Smart gadgets like phones and tablets with 24/7 online connectivity and wireless technology are reshaping the world as we know it. When appliances and devices started coming integrated with sensors customers loved their ability to sense change and adapt to it. This development has given birth to Internet of Things, a technology which allows gadgets to use sensors that are always connected to the internet.
Internet of Things is changing the way we do things such as purchase products or even drive our car. Think of an era where every device is connected to internet and the sensors are constantly submitting valuable information to a grand platform which, after a secure registration, provides you with precise and relevant guidelines that you need on the go. It’s like a common language for the machines to interact with each other.
So, what does IoT have to do with business CRM? You’ll understand the relation with the word Data Stream. Since customer relationship management requires all the customer data that it can get in order to make precise and personalized products, services, experience, and etc. The more information it has regarding the customer habits, the better it makes a campaign or strategy.
So, here are the 5 main reasons because of which we believe IoT/CRM will be going to impact customer relationship cycle completely in the coming future.
Improve Your Self-Service
No matter how advance we get when we talk about communication, we always prefer human beings. Whether it’s about a bad experience complaint or a product review, we want to talk to a human rather than a computer. The integration of automated response systems can save a company some bucks but it will lead to bad customer experience and no matter large or small business, every one of them need happy customers from all aspects.
However, IoT presents a groundbreaking solution to your problems for you can be notified of the issue before the customer even realized it. This happens because you’re getting information from the devices and appliances in the surrounding. There’s your chance to cater to a customer’s immediate need and win his heart and loyalty.
Synchronize Price with Demand
You want to get an edge over your competitors but are facing a hard time doing so? With the demand analysis coming from different markets it can be easier to adjust our prices. As you’re accessing real time demand data coming from various regions, you can almost immediately change the price in accordance with the rise or fall of demand.
Price conscious customers can be your easy target since they never miss a deal. Using the IoT data and CRM strategy, give on spot discounts and watch your sales soaring sky high.
Personalize Even Better
Customized products that reflect exactly what the customer need aren’t spawned from imagination, but from a large amount of customer data. CRM works with more and more information because this insight helps creating tailored products. Understanding your customer behavior is essential to creating targeted campaigns and increasing ROI. It’s easy to run quick campaigns with the live data streaming from IoT. With this data you may already be aware of your customer’s problem and this helps you solve the issue in a better way.
Shape Your Marketing
We’ve been talking about target audience with social CRM and we’ve already read a lot of times that targeted marketing yields better results. IoT takes your targeted marketing off the ground with the insight of which customers are more likely to buy your products. All you need to do then is to channel your efforts towards this specific group of customers. Narrowing down your focus allows you to improve your efficiency and save time drastically.
Level Up Your Customer Retention
You’re getting used to saying to your customers “Long time, No see!”… Why is that? You can know precisely why. Since the devices are interconnected, the stream coming from them can identify which customers are paying less visits to your stores. It means your customer retention is being jeopardized. Customers want to be rewarded for their time and money that they put in buying your products. The data coming from IoT can help CRM create highly customized loyalty earning programs such as campaigns, special incentives and one-to-one marketing drive.
We have to admit that the business and technology industries are changing the paradigm by working together. And in future we’re more likely to see some dramatic technology that’d change the way we work even further. Intelligent devices will become the norm as their use is on a constant rise and we need to adapt to these changes in order to reap greater benefits.