The Internet of Things (IoT) has emerged as a new paradigm for the future Internet. In IoT, devices are connected to the Internet and thus are a huge data source for numerous applications. In this article, we focus on addressing data management in IoT through using a smart data pricing (SDP) approach. With SDP, data can be managed flexibly and efficiently through intelligent and adaptive incentive mechanisms. Moreover, data is a major source of revenue for providers and partners. We propose a new pricing scheme for IoT service providers to determine the sensing data buying price and IoT service subscription fee offered to sensor owners and service users, respectively. Additionally, we adopt the bundling strategy that allows multiple providers to form a coalition and offer their services as a bundle, attracting more users and achieving higher revenue. Finally, we outline some important open research issues for SDP and IoT.