increasing returning customer numbers, and discovering exactly what customers want.
The technology behind this data collection will often include things like smart labels and smart packaging, which involve sensors in consumables that are connected to the Internet. Innovations like near field communication labels and smart tags, bluetooth stickers, and image recognition can turn something as simple as a can of vegetables into a digital marketing tool. Groups like the Industrial Internet Consortium are helping to set the framework for this type of technology to continue growing.
Of course, being able to collect this data would be worthless without the ability to interpret it and act on it. The marketing solutions from Forward Vision will continue to adapt to the latest technologies in the Internet of Things to create b2b marketing services and strategies that provide the best opportunities for our clients to grow their businesses and reach more customers than ever before. RFID marketing, IoT marketing and technology marketing will continue to be our specialties.