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How Wearables Could Change Your Entire Business

Half a century ago, co-founder of Intel, Gordon Moore, foresaw an age of technology where computing power would double every two years. As costs lower, components shrink and networks proliferate, the ability to connect screens, products, wearable technology, homes, workplaces, vehicles and even cities to the internet becomes a growing reality. The Internet of Things has the potential to change the way we live and work, bringing disruptive change to many industries as analysts estimate up to 100 billion devices will be connected by2020.

Up until recently, data came primarily from the customer through web browsing behavior, online profiles and loyalty schemes, while connected devices process data directly from the product itself. In many cases, marketers will be able to extract data directly from devices and increase accuracy in analytics reporting and more customizable advertising campaigns based on the usage of various products.

Products and services of the future will be much more enjoyable for the consumer because the research and development can turn into a tailored experience rather than a one-size-fits-all approach. As RFID chips and other tracking devices become nearly cheaper than the plastic they’re packaged in, many more products will be added to the Internet of Things, enabling advertisers to communicate from their products directly to the consumer.

Imagine walking down a grocery aisle as your smart watch alerts you of a sale on a sauce that is known as a customer favorite in combination with the pasta you just placed in the shopping cart. This feature is derived from the experience an online shopper has when they browse an e-commerce store and look for similar products or featured items. Being able to manage the customer experience ensures a higher quality interaction between the consumer and producer, leaving the product as the primary experience.

The possibilities for this type of communication are endless, and advertisers will be sure to engage their audiences in as many ways as they can to build brand awareness and customer loyalty. Rather than approaching the public at large, companies can enter the marketplace with the advantage of “Big Data” and target their ideal customers directly, while also understanding how their users and products interact with other people and products.

Of course, many people will reject the new technology and even resent the collection of their personal information, but the more than businesses can bring value to their audience, the more people will want to adopt new technologies and interact with brands in a meaningful way. As more things in our world become connected, where will your company fit in the future of marketing?

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