Five worthy reads is a regular column on five noteworthy items we’ve discovered while researching trending and timeless topics. This week we are exploring Internet of Behavior, which can help organizations make the best decisions in providing a customized experience to customers.
Understanding human behavior to provide the best customer experience has been a long-standing goal for marketers and organizations. While there are new trends coming up every day, one of the groundbreaking trends taking digital transformation to a whole new level is the Internet of Behavior (IoB).
Yes, you read that right. It’s IoB, not IoT. While we are all familiar with the Internet of Things (IoT) which has created a revolution in the field of technology, the IoB outmaneuvers and surpasses every other trend for achieving long-term profits. Before we enter into what the Internet of Behavior is, let us get a quick recap on the IoT.
The IoT is a system of interconnected physical elements that are embedded with sensors, different technologies, and various software to send and receive data with each other over the internet. While there are numerous benefits from the IoT such as improved efficiency, reduced cost, better productivity, etc., the IoB is the IoT’s upgraded version, reading user behavior with Machine Learning (ML) algorithms and various other technologies to simplify operations and processes for an organization, specifically for marketers. For example, while the IoT would help track your activities using your smart watch, the IoB will use various technologies with Artificial Intelligence (AI), and ML to learn patterns of healthy behaviors which would help an insurance company to set the appropriate premium.
The Internet of Behavior gathers data from sensors, IoT devices, geo-tagging activities, cookies, browser histories, social media activity, and other sources to help organizations anticipate the needs of the customers. While data collection through the IoT can aid in understanding consumer behavior and patterns, the IoB actually processes this data to anticipate a consumer’s desires. This technology can exponentially optimize campaigns and enhance client satisfaction.
Here are a few articles to help you gain more understanding of the IoB and what it can do.
While getting consent to use digital dust to learn about individual human behavior is critical, there are quite a few organizations that use the IoB to understand their customer behavior and curate an experience based on their previous history. Here are ten startups that leverage the IoB for delivering everything from farming assistance to education, including Unacademy, Epigamia, and Tea Trunk.
“With the debris, you can construct new ideas. They are a symbol of a beginning.” – Anselm Keifer
With the immense amount of digital dust left by customers every day, the IoB can become a technological idea for creating products and marketing based on the customers’ wants, which will lead to substantial commercial innovation.
Thanks to the IoB, customers can benefit greatly from a personalized and customized experience, including relevant information, offers, prices, discounts, and suggested adverts. For instance, the more time a person spends shopping, they will see increased advertisements for new styles, websites, deals, and more.
Given the breakneck speed at which the digital trends are evolving, the IoB will touch and change verticals like social media, online communities, online education, online shopping, online gaming, online learning, etc. While customers in general appreciate the personalization done using the IoB, they also care equally about their privacy. It is vital for companies to ensure that they have a robust cybersecurity system in place.
Although the IoB offers some significant benefits, organizations that use it must take steps to protect sensitive user data. Governments must also establish clear guidelines for how the IoB should be utilized and how users’ privacy should be protected. Data protection laws will surely struggle to keep up with this technology’s rapid advancement.
The IoB combines existing technologies like big data, place tracking, and facial recognition with data processing and behavior psychology, to better track and understand human behavior. Organizations utilizing the IoB are continuously monitoring, analyzing, perceiving, and responding to online consumers. There are still a lot more threats and compliance issues that need to be addressed, but the opportunities seem infinite for this amazing trend.