Connected marketing is proactive and forms the cornerstone of superior customer experience. As the Internet of Everything/IoE is transforming customer engagement, it is set to impact customer loyalty programs of the future. This is the key to differentiation and a competitive edge. A 2017 survey on customer experience in marketing by Gartner indicates that 81% of marketers say they will compete on customer experience by the year 2020.
Marketing researchers view customer experience as one of the most important challenges in the coming times. A number of potential touchpoints with customers is on the rise and becoming more complex. This has impacted the bottom line. Advancing the customer experience factoring in unique elements is the key. Close to 80% of customers say experience a company provides is as important as products or services.
- Power of Personalised Customer Experience
A 2018 Salesforce survey found 67% of customers are willing to pay for an exceptional experience. New research provides support for the content that consumers are expecting, if not demanding extremely personalised experiences. A further Salesforce study shows 61% of millennials are willing to share personalised customer shopping experiences. Personalising the customer experience can foster a serious winning advantage for companies.
This leads to more impulse purchases, increased revenue, fewer product returns and more impactful customer loyalty programs. Data holds the key to how brands connect with customers. Thanks to IoE, companies are connecting with customers in a proactive way. By connecting processes, people, data and things, IoE platforms provide actionable and immediate insights. This enables companies to respond to real-time customer needs.
- Leveraging IoE/Internet of Everything
Internet of Everything provides businesses with the capability to take the right actions and make successful, fast decisions by delivering the right data at the correct time. As marketers gain access to real-time, contextual data and deeper analytics via IoE, this empowers them to have greater control over customer experience.
Through IoE, Pathwwway Limited client loyalty programs can meet customer needs faster. More insights on how customers use products enable retention marketers to respond faster to customer needs. Further, the Internet of Everything offers a great amount of data on consumer behaviour and habits in seconds. This helps marketers to understand customer needs and wants better, and market products in an effective way.
One of the basic reasons digital transformation efforts fail is because the human element is not considered. As everything gets connected and integrated, engagement and collaboration of involved teams and individuals become a key success factor. The Internet of Everything is a very promising channel for effective customer experience and engagement. It offers brands the chance to connect with customers through an expansive digital network of endpoints, apps and devices.
If brands leverage IoE, customer loyalty programs will move from merely pursuing customers to connecting and engaging deeply with them. It positions brands advantageously. Business opportunities can improve the customer experience. Many areas of IoE present the biggest opportunities for growth of customer loyalty. Embracing IoE enables opportunities for greater control of marketers over customer experience. The increasing importance of customer experience for brand differentiation can notch up a significant competitive advantage.
To take advantage of Internet of Everything, marketers have to collaborate with the right services provider as well. IoE, thus, has the capacity to impact customer experience deeply.
IoE is about connecting the internet to the physical world. By 2020, Cisco projects the number of connected devices will reach 50 billion and capture the share of a multi-trillion dollar customer experience. Cisco also estimates IoE-driven customer experience advances, based on rising customer lifetime value and expanding market share through the inclusion of more customers will drive $3.70 trillion of the estimated $14.40 trillion of IoE value at stake internationally over the next decade.
IoE enables organisations to connect with customers in new ways and create fresh business models. The Internet of Everything is all about making new connections possible, including interactions among and between people and devices. Empowering technologies to take action based on communications is essential.
With markets connected, the delivery of the customer experience shifts beyond the boundaries of current mobile and web sites and past the stores and offices. New technologies are connected to the internet including Google Glasses, new gesture technologies, sensors and IP-enabled light bulbs forming the foundation of IoE. It is the data stream produced by all connections that have the greatest impact on relationships with customers.
- Creating an Emotional Connection
With IoE, one can build customer loyalty and delight clients, creating emotion-based connections, personalising the experience and targeting offerings based on data generated by IoE. An IoE-powered journey can transform customer loyalty programs. Transforming and revolutionising the process of building awareness and encouraging sales by bringing together data from multiple sources, including sensors, IoE enables brands to pick up signals to anticipate customer preferences and requirements. IoE enables loyalty programs to target customers in real time based on location, activity and history.
Post sale, connecting with customers helps a brand to achieve its goals, by creating new revenue streams and driving new insights for innovation. To be proactive, anticipate and prevent issues and make suggestions to improve the customer’s life, you need a connectivity that comes from the wired IoE world.
- Connecting In New Ways
IoE is enabling organisations to connect with customers in new ways and come up with innovative business models. IoE is all about making new connections possible, which includes interactions among and between people. It is all about the ability of devices to communicate with each other, with applications and digital services, and empowering technologies to take action based on this.
In a connected world, most of the delivery of the customer experience and customer loyalty programs shift beyond the boundaries of current digital platforms. Conventional marketing and CRM are fundamentally about what can be done to acquire, retain and grow the value of customers. Customer experience management is all about what they do. Understanding journeys and needs and then adjusting operating models is essential.
Development, deployment and management of solutions require a framework that extracts vital nuggets of information from electronic data coursing through wireless networks and over social networking sites. It is also a framework that provides flexibility for providing new resources to support strategic initiatives online or in the store. This framework provides a secure experience for customers and suppliers alike.