Data has been important since the Internet’s inception. For example, to know who uses the Internet and what sites they visit.
In 2021 Garther called the Internet of Behavior one of the technological trends. The Internet of Behavior emergence provides more opportunities to collect and analyze data. This is the trend that will ensure that companies continue to grow in the face of significant upheaval related to COVID-19 and the economic climate of the world. Analysts see a variety of ways to use IoB in business, sales, finance, insurance, and so on.
So the question of how to turn data into something useful that will bring profit to companies is answered by the concept of the Internet of Behavior.
What is the Internet of Behavior?
The Internet of Things (IoT) is the connection of an electronic device to the Internet. Internet of Behaviors (IoB) is the collection of data on the use of these gadgets to obtain information on user behavior, interests, and preferences. The data can serve as a benchmark for mapping customer behavior.
The study of data-driven behavior was first announced by Gote Nyman in 2012. He is a retired professor of psychology at Helsinki University. Nyman believes that behavioral analytics can predict a person’s intentions and all that can happen in the connected world. IoB is easy to implement technically. It is, however, very difficult psychologically. Statistics show everyday habits and behaviors, but cannot fully reveal the meanings and context of individual lives.
IoB aims to properly understand and apply data to create and promote products. The information is used to create new approaches to developing user experiences, optimizing the search experience, and making and promoting companies’ goods and services.
How IoB can help
Organizations are improving not only the amount of data they collect but also how they mix data from different sources and use it. IoB will continue to influence how organizations interact with people. IoB can collect, combine and process data from a variety of sources, such as:
- customer data
- citizen data processed by government agencies
- social media
- public domain facial recognition
- location tracking
The benefits of IoB
– Resolve issues to close sales and keep customers satisfied
– Replace multiple customer surveys
– Analyze customer buying habits across platforms
– Study unobtainable data about how customers interact with services, good, and devices
– Get a better understanding of where the customer is shopping
– Provide real-time notifications about points of sale and target ads
Companies have been analyzing, testing, and using other methods for years to build strategies to create and promote products that users will want to buy. Online behavior gives a huge boost to the sales industry. And the data will form the basis for companies to make plans for development, marketing, and sales.
New marketing opportunities
There will be a lot of new data and material for marketers to analyze. To stay ahead of the competition, you also need to be up to date on the latest trends. It will also help to get benefits and maximize the number of satisfied customers.
The Internet of Behavior will help to study the entire customer journey by collecting information from several points of contact. For example, you can find out where the customer’s interest in the product or service began, its path, and the moment of purchase itself. This will create more common points of contact with customers and find new ways of communicating with them.
The use of artificial intelligence and voice assistants like Apple Siri, Amazon Alexa, or Google Home shows that search engines are trying to understand user behavior. Website pages will no longer be evaluated by keyword content, but by the natural language used. So the approach to SEO will also change.
Unexpectedly, IoB can detect and influence employee behavior patterns. Facial recognition systems provide security in offices, but on the other hand control employees at work and outside of the office. So Intel is using facial recognition to identify employees and individuals who might pose a threat. And PwC has launched facial technology to monitor employees working from home.
Companies will hire people with expertise in behavioral psychology and data science to analyze and create new marketing strategies.
IoT is not a problem. People synchronize their devices and enjoy the benefits and convenience of customization. The problem itself is collecting, moving, and using data. But IoB approach requires changing cultural and legal norms established before the era of the Internet and Big Data.
Data on user behavior would allow cybercriminals to access sensitive information. For example, those that reveal patterns of behavior. They can collect and sell this data or take “phishing” to a new level. They will pose as other people for fraudulent or other purposes.
Companies also share data with other divisions or subsidiaries. For example, Google, Facebook, and Amazon acquire software, involving the user of one app in the entire ecosystem. This presents significant legal and security risks. While there is little or no legal protection for the problems.
This means that new cybersecurity protocols will be developed and that businesses need to be even more watchful. And video surveillance systems that recognize faces can help prevent undesirable entry.
Companies using IoB to develop and promote products, services, and marketing strategies should understand their responsibilities. People’s privacy rights need to be respected. But ethical use of information still has no clear rules.
The use of data must be transparent because the information allows people with behavioral science knowledge to effectively manage behavior. One way to secure data is to make companies get consent to collect personal data, eliminate biometric identifiers if necessary, and store information securely.
By 2023, Garther predicts that 40% of the world’s population will be digitally tracked. That’s over 3 billion people. And by 2025, more than half of the population will participate in at least one IoB program.
Since IoB is an extension of the IoT, they will grow and develop at the same time. In a few years, IoB will become an ecosystem that will define human behavior in the digital world.
But despite all the convenience and benefits of using IoB, this trend will raise many questions, including those related to security. Companies will have to implement cybersecurity education and awareness programs.