This may sound creepy, but today's major corporations are nearly always aware of their customers' likes, dislikes, and interests when they make a purchase or intent to do so. The question arises of how they collect the relevant information. They do so with the aid of the enormously popular technology known as IoT(Internet of things).
IoT entices us that we are encircled by the interconnected devices that gather data through the digital ecosystem. The information is further used by companies that have paved the way for an interesting phenomenon known as IoB. The potential of IoB is analyzed with the fact predicted by Gartner that by 2023, 40% of people will have tracked their activity globally via the Internet of Behavior.
In this blog, I will walk you through what exactly is IoB and why it is expected to become the most trending technology for business organizations.
So What Exactly is IoB?
The Internet of behaviors is an emerging trend that is the cornerstone in analyzing and monitoring user-controlled data. The technology revolves around behavioral psychology. The information recorded helps in interpreting the UX user experience. Moreover, the tech trend tells us how to market the product so that it becomes the checkmate in achieving business goals.
Talking about its emergence, the IoB ecosystem is laid on the building blocks of data analysis, technology, and behavioral psychology. There is no doubt the data collection algorithm is the paramount factor in developing a seamless customer experience. Plus, it is worth mentioning that IoB is an extension of IoT. And as per some analysts, an amalgamation of Artificial Intelligence. It aims to target facial recognition and location tracking statistics.
Moreover, in simple words, you can understand IoB as a combination of marketing and psychology. Further in this article, we will see how IoB has become the talk of the town in the sales industry.
Insights into Behavioral Patterns
We are all living in a digital ecosystem that monitors and analyzes human behaviors. For instance, you might have noticed a peak factor while traveling in uber, a fundamental example of IoB. Also, when we reach home from a restaurant, the notification to rate the place is a prominent case of IoB. On the broader picture, it has strengthened the user's in-app browsing experience.
As businesses are always looking for personalized solutions to their customers' problems. For that, entrepreneurs often have to pass several challenges to collect user data. However, with the evolution of IoB, it is easy to identify the psychological patterns of a user.
How do Businesses Incorporate IoB to Anticipate the Future?
Business's ultimate goal is to improve CX customer experience Right? To manifest that, successful companies now ensure that IoB flows down their entire marketing funnel. Since companies do not like to waste their time making bogus strategies that aren't aligned with the user’s intent. So, here the invention of IoB provided them with a gateway to analyze human behavior.
Besides, the tech ecosystem provides businesses with a roadmap to personalize the products as per the buyer’s interest. The technology thus allows corporates to invest in the right product at the right time.
Companies are interested in knowing the way customers make purchases. The advertisement that you view on your Facebook feed is there because of your current search inputs. Such activities are the leading approach to sales growth. They help entrepreneurs to make future pragmatic decisions.
IoB in Mobile Applications
Before releasing any application, it is important to anticipate the user’s interaction patterns and touchpoints. The idea is to include prospecting customers from the beginning of your app development process. Developers need to understand users’ needs, as they are the ones that will elevate or negate your product success ratio.
Similarly, it is equally significant to keep track of product performance. Following up with a user guide so that user engagement is amplified and remains consistent throughout the journey.
Moreover, companies employ compatible tools that align best with the customer’s ease of navigating or interacting with the interface. Here IoB helps developers in formulating personalized push notifications. Thus acting as an enriched source to detect how users contribute to the software development life cycle.
Furthermore, personalization is the supreme aspect of running a successful application. All the analytics stored facilitates figuring out the user-preferred way of using the product. Prudent companies keep their eye on the data-driven by IoB that helps them to devise new feature updates so that their customers remain loyal to their business.
What’s Unique about IoB?
The interesting factor about IoB is that it not only analyzes behaviors but the psychological factor behind those actions. This technique helps businesses study customer patterns without directly approaching users. The challenging part most companies often face is winning the trust of the customers. And sadly, owing to the increase in cybersecurity concerns, the process has become a daunting task. However, IoB has proved to be a boon for businesses. Knowing the buying habits of your customers is the icing on the cake for successful industrial giants. As they will be able to forge targeted ads and end up closing huge sales.
IoB and the Security Apprehensions
Some people are raising their eyebrows when it comes to how IoB collects the data and how much control it has over the users. The power of behavioral data is yet to be discovered. In a world where scamming is taking place now and then, IoB could be like playing with fire. Therefore, companies need to ensure that they have a strong cyber security system to protect all the sensitive information of the users they are dealing with.
No doubt integrating IoB provides significant value to businesses and software applications. IoB data is intelligently processed and assist in tracking human behaviors. The anticipated statistics hint that the businesses that will not implement the technology will be left in the dust.
Most importantly, any company that plans to add IoB to its application data structure must ensure that it has a robust counter-cybersecurity system in place to safeguard customers' privacy rights. Along with that organizations must define limitations for how IoB will be used.
Unquestionably, IoB has the potential to maintain active communication between customers and companies. Let’s see what the future unfolds for us. How businesses will use this IoB leveraged with IoT technology in the long run. And how governments will encounter challenges against breaching the privacy and security of users.