Deloitte just published a paper about what we can expect when our devices start reporting their usage back to the manufacturer. Thanks to Corey Hill for noting how much this new data will affect the management of customer loyalty. The first three big changes are
- Better product usage understanding
- New hooks for customer relationships
- More responsibility to keep customer data safe.
Business-to-business relationships, where suppliers are expected to help their clients save money and be more effective, will generate the lion's share of profits.
We have to be careful our competition doesn't beat us to the enhanced customer relationships.
AdWeek: The Top 3 Things Every CMO Should Know about the Internet of Things, 2016-Jan-11 by Corey Hill
Rather than focusing strictly on optimizing algorithms, turn your attention to the highly predictable, highly actionable data that the IoT provides. Being able to recognize a customer's need and act on it almost instantaneously in real time is the modern marketer's dream. Using your current data and algorithms in combination with the immediacy of IoT data brings a new meaning to "right place, right message, right time."