Personalization has become a key to the service effectiveness of your business. And the more effective your service will be, the more users will consider it, and adapt their behaviors, ultimately.
Internet of behavior is not only impacting the quality of your service, but it can change the value chain of your product or service as well.
Like, we have started to understand what the Internet of Things means for businesses. It also has become important to gain insights into the emerging trend of the Internet of Behavior.
According to Gartner, about 40% of people will have tracked their behavior via the Internet of Behavior globally by 2023.
Therefore, you have to understand the internet of behaviors and how it can benefit you more effectively.
What is the Internet of Behavior?
Do you want to know what is the Internet of Behavior? Let’s indulge into its details below to know more about it:
Internet of Behavior, also known as IoB, refers to the behavioral data analysis gathered from the Internet of Things and other sources and then attempts to make effective use of. This data is amassed through wearable technologies, individual online activities, household electrical devices, which can provide valuable information about the behavior and interest of users.
With the help of both IoT and IoB, it has become possible now to track, gather, combine and interpret massive data generated via various online activities and personal behavior, including social media behaviors and commercial transactions.
Importance of Internet of Behavior
Undoubtedly, data has been important for businesses since the inception of the internet. However, in 2021, Gather called the IoB one of the top technological trends. The internet of behavior emergence is providing everyone more opportunities to collect data and analyze it.
It can ensure that businesses continue their growth in the significant upheaval face related to the current pandemic and changing climate of the world’s economy.
However, the main purpose of the Internet of Behavior is to collect, analyze, respond and understand all types of behaviors to improve customer/user experience. Other than that, behavioral data is also helping businesses to make more informed decisions and improve their service quality and value chain in the best possible way.
Overall, psychology and marketing go side by side from the beginning of advertising. This way, businesses can get new insights into the data that’s collected by IoT.
The IoB has become a new yet powerful tool for businesses’ sales and marketing worldwide. With this, businesses can get a deep understanding of their customers to keep them more satisfied.
In short, the Internet of Behavior is here to generate a significant boost in the sales industry development.
How can IoB help?
Via big data, you can access information about your visitors from different points of contact. It will let you explore CX from beginning to ending, including:
- Knowing the point where the interest of your customer begins in the product or service
- Their journey to make a purchase
- The methodology used to buy your service or product.
Knowing all these will definitely help you to create more touchpoints to engage with your customer positively. Ultimately, this personalization will help you to improve your service quality and efficiency in a more effective way.
With increased service efficiency, more consumers will start to interact with your business.
Even more, IoB will continue to impact how business organizations interact with their prospects. IoB can even collect, process, and combine data from multiple sources such as:
- Citizen data that are processed by government agencies
- Social media
- Customer data from the website
- Location tracking and more.
In short, with the help of IoB, businesses are not only improving the data they collect but also the way they combine data from different sources and use that.
The benefits of IoB
Do you want to know how the Internet of Behavior can benefit you? Then here are some specific benefits of IoB that you must know.
So, here we go:
- IoB can help businesses resolve issues in closing more sales and keep their customers highly satisfied.
- It can even help you to replace multiple customer surveys, which are time-consuming for both customers and businesses.
- IoB can let you analyze the behavior of your prospects and their buying habits across different platforms.
- You can get to study unobtainable data about how your potential customers interact with your business, products, and services.
- You can have a better understanding of where your customer is shopping.
- This will even help you to provide real-time notifications to your customers about any latest offer, point of sale, or even target ads.
Applications of IoB in 2021
There are lots of applications of IoB you can explore in 2021 and apply in your own context. Most businesses are utilizing online advertising as an effective way to reach more customers in the present age.
- However, the Internet of Behavior is making them able to identify and target to target specific individuals or groups that can benefit from their services and products.
- For example, both Facebook and Google are using the behavioral data of their users to display advertisements to the people accordingly. This is helping businesses in getting connected with their potential audience as well as track their behaviors towards their ads via click-through rate.
- Similarly, YouTube is also utilizing behavioral analytics to improve the experience of its viewers. By tracking behavioral data, it is recommending users’ videos and shows which they are more interested in.
- Even more, the latest technologies such as Siri, Google Home, and Alexa also study and interpret the data and behavior of the user to work more efficiently.
So, here you get to know about what is the internet of behavior pretty clearly. However, the overall concept of IoB revolves around behavioral data’s effective analysis and proper understanding, as well as the desire to apply the acquired knowledge to promote and create customized services and products. This will ultimately provide more value to both your customers and business.