Marketing and sales departments are transforming their traditional relationships with customers through IoT opportunities. Smart, connected products are now a standard for creating and maintaining value to customers as well as driving business revenue growth. Companies can now stay in touch with the customer and product after the initial sale, gain detailed insights into the customer relationship, and improve segmentation to anticipate needs of customers.
Sales After The Initial Sale
Connected products provide companies the ability to maintain a relationship with customers throughout the entire product life cycle. Managers can guide customers through the product lifecycle and have tremendous opportunities for cross-selling and up-selling. Software updates are an excellent example of how consumers can upgrade their devices for their needs rather than purchasing a new cell phone, tablet, etc. Consumers can keep their same product and receive information from companies on how to operate and maintain their purchase.
Detailed Customer Insights
Companies can gain vast amounts of data from connected products to better anticipate customer needs. They can see which products are being used, how the product is performing, frequency of product usage, and if specific features are being utilized. The IoT is a VIP pass for marketers into the personal lives of their consumers. The more information marketing and sales managers have and can understand about their customers, the more value they will be able to provide.
New Value Added Services
With all of this data being collected from connected products, companies can improve segmentation, deploy targeted pricing models, and improve the customer experience. The aggregation of data collected from customer relationships and customer insights create value that was unavailable before smart products. This enables companies to provide constant information and service support so their customers have full knowledge of the business and product. Customers will remain loyal to businesses they understand and who understand them in return.