Impact of IoT on CRM
The Internet of Things (IoT) is defined as an Internet development in which everyday objects have network connectivity, allowing them to send and receive data. Daily objects, from wearable devices such as smart watches, to appliances like refrigerators, to cars, are now equipped with sensors that can connect to the internet, creating a fully connected world. These devices also send and receive data and share updates via the internet with other devices. CRM providers would like to take this opportunity by using the huge volumes of data created by smart products to improve customer relationships.
Here are four ways that IoT affects the operation of CRM:
- Set prices based on demand
It is possible to obtain real-time data on the availability of products and use them to the advantage of the company by changing prices instantly in order to gain an advantage over competitors. Likewise, prices can be raised when demand far exceeds supply.
- Customised marketing promotions
With all the data provided by the integration with IoT, it is possible to find out which customers are interested in buying products and then planning marketing campaigns and promotions by noting their tastes and preferences. This will increase efficiency and determine the ’need’ as customer targeting becomes very specific.
- Real-time analysis
Instead of waiting for data to arrive and then analysing it to take corrective measures, the IoT can provide real-time results on competitive marketing campaigns, pricing and promotions. This will allow the marketing and sales teams to quickly adapt to the prevailing market trends.
- Integrated IoT customer service
Since the devices will be connected to the internet at any time, it is possible to automatically detect malfunctions and take the necessary actions, solving the customer’s problem before they know about it. This will help improve customer service by reducing problems.
CRM had the potential to become outdated as it was not providing the kind of insightful data that social media platforms were delivering.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. With all the progress made in IoT, CRM is ready to change the business landscape for the better.