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MARKETING OPPORTUNITIES FOR IOT COMPANIES 1 www.ironpaper.

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Marketing
Opportunities for
B2B IoT Companies
A comprehensive guide on the opportunities,
challenges, and best practices for IoT solution
providers in the B2B space.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 2 www.ironpaper.com

Introduction
50 billion devices will be connected to the Internet of Things by 2020,
compared to 15 billion today. Cisco

The Internet of Things is reshaping and defining markets, sector, more than 250 million cars will be connected
so much so that it has been dubbed the next Industrial globally. Local governments will expand smart asset
Revolution. And the IoT has the power to change the way management, especially as Google vies to invest in
we live, work, travel, and communicate. smart city infrastructure. And IDC estimates the IoT
solutions market value will reach $7.1 trillion in 2020.
For businesses who harness this revolution first, they can
reap a first-mover advantage in their respective markets. But with the enormous growth of connected devices
and things comes new challenges: Like security, privacy,
IoT incremental revenue will exceed network implementation, and standardization.
$300 billion by 2020. Gartner
So, what does this mean for IoT marketers? This radical
What else will happen for IoT by the year 2020? Across shift brings vast new opportunities if marketers can
markets, technology will change rapidly. In the auto overcome never-before-seen challenges for their buyers.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 3 www.ironpaper.com

51% of the worlds top global


marketers expect that IoT will
revolutionize the marketing
landscape by 2020.

Marketo
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Marketing Challenges for the IoT Buyer


88 percent of business leaders are overwhelmed by the IoTs impacts on their
business models, and its long-term implications. World Economic Forum

The Internet of Things is so transformative that, like all Marketing challenges specific to IoT buyers:
paradigm shifts, marketing it comes with challenges.
Defining value proposition. Projects are costly, so
Specifically, marketers must answer these questions in buyers wonder: Why invest? Therefore, marketers must
order to reach buyers: How do we build trust and demand clearly present opportunities that can be unlocked, and
for a disruptive industry? How do we educate buyers and show how their services will bring real value to buyers.
showcase the value of IoT solutions vs. cost? How do we
overcome concerns about security, privacy, and reliability? Overcoming the education curve: In the emerging IoT
How do we compete in an arena with fluctuation? space, stakeholders have varying familiarity with IoT
systems, impacts, and risks. Technical buyers have
Marketers have a pivotal role in solving these IoT-specific a deep understanding of IoT, but may not necessarily
challenges, specifically those covered in this guide. possess decision-making powers. Meanwhile,
MARKETING OPPORTUNITIES FOR IOT COMPANIES 5 www.ironpaper.com

decision-makers will need to grasp the value of Building ongoing relationships: IoT partnerships are
IoT solutions, but might lack technical IoT literacy. long-term investments. The market is shifting from
Therefore, IoT implementation requires collaboration products towards services, so the sales process must
between these very different roles. So marketers play a deeper role in providing education and context.
must find ways to speak appropriately to different As protocols change and standardize, buyers will need
stakeholders, preparing several roles for the sale. the guidance of their IoT providers. And they expect IoT
partners to maintain relationships with them before,
Establishing trust: Security is a top concern for during, and after the sale, to equip them for the future.
IoT consumers. So to seal the deal on a large IoT
investment, the buyer must be assured, nurtured, and Making data meaningful, reliable: Data analysis is
educated about secure protocols and possible risks. crucial to IoT systems, so buyers need to see the
most important data points visualized and gamified
Creating touch points for a long sales cycle: Across in order to better understand benefits or outcomes.
B2B industries, the sales cycle has grown 22% longer, Additionally, they must know that data is accurate and
according to SiriusDecisions. Because of the IoT reliable. Therefore, marketers must understand the
learning curve and other hesitations, IoT marketers value of data for an enterprise and be well-versed in
can expect an even longer cycle: Buyers expect more big data solutions.
touch points and content to drive the sales process.
Consequently, sales teams need better tools, insights, Reaching multiple decision makers: Most B2B IoT
and content to push deals forward. projects have multiple decision-makers who influence
MARKETING OPPORTUNITIES FOR IOT COMPANIES 6 www.ironpaper.com

the buying process. The connectivity associated with


the Internet of Things can further complicate an already
complicated sales journey.

Designing for clarity, specifically focusing on key


stakeholders: There is more complexity in the decision
process because the tech and service stack is naturally
complex. IoT projects may involve multiple decision
makers, partners, solutions, and services that play
an influential role. Companies must invest more in
educating and inspiring stakeholders throughout the
marketing to sales funnel.

In this eBook, well show you inbound marketing


opportunities, tools, and tips that will help close the
gap on these IoT buyer problems.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 7 www.ironpaper.com

33% of survey respondents


say that security concerns
are a major factor slowing
their IoT adoption.

FC Business Intelligence
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Inbound Methodology and the IoT


No marketing method is more apt to solve IoT challenges than the content-
driven inbound marketing and sales methodology adapted here for IoT.

Attract Convert Nurture Close

Prospects Qualified Customers

Bring in visitors who Utilize content strategies to capture an Offer helpful content
are searching for IoT buyers information. Gradually nurture and support to close
information with contacts into business leads with trust- deals and educate
targeted content that building, informative content touches. Over buyers, laying the
explores IoT solutions time, close wary or unready prospects into foundations for a
and capabilities. enthusiastic and knowledgeable sales leads. strong partnership.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 9 www.ironpaper.com

Inbound Methods for IoT Marketers

In this eBook, we will uncover ways in which IoT Inbound tactics covered in this eBook:
marketers can utilize inbound principles to attract,
convert, nurture, and close IoT leads into customers. 1. Educational content through the funnel

Well also emphasize the steps to aid decision-making 2. Value proposition


for each IoT buyers role or persona. And finally, well
show you how technology and a well-trained team can 3. Demand generation
set you up for growth.
4. Lead nurturing strategies
Throughout, youll find plenty of statistics and trends
to give you context for achieving IoT success. 5. Data and segmentation

6. Marketing and sales alignment


MARKETING OPPORTUNITIES FOR IOT COMPANIES 10 www.ironpaper.com

1. Educational Content Through the Funnel


55% of respondents in the insurance industry say that understanding the
technology is the top challenge to adopting IoT solutions.

This is followed by concerns about legacy systems (39%) Generally, buyers will trust the provider who educates
and security (33%), according to FC Business Intelligence. them first. So early-stage content will help buyers
understand the benefits and value of IoT. Content must
As a result, content marketing is incredibly vital to answer the reason why they must invest in your IoT
answering IoT hesitations. Content could include many solution. Inspiration can be a valuable approach.
formats: guides, white papers, information graphics, data
visuals, webinars, and videos. However, content isnt just for attracting new leads with
well-designed eBooks and helpful blog posts. Content
67% of the B2B buyers journey is now continues to be important through the entire funnel. As a
done digitally, and 90% of B2B buyers say deal moves through the sales process, more stakeholders
online content has a moderate to major may get involved. Content can help inform, inspire, and
effect on their purchases. Lenati educate these new influencers when in-person sales
conversations are unavailable.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 11 www.ironpaper.com

According to technology writer Margaret Rouse, A major Finally, during the close stage, content should make
concern surrounding the Industrial IoT is interoperability a vendor comparison and explain the implementation
between devices and machines that use different process and associated costs, risks, and benefits.
protocols and have different architectures. Therefore,
as the buying process continues, content must answer
concerns about integrations with legacy systems. CONTENT TYPES GOAL

eBooks
Additionally, in the nurture stage, content should furnish Attract IoT buyers
Attract Blog posts
(via SEO, paid ads,
prospects with a clear understanding of solutions that White papers social media, etc.)
reinstate the value and pain points established prior. Information graphics with optimized and
As the buyer moves towards the decision stage, provide educational content.
Videos/Webinars
prospects more proof, context, expertise, and evidence
to support sales conversations. eBooks Convert visitors
Convert/ Case studies into leads with lead
80% of business decision-makers prefer capture forms, then
company information in a series of
Nurture Spec sheets
build trust and
Reviews/ rapport over time.
articles versus an ad. Stratabeat testimonials

Moreover, marketers need to help buyers understand Pricing information Address any final
hesitations to
how your IoT solution fits into the larger technology Close eBooks
purchase and educate
stack. Can this be visualized into a graphic? Condensed Comparison charts sales-ready leads.
into a blog post? Explained through a video?
MARKETING OPPORTUNITIES FOR IOT COMPANIES 12 www.ironpaper.com

2. Value Proposition
55% of respondents expect an IoT solution to improve efficiency with
operations management, according to The Innovation Group.

How will you convince buyers that your solution is 44% of B2B marketers use video case
not only feasible, but inspirational and valuable? studies. MarketingCharts, Regalix

Your value proposition is incredibly important. It shouldnt


focus on features. Instead, focus on a core pain point for
your buyers. Research, interview, and A/B-test messaging
on your buyers to ensure that youll resonate.

Will you focus on security, efficiency, profitability?


No matter which pain point you own, you should
offer exemplary case studies in your content stack.
Furthermore, try graphics, web apps, gamifications, and
video to show whats possible with an IoT revolution.

Nokia uses this interactive graphic (right) to visualize


the far-reaching benefits of IoT solutions.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 13 www.ironpaper.com

3. Demand Generation
Demand generation driving awareness and interest in your products or
services is vital to an emerging industry like the Internet of Things.

As with most disruptive technologies, buyers are Companies who can simplify complex ideas will have a
largely unaware of the benefits of IoT. But solid demand clear advantage to attract and educate IoT buyers. For
generation strategies can close this gap. example, we gamified a static content page for MyCheck.
By letting users customize a solution instead of reading
To bring results quickly, try these strategies: about customization, we dramatically grew conversions.

Use tightly targeted paid advertisements to push out


a high-quality content offer or resource

Build relationships with key influencers (trade


publications, content networks, associations, editorial)

Bolster your organic search strategy to begin


ranking for key terms
MARKETING OPPORTUNITIES FOR IOT COMPANIES 14 www.ironpaper.com

It can take 7-13 touches


to generate a viable sales
lead, and IoT buyers are
likely to require more.
Online Marketing Institute
MARKETING OPPORTUNITIES FOR IOT COMPANIES 15 www.ironpaper.com

4. Lead Nurturing Strategies


For high-touch sales cycles which are growing longer across all B2B
industries lead nurturing is key.

So once youve attracted new IoT contacts, your job with afraid that their IoT devices will be hacked, according
lead nurturing only just begins. Particularly for IoT, CMOs to ISACA. Lead nurturing, therefore, should address this
must build a robust nurturing plan that educates buyers. concern and others specific to your product or service.

Lead nurturing must educate as well as assure. For Nurtured leads make 47% larger
example, 63% of respondents are somewhat or very purchases. The Annuitas Group

CTA CLICKS CAN


ALTER SEQUENCE

FIRST-TIME CONTACTS Welcome email Email with addi- Targeted email Triggered email
or follow-up after tional security related to recent when viewing
LEAD NURTURING content download resource video, page view/content pricing page to
SEQUENCE article, eBook, etc. engagement set up demo
MARKETING OPPORTUNITIES FOR IOT COMPANIES 16 www.ironpaper.com

However, technology limitations are often a barrier to a particular download or web page visit, which include a
effective nurturing: consequent call-to-action and prompt further action.

54% of marketers say that IT bottlenecks Furthermore, you can use progressive profiling to
prevent them from seeing a holistic gradually gather new lead information without being
view of the buyers journey. IBM and overwhelming. This tool dishes up new form fields after
Econsultancy. previous ones are answered. Progressive profiling lowers
the first barrier to entry a long form becomes shorter
Thats why marketing automation, such as HubSpot, is while giving you meaningful lead intelligence over time.
so vital to an IoT strategy. In fact, 6 out of 10 survey
respondents who use marketing automation say it has You can also invest in smart personalization, an
increased the quantity AND quality of the leads that get automation strategy that lets you adjust your website
passed to sales, according to the Lenskold Group. content based on a leads specific role (CEO, CIO, CTO,
etc.), interest, or previous action taken. Relevancy is a
Lead nurturing projects are best when they are dramatically successful conversion strategy.
automated, so automation tools will be crucial.
These strategies will deliver meaningful resources to
For example, with a software like HubSpot, you can set leads eBooks, white papers, case studies, and video
up automated email workflows to send responses after content while maintaining a relevant experience.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 17 www.ironpaper.com

5. Data and Segmentation


Data is plentiful in the Internet of Things. How will you present data clearly,
and use analytics to your advantage?

Marketers are expected to spend over 11% of their total To manage a full-funnel analytics campaign, you will likely
budget on analytics, according to CMOSurvey and HBR. need an analytics investment. Automation software like
As an IoT marketer, you should use analytics tools to HubSpot tracks leads on an individual level. So when
track metrics that matter to product and business growth. paired with data from Google Analytics and the Google
Data Studio, these tools can help manage conversion
Growth metrics include: pathways through your buyer lifecycle.

Leads generated from marketing efforts Furthermore, you should also use data-driven insights
about your IoT leads to guide segmentation.
Quality of leads from inbound campaigns
According to MailChimp, segmented
Conversion rates throughout the sales funnel campaigns drive over 100% more clicks
globally than non-segmented email
Leads closing into sales opportunities/customers campaigns.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 18 www.ironpaper.com

To segment your campaigns, you must first segment


your leads. This is only possible with data gathering and Technical buyers Non-technical
decision makers
analysis, made much easier with marketing automation
software (or a partnership with a data-driven agency.)

Using data, answer these questions: Onboarding email

Which of my lead segments is a decision-maker?


Huh? This isnt
what I care about
delete.
Which leads are business buyers versus technologists? Technical
white paper

What questions and hesitations do specific buyer


segments have? Irrelevant delete.

Article: CMOs
What level of IoT complexity will particular segments Guide to IoT
understand and where do they need more education? Solutions

I dont know
Then, send targeted campaigns to build trust and educate This content
enough about IoT
doesnt apply to
yet to engage.
segments of your database. (This chart at right shows me unsubscribe.
Unsubscribe.
Pricing
the impact of non-segmented campaigns and the chart
importance of segmenting to several target audiences.)
MARKETING OPPORTUNITIES FOR IOT COMPANIES 19 www.ironpaper.com

6. Marketing and Sales Alignment


59% of marketers say that a siloed organization structure is preventing them
from understanding the full buyers journey. IBM and Econsultancy

As you nurture leads with marketing, make sure that With an alignment, companies see 36%
they receive a clear sales follow-up. Dont let leads feel higher customer retention and 38%
a disconnect when they talk to sales reps, or find that higher sales win rates. TAS Group
messaging is disparate between the two teams.
Sales teams who follow inbound sales and partner with
Marketers and sales teams should develop cohesive CMOs will close more IoT customers with better deals.
content together sales guides, demo presentations,
nurturing materials, vendor comparisons, and fact sheets.
Setting qualified
lead definition
Also, marketing and sales teams must share lead
intelligence, such as: Which marketing tactics deliver Marketing Content creation
for nurturing
Sales
good sales leads? What concerns do sales leads have
Intel on lead pain
that marketing content could address? How can we points
nurture leads during and even after the sales process?
MARKETING OPPORTUNITIES FOR IOT COMPANIES 20 www.ironpaper.com

65% of sales reps say they


cant find content to send to
prospects, representing the
most common complaint
cited by sales teams.
KaPost
MARKETING OPPORTUNITIES FOR IOT COMPANIES 21 www.ironpaper.com

Technology Opportunities for IoT Marketers


IoT marketers will be the most effective when they utilize technology.

Here are several ways that technology and tools can This data lets you focus on measurable growth,
inform many aspects of marketing and growth. not assumptions or tired best practices. And SaaS
investments can also grow sales, by improving the
feedback loop between marketing and sales teams.
Lead nurturing & marketing strategy
Marketing automation and sales enablement tools/CRMs
Software is constantly evolving and improving, giving such as the HubSpot marketing and sales stack are
marketers access to more data than ever before. And vital to a results-driven IoT marketing strategy.
marketers who analyze and use this data in campaigns
will distinguish themselves from the competition.
Demand for innovation
Programs like HubSpot or Marketo will help you analyze
the interests and actions of your IoT leads, send Technology can generate demand for innovative
segmented responses, qualify prospects, and solutions. So consider new ways to showcase your
identify sales opportunities to nurture. solutions beyond traditional written materials.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 22 www.ironpaper.com

For example, can you gamify your service online with IoT marketers must continually stay up-
some kind of interactive experience? Is there opportunity to-date on new, innovative technologies
for a web application that demonstrates your solution? that can help them cater to buyers.
Can you use virtual reality to showcase real-world
applications of your software or service?

Smarter, more relevant advertising

Consumers expect personalized experiences in both


advertising and marketing. Luckily, new technologies have
arisen to help meet this demand such as increasing
interconnectivity of Googles advertising platforms across
YouTube, Google search, Analytics, AdWords, and more.

Through big data and machine learning, both advertisers


and marketers can give consumers personalized offerings
along the sales funnel.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 23 www.ironpaper.com

6 Marketing Skills Needed for the IoT Age


In order to offer an IoT marketing strategy to clients, businesses must build a
team that possesses modern inbound marketing skills.

Six critical skills to include in your team: contribution of their programs to the business; But
an analytical thinker will be a significant player on
Technology-savvy and interested in staying up-to- the team. Using analytics instead of assumptions is
date with tech trends: IoT technologies continually necessary to improve campaigns with data.
fluctuate, so marketers should stay on top of the latest
news and trends. Someone who enjoys the tech world Skilled in content: Good copywriting is important
will be much better suited to market IoT products. to IoT marketing campaigns, since buyers will need
to understand all aspects of the product accurately,
Analytics-driven: Analytics are an integral part of any especially how your solution fits into the greater
marketing campaign, but someone who can make IoT stack. Therefore, a candidate who can explain
data-driven decisions will be especially valuable in a product and its value proposition with appealing
IoT marketing. This person might be hard to find, as content creation will make a strong team member.
84% of marketers cannot measure and report on the
MARKETING OPPORTUNITIES FOR IOT COMPANIES 24 www.ironpaper.com

Experienced with buyer persona research and It may be difficult to find just one marketer who
targeting: IoT buyers fall in several key segments, possesses all of these skills.
so a marketer must dive in, research, and speak the
language of your buyer personas. But CMOs should ensure that they have a
leader for each of these six skills on their
Familiar with automation: Marketing automation team, which all play a tremendous role in
drives a 14.5% increase in sales productivity and a a successful IoT marketing strategy.
12.2% reduction in marketing overhead. Therefore, a
candidate who knows HubSpot or a similar software
will be irreplaceable. Specifically, youll need to
craft nurture workflows, personalize based on role
and decision stage of the buyer, analyze reporting
dashboards, plan cross-channel content strategies,
and track CRM leads.

Well-educated on IoT offerings: Marketers must


understand the IoT tech stack and service needs.
Experience in this industry or a readiness to learn
quickly is critical.
MARKETING OPPORTUNITIES FOR IOT COMPANIES 25 www.ironpaper.com

Conclusion
The Internet of Things has amazing growth potential across sectors, and
savvy marketers will capitalize by telling a new story of value.

IoT marketers must respond to buyer The best IoT marketers will use the inbound methodology
challenges, including: and targeted content to reach and nurture buyer
segments. Multimedia will bolster effective strategies,
The need for a strong value proposition and marketers should use web apps, data simulations,
and gamifications to compel buyers.
A steep education and adoption curve
Moreover, marketers who capitalize on technology trends
Fears about security and privacy and possess major IoT marketing skills will excel.

Longer sales cycles


DOWNLOAD MARKETING TRENDS
More complex technology stacks
FOR B2B TECH COMPANIES
Data and analytics demands
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Sources
IBM, Econsultancy https://www.statista.com/statistics/683411/barries-customer-journey-usa/

FC Business Intelligence https://www.statista.com/statistics/486156/challenges-of-internet-of-things-adoption-insurance-companies-usa/

The Innovation Group https://www.statista.com/statistics/680364/firms-expectations-within-iot-projects-by-category-in-italy/

ISACA https://www.statista.com/statistics/589269/concern-on-internet-of-things-iot-devices-being-hacked-in-the-uk/

SiriusDecisions via Protocol 80, Inc. https://www.protocol80.com/blog/21-lead-nurturing-statistics-that-show-the-power-of-marketing-automation-and-workflows

Annuitas Group via Protocol 80, Inc. https://www.protocol80.com/blog/21-lead-nurturing-statistics-that-show-the-power-of-marketing-automation-and-workflows

Lenskold Group http://www.lenskold.com/content/landing_2012_B2b_Lead_Generation_Marketing_ROI

Stratabeat https://stratabeat.com/roi-of-blogging/

Lenati http://www.lenati.com/blog/2015/09/the-death-of-the-sales-funnel-infographic/?utm_content=buffer01f6b&utm_medium=social&utm_source=Webbiquity.com

MarketingCharts; Regalix https://www.statista.com/statistics/622023/leading-types-of-videos-used-b2b-marketers-worldwide/

CMOSurvey.org/HBR.org https://hbr.org/2015/11/quantifying-the-impact-of-marketing-analytics

The TAS Group via HubSpot https://blog.hubspot.com/sales/stats-that-prove-the-power-of-smarketing-slideshare

Search Engine Journal https://www.searchenginejournal.com/the-power-of-social%C2%A0proof/21896/

Teradata http://applications.teradata.com/DDM-Survey/ThankYou/dea0eed1-5c9e-403d-846b-69e9050e7e86.ashx

Byte Technology http://byte-technology.com/blog/the-numbers-game-understanding-the-statistics-for-non-profit-giving/

MailChimp https://mailchimp.com/resources/research/effects-of-list-segmentation-on-email-marketing-stats/

Regalix (Source: https://www.hubspot.com/marketing-statistics)

Kapost http://marketeer.kapost.com/sales-marketing-alignment-stats/

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