Understanding the IoT Extension- Internet of Behavior (IoB)

What does attract more customers to your business in the long run? The answer is the effective services that you are offering as a business. The major key for effective services is Personalization. The more feasible it would be the more customers would be attracted. The internet of behavior has become the crucial segment that could change the value chain of your services and products. 

Fundamentally, the Internet of behavior (IoB) is the extension of the Internet of things (IoT). The interrelation of the devices leads to the variations of new data sources. In terms of a customer, this could just be specific data. Whereas, for the company they collect data via ‘’sharing’’ around interrelated devices.

What is IoT- Internet of Things?

A simple smartphone can track the activities like online surfing or even your geographical position. Companies around you can skillfully link up your smartphone to your laptop, in-house cameras, chances are your texts and phone class be tapped. Companies acknowledge a lot about you in this way such as interests, likes-dislikes, voting preference, and purchasing habits.  The possible reasons for this are-

• To test the campaign’s effectiveness- commercial and non-commercial/ non-profit.
• Patient engagement can be measured.
• Personalized policies content, that affects laws and other programs running currently.

The IoT is the base of the whole loop which encompasses collecting data and converting it into necessary information. Further, IoB transforms this information into knowledge. 

Understanding the extension of IoT- That is IoB

The basic aim of IoT is to ‘’connect people with their actions’’. So, when it claims companies 

Use IoT in order to convert their behaviors that don’t precisely mean ‘things’. Ideally, IoB is the blend of three elements-

• Technology
• Data analytics
• Behavioral science

Behaviors can be categorized into four categories- decisions, emotions, augmentations, and companionship. The more you have knowledge about IoT the more behaviors can be affected. 

For instance, an health tracker app is installed on your smartphone. It tracks your diet plan, sleeping schedule, heart rate, and sugar levels. The app is able to alert in the worst situations or conditions along with beneficial suggestions which will result in a positive outcome. Companies tend to use IoT and IoB to accomplish their set goals. 

The engagement of a customer increases with the increase in the effectiveness of services. Further, a customer makes some changes in their behavior according to the effectiveness of the services and products offer. Personalization often offers value to the company however, on the contrary, it would not be in a  positive manner for customers. This effect is called ‘’The ostrich effect’’. IoT has considerable impacts on the lives of people. The ideology IoB shares are behavior, interests, and preferences. 

According to a study by Gartner, approximately 40% of people’s behavior will have been tracked by the end of 2023. There are many benefits that are offered by IoB. 

Knowledge about IoB- Internet of Behavior

It is basically the data analysis that has been collected from the internet of things and other related sources. Then the company uses this data in an effective manner. Extensive data collection from online activities, behavior that comprises of social media usage patterns, and transactions done by people are convenient only through IoT and IoB.

What importance does IoB hold?

The Internet of Behavior is offering fresh opportunities to gather data and further analyze it. It assures the growth of the company, especially in the pandemic time, and transforms the ambiance of the world’s economy. 

The major aim of the Internet of Behavior is to gather, analyze, revert and acknowledge all kinds of behaviors and enhance the experience of customers and users accordingly. 

A similar set of behaviors also assist in decision-making and developing the quality of the services offered by a company. The fact that psychology and marketing work together is true to some extent of the beginning of advertising. This way also helps in taking the insights that have been collected by IoT.

Over the period of time, IoB has become a powerful tool for the growth of businesses. IoB gives a greater understanding of the customers to the respective companies so they would recognize the satisfaction of their customers.

The Internet of Behavior creates a considerable boost in the sales department of the company. 

How IoB can help you?

Internet of Behavior lets you explore the CX from the beginning to the ending, comprises-

• The point which interests your customer.
• Path till they purchase from your company.
• The methodology used while buying your product or service.

This will develop other points of contact for more engagement with your customers. This will ensure the effectiveness of services in other productive ways. Customers will start engaging more with your company when the services will be enough efficient. 

It will also have an impact on the business prospects and their interaction. It will even gather, further process, and then combine the data in the end from various sources that are-

• Data of citizens processed by the government itself.
• Social media.
• Tracking locations.

Apart from collecting the data through the Internet of behavior, companies improve the data and further use it in different ways. 

Benefits of IoB-

Here are some of the major benefits you can receive from the Internet of Behaviors- 

• IoB can help to resolve the business issues of closing further sales and keep their customers satisfied in the long run.
• Customer surveys are time-consuming for both the parties- customers and the company. IoB will assist with substitute various surveys.
• IoB will help you understand the behavior patterns of the prospects and their purchasing patterns on different bases.
• You can research the data been collected and know the potential customers and further interaction can take place. 
• You can get to know about the platforms or places from where your customers have been shopping.
• Your customers can be notified of the latest offer, sales, and targeted advertisements. 

Evolution of IoB- Internet of Behavior

It is empowering companies and growing businesses with effective approaches to advertise their services and products, efficient offering, and control the behaviors of customers and employees. Human beings evolve with time so does behavior. As soon as IoT devices develop understanding the behaviors will become also become an interesting factor for the companies.  IoB is cautioned in terms of the security of data and privacy. However, its the responsibility of the company itself to keep an eye on the data. 

The fundamental aspect- IoT is the pedestal for IoB. All the data that has been gathered is via these devices only. For instance, there is a pyramid. The foundation of the pyramid is ‘’data that has been gathered from the devices or things’’. Moreover, ‘’data gets converted into information’’. IoB further converts the ‘’information into knowledge’’. The company then analyzes the data to dig out the results. The results would be understanding the customer behavior and enhanced decision making. 

Working of IoB- Internet of Behavior

IoB works in the following way- 

Did you ever think about how you sometimes get the exact product suggestion you were desiring? That’s where IoT and IoB play their pivotal role together. When you shop online from any platform your data gets saved in the smartphone or laptop whichever you use while making the purchase. This data further gets analyzed and interprets your purchasing pattern and habit. This way you receive suggestions somehow related to your previous purchase. This is how it works with your behavior while shopping online.

Conclusion

Here I hope you know have a clear concept of IoT and IoB? And how they work together. IoB basically rotates around the analysis of effective data regarding behavior. This will further assist with personalization that will be an addition to the values you have serving. According to research, it has been predicted that by 2025 half of the population worldwide will be put through one IoB program. Companies looking forward to adapting this technology need to have a developed cybersecurity solution. Eventually, IoB will be an advantage for the industries.