According to Cisco, there will be 50 billion devices connected to the Internet by 2020. Companies would like to use Data Mining to get insightful data about customer behavior to segment their markets and target their campaigns more effectively. This is where CRM software will play an instrumental role in empowering companies to deal with today’s digitally savvy customers.
Internet of Things, or IoT in short, presents both a challenge and an opportunity. But first, let’s try to understand what the buzzword Internet of Things means.
What Is The “Internet of Things”?
Oxford Dictionary defines it as “a proposed development of the Internet in which everyday objects have network connectivity, allowing them to send and receive data.” Everyday objects, from wearable devices such as smart watches to household appliances such as refrigerators all the way to automobiles, will be equipped with sensors capable of connecting to the internet, creating a fully connected world. These devices will both send and receive data and share updates with other devices via the Internet. In short, mankind is on a mission to make everything smart and connected and CRM providers would like to seize this opportunity by using the huge volumes of data created by smart products to improve customer relationships.
How Internet of Things will impact the realm of CRM?
People were starting to think that CRM was a thing of the past. It had become outdated as it was not providing the kind of insightful data that social media platforms were delivering. However, IoT has injected new life into CRM. Gartner predicts “CRM will be at the heart of digital initiatives in the coming years as enterprises look to create more targeted interactions in a multi-channel environment.” With advancements in IoT, CRM is all set to change the business landscape. Let’s find out how!
1. Adjust Prices according to Demand
Get real-time data about the availability of products and use it to your advantage by adjusting prices instantaneously. Lower the prices to get an edge over your competitors or increase prices when demand far exceeds the supply based on real-time updates from your system.
2. Customized Marketing Promotions
Learn which customers are interested in purchasing your products and design your Marketing Campaigns and promotions keeping their tastes and preferences in mind. This will increase the efficiency and result in the desired ROI since you won’t be targeting customers who show little to no interest in your product.
3. Real-time Analytics
Instead of waiting for the data to arrive before you analyze it to take corrective measures, IoT can deliver real-time results regarding marketing campaigns, competitor prices and promotions. This will enable marketing and sales teams to quickly adapt to the prevailing market trends. Now, there won’t be any delays in collecting data and creating actionable strategies.
4. Complaint Free Customer Service
Solve customers’ problems before they even know it. Since devices will be connected to the internet at all times, you can automatically detect malfunctions and take the necessary action to make customer service hassle free. You can also avail our custom Alexa Skill Development services to take your customer support features to a whole new level.
5. Improve Customer Retention
Losing customers to competitors can be irksome. IoT can be leveraged to track customer behavior. Instead of the customers reaching out to you, your customer support team should reach out to them to determine any dissatisfaction on their part. Discounts or special offers can be made to such customers in order to encourage them to stay loyal with your brand.
Internet of Things represents a big paradigm shift. It is the future and CRM is at the very core of it. Any business that wants to invest in its customers should incorporate this rising trend into their CRM system. The analytical capabilities of IoT are sure to benefit from the recent developments in Artificial Intelligence and machine learning, setting it up for even greater success and widespread adoption in the years ahead.
Rolustech is a SugarCRM Certified Developer & Partner Firm. We have rendered services to more than 600 satisfied clients globally and helped them with CRM Implementation, Integration, Customization, Maintenance and Support. Contact us today for your FREE CRM consultation session!