POV: The Internet of Things is Changing How We Manage Customer Relations

The Internet of Things Is Changing How We Manage Customer Relationships

Point-of-View: The Internet of Things is Changing How We Manage Customer Relations

Harvard Business Review (HBR) June 2015

Summary:

  • Internet of Things (IoT) is changing how we manage customer relationships.
  • CRM is going beyond the transaction to capture the details of the customer’s actual experience.
  • The vivid view of the end-to-end experiences is rapidly changing how people think about, measure, and manage their customer relationships.
  • IoT is gaining acceptance. People are accepting (giving up things about them) in return for getting a greater set of expectations met (getting more in return).
  • The information to track this gets complicated quickly.
  • The measurements of yesterday need to be overhauled to understand where customers are on their acceptance expectation path.
  • There needs to be a common method for getting a handle on the customer (and employee) experience journeys.

Our Point of View:

  • IoT is gaining traction in the Business-to-Consumer (B2C) World.
  • Consumer purchasing is much further along the acceptance expectation path than Business purchasing.
  • The IoT is too narrowly defined. It should be defined as the “Internet of People, Places, and Things” (IoPPT).
  • The broader definition (IoPPT) must be used to understand the dynamics and complexities of Business-to-Business (B2B) experiences.
  • Business executives are willing to be accepting (giving up things about them) if they believe their expectations (getting more in return) will be met.
  • A distinct competitive advantage awaits those B2B sellers who take the time to understand & capture the experience journey their prospects/customers go through when assessing and deciding their business priorities, requirements, and criteria for measuring success.

pdfThe Internet of Things is Changing How We Manage Customer Relations

 

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