CRM Strategy and Internet of Things: Swift Look into Future

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CRM Strategy and Internet of Things: Swift Look into Future

Imagine this: you are driving to your house from work and alert signals on the dashboard of your car. The sign lets you know that the tire pressure is low, encouraging you to stop by at the gas station for air. Before bed, your GPS enabled sonic toothbrush sends the information about how often you care for the teeth to your dentist’s office.

Does a part of the story looks familiar like in the sci-fi movie? Fiction is becoming a reality first because this can be utilized possibly through the Internet of Things. Cisco defines that there will be 50 billion integrated things by 2020. The bottom line is that IoT (Internet of Things) is a massive paradigm shift. It is not only influencing the way people connect with objects and things but also how customers interact with brands. The main 2 ideas are the following:

  • The connected technology is proceeding to extend user’s expectations, improving the point of sophistication that is required to serve the digitally savvy client.

  • There is a significant possibility for the organizations that can gather data from these linked things. This information can be used in sale and marketing campaigns on the individual basis.

That’s where CRM strategy and functionality of the platform comes in. Let’s look closer at CRM and IoT tandem, as well as find out how CRM strategy can help you leveraging IoT data to build enhanced and automated customer experience.

Boosting Demand for CRM Strategy

Research and advisory company, Gartner indicates the Internet of Things as the 5th driver of CRM. The other 4 are: social, mobile, cloud and social. All around us become more and more connected to the internet, and the price of sensors that tie them continue to decrease. To promote and support these new products and services, the increased need for customer service, sales and marketing are evident.

Internet of Opportunities

All these devices start to amass an enormous amount of data for each. So, there is a big possibility for organizations to utilize that information to sell to customers in real time based on their past behaviors. The larger challenge for the Internet of Things will be maintaining and analyzing this kind of data output of the devices.

You will have to store and use all these records somewhere to manage the successful relationship with your prospects. A task CRM strategy has been purpose-built.

How CRM Strategy and IoT Will Look Like?

The Internet of Things introduces the solutions to enhance brand communication with their consumers by advancing:

  • Sales - using purchase history comprised within a CRM system. For example: retail stores can change the price on the fly for each customer.

  • Marketing - based on the client's preferences recorded by the connected devices and uploaded to CRM system, you can adjust their messaging to the specific targeted audiences and monitor the success in real-time.

  • Customer service - by tracking the history of each device in the database, you can place a service call to the customer around the time that the device is predicted to fail.

The Idea of Things: Rules of Usage

So, how to be sure your organization is ready for IoT? Gartner recommends 4 key activities to get you thinking about the idea of things as the potential customers:

  1. Imagine things are legitimate clients.

Try to envision the devices as prospects for understanding how people make decisions, and then investigate how the intelligent gadget becomes a part of the decision-making process. Create your own strategy and business moments to begin the conversation.

2. Anticipate potential governance problems.

Consider the limits and mandatory human intervention to make sure the devices don’t exceed their expected behavioral parameters. For example: in the manufacture, this can provide the systems that check the consumption and usage across all tools in their ecosystem. In this way, they can obtain the level of security on behalf the customers, the owners of their products.

3.  Build intelligent devices into your technology innovation workflow.

Start to explore the partnership with businesses that are building intelligence into things. Study how the tools are working, and the solutions that are needed for coordination. Then think how your company can fit in that ecosystem.  

4.  Prepare business for potential pitfalls with data from the clients’ IoT.

Gartner indicates 3 levels of risk related to data and the Internet of Things:

  • Security: reinforcing the infrastructure to support essential processes is the necessity. You have to be around the discussions and regulations to be sure how to participate without risk exposure.

  • Access: Gartner states: even entering to Internet of Things data can be a real roadblock. It is expected to have the trade wars and intermediaries caused by the IoT, governing by the ones who obtain an excess to what data.

  • Talent: Take into account what analytics tools, people, and processes you require to successfully operate when things become the clients.

Getting into the Key Point

The futuristic world portrayed above can’t happen overnight. The technology is there, but the platforms need evolving so that various devices can work together. The more tools linked together, the demand for CRM strategy and software to store information is higher. Furthermore, the customer acquisition and retention will continue to increase.

P.S. Got interested and want to learn more information about CRM platforms? Check out the whitepaper “Customer Relationships Management System. Outlining the Efficiency”.

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