The IoB is about aggregation, analysis, and interpretation of data from the IoT devices, aimed at identifying user behavior patterns and exploiting this knowledge to create desired behavioral events. The result of these efforts is the improvement of business outcomes, for instance boosting sales by reaching the right audience and interacting with them effectively. It is the future of product and service design, as well as marketing since it allows personalization to an unprecedented level. How to create the right emotions that will lead an individual to the desired decisions? Data mining and behavioral science have the answer.
The IoB concept appeared as the natural development of IoT: if there is so much data, one must know how to use it to one's advantage. To IoT, the future looks very promising: people want everything "smart"- smart home, smart city, and after all, a smart life, in which everything around us is safe and functions effectively, and there is plenty of time for leisure and creativity.
IoB is an emerging technology, but it is obvious now it can be the new powerful weapon of digital marketers.
Marketing research and user profiling is a complicated thing for many companies unless they are Facebook or Google. The more devices are connected to the Internet, the deeper behavioral insights are. And companies are very likely to offer financial incentives to users who will open the doors to their personal world: habits, lifestyle, preferences, even dreams. The message might be: we will use this knowledge about you to make your life better - offer the most suitable financial products, personalized health advice, help achieve your goals, etc. The key is to find a way to make people trust AI-driven analytics. After all, it's science, based on figures, not speculations.
With IoB, one does not need to construct an ideal user persona. Big Data allows a multi-aspect analysis of potential customers. One can make an incredibly detailed map of their customer journey, apply an ultra-personalized approach, and increase the number of interaction points. With this approach, it will also be much easier to sell small-niche products.
People will increasingly interact with devices with voice; it will also shift SEO towards natural language and intent-based search. Behavioral knowledge will help to optimize website content accordingly.
