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Marketing Tech: Embracing IoT and Big Data Means Future Success

By Karen Ellis
January 31, 2016

These days, we are continually being bombarded by one new tech concept after another ' the most current being IoT (or the Internet of Things) and Big Data. Most of us have an underlying sense that these terms mean something really important that we must understand for the sake of our economic prosperity, but at the same time we feel overwhelmed by the “life-and-death” urgency that arises with every new technological marketing advancement. To feel secure moving our businesses forward among the onslaught of all these changes, it is necessary to simplify our understanding to bring peace to the progress of our quickly advancing world.

Your Sales and 'Ethical' Technology

It is this simple ' “ethical” technology is being designed and developed to make your business life easier and more profitable. Today's tech developers are not out to assert their ability to “take-over-the-world” and “leave everyone else in their wake” like the tech geeks of the recent past. They clearly understand that the developments they are creating are meant to simultaneously make our personal world bigger while making the real world smaller. The only way to do that successfully is by assuring that everyone around the world is able to easily understand and embrace the technology that they are creating. Therefore, with every new tech advancement, the developers are also striving to make it more user-friendly for the rest of us. They know if they don't, IoT and Big Data won't work because these processes are crowd driven. At the same time, you and I don't much have a choice in the matter. If we don't initially accept these advancements, others will; forcing us all to eventually embrace and engage with the process.

It is similar to when the first telephone came around. Nobody understood what a telephone was or how to make it work; and most had no clear concept of how it would make their world smaller or make their business bigger (and more profitable). Yet it was pretty well understood that if it is was going to work, a majority of the populations around the world would quickly need to understand and use the technology. As it worked out, those that embraced the concept first were the ones that rose above the rest; while those that never embraced the concept, expired. Imagine trying to do business today without a telephone? The thought is almost foreign to us ' as foreign as it will be if your business does not embrace IoT and Big Data now, so as to be in the game by 2020.

How IoT and Big Data Work Together

It is easy, yet important to understand how IoT and Big Data work together. IoT is the connection of all things, living or inanimate, to the online world for the purpose of generating massive amounts of data. For example, if you carry a smartphone, you become an IoT “thing” because your day-to-day activities can be tracked, analyzed and acted upon ' making your life a valuable statistic for all involved in the economy (which is all of us). Such massive amounts of data however are worthless without the concept of “Big Data” making sense of it all. Big Data analysts take the information, separate it into understandable categories, and analyze it so it can be used by different market sectors to make their products and services better for the end user (aka, the guy with the smartphone). It ends up being a win/win for all of us, even if the process seems overwhelming at the start.

It is also important to know how the accumulation of Big Data will directly benefit your business. Big Data offers businesses, no matter how big or small, actionable insights on what their clients want, need, and are seeking ' allowing organizations the ability to adjust outreach in real time to accommodate and make decisions on logistics, business practices, costs, and risk analysis. Legaltech News, a sibling publication of this newsletter, says that this feedback loop could, among other things, “enable a more holistic view of how and why lawsuits are being filed, allowing firms to offer a practice type within a region being underserved; or offer alternate-fee arrangements to remain competitive in an area.”

Giving businesses even more marketing power comes from realizing that the more information you have, the more influential you can be. Knowing how potential clients think and interact online and in the real-world, means being better equipped to offer them exactly what they are looking for ' thus filling the divide between your professional expertise and serving your potential client what they need to feel heard by you. Having the stats on potential clients and comparing those stats with past client successes, offers law firms the ability to reach and build powerful ongoing client/attorney relationships. We all know that knowledge is power, and the IoT/Big Data combo is the ultimate for gaining powerful insights.

Conclusion

Here's the big take-away: IoT and Big Data are going to greatly improve your profitability. That is an analysis that all lawyers are bound to appreciate!


Karen Ellis is Owner of Social Sweet Spot ' digital strategizing, content writing and IoT business. Reach her @SocialSweet, @AmazTechnoChick, and @SDBiotechBeach on Twitter; and SocialSweetSpot on Linkedin, Facebook, Instagram, Periscope and more.

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