Hi everybody! It’s another episode of IoT Nuggets! This is part two of our video with Tiffani Neilson, CMO of IoT Marketing. On our previous episode with her, we discussed some of the challenges of marketing for IoT companies and moving from traditional methods to digital ones. This time, we wanted to dig in a little deeper about the ROI behind different marketing strategies and the challenges of measuring their effects.
How Much is ROI Part of the Conversation?
Many people have a hard time parting with their money when it comes to marketing. If they have difficulty seeing the ROI, it’ll be even harder. The biggest challenge is that the end-customer may not even be aware that they have a problem an IoT product or solution can solve. The IoT sales cycle can be much longer than other industries. This is especially true if you must first educate the buyer about their challenge, the pieces involved, and the team they’ll need to fulfill the solution.
Putting Budget Numbers Behind the Marketing
BH IoT Group may have the perfect go-to-market strategy, but the necessary budget needs to be in place. People want to know exactly how much to spend and what the return will be, but it’s important to know where you’re going to spend the money you do have to see the best return.
For example, if you want to advertise in a trade publication, you can choose an IoT technology magazine, or a magazine about something your end-customer is interested in. The customer may not be reading the IoT technology publication. This should be taken into consideration when looking at your budget spend and tracking it to ensure it was spent appropriately and that you got something out of it. Keep in mind, you might not see ROI until a year later because the reader is just then understanding what you have to offer.
The Future of IoT Marketing
Talking with clients about their targeted marketing outreach program, and asking them who buys their IoT products, sometimes gets answers that are all over the place. Not knowing who the ideal customer is presents a significant challenge, especially when it comes to ROI.
Smart devices are listening to us and eventually they’ll be able to suggest the right solution to the right customer at the right time on the right device. IoT can bring this new wave of integrated marketing to the table, and we’re just starting to absorb what’s possible.
That’s it for another episode of IoT Nuggets! If you’re interested in BH IoT Group or IoT Marketing’s services, please reach out to us online! We’ll see you on the next episode!