Improve your customer relationships through smart IoT solutions

Improve your customer relationships through smart IoT solutions

Companies from a wide range of industries can use smart IoT solutions to significantly increase customer satisfaction and achieve stronger customer loyalty: That's the thesis of our blog article today. We show how exactly the Internet of Things can take customer relationships to a new level, making them a key factor for success.

A service-oriented purchasing and customer experience - what was apparently only true for private customers a few years ago is increasingly gaining acceptance as a basic attitude among industrial customers in a wide variety of industries:

  • Fast and constant accessibility of customer service

  • Mobile, interactive access to products and data

  • Simple operation of devices and services

  • Greater transparency of usage data and delivery times

  • Flexible provision of products as-a-service

  • All-round service, if possible from a single source



Competitive advantage Customer satisfaction

The results of the "Industrial Cosumerism" study by management consultants Accenture are clear: 84 percent of the companies surveyed are convinced that improving the customer experience through sales and service gives them a competitive advantage. 81 percent of them noted that their customers are becoming more knowledgeable. Companies should therefore take the so-called, "customer experience" seriously and put customer satisfaction at the top of the list as a goal. Then they benefit in several ways: long-term customer loyalty, higher recommendation rates, higher willingness to pay, higher sales and additional orders.


Here's how smart IoT solutions help improve customer relationships

The issue of customer satisfaction is increasingly becoming the focus of companies' business models. The most important finding here is that the greater the degree of digitization in a company, the more positive the development of sales success and customer satisfaction. In this context, smart IoT solutions turn out to be the most effective key to success: They provide data from sensors, machines, vehicles and more. After data analysis, companies can provide their customers with valuable additional information as part of the customer journey. In many industries, this is already a reality:

  • Transportation: solutions such as IoT trackers and sensor modules enable detailed, transparent insights into supply chains and warehouses. Companies can use digital solutions to supply their customers more quickly and precisely predict when the ordered goods will arrive, whether and where, for example, cold chains have been interrupted or goods have been stolen. 

  • Production: Predictive maintenance - sensors digitally record measured values such as speed, temperature or pressure in systems and machines. In the event of deviations, an alarm is triggered. This capability enables many companies in the Industrie 4.0 environment to offer their customers predictive maintenance. It's a win-win situation, that not only generates ongoing revenue, but also strengthens customer loyalty. Because the user also benefits: If machines are really only maintained as needed in this way, significant cost-saving potential is created.

  • Energy sector: Renewable energy sources supply electricity, the production of which depends on wind and weather. Intelligent control, based on smart IoT technology, optimizes output for power grids. 

  • Mobility: In the field of automated driving, a large number of vehicles are already on the road digitally - equipped with numerous assistance systems and supported by video, radar and sensor technology. Automobiles receive infotainment updates via mobile communications, and manufacturers allow users WLAN connections via built-in SIM cards. Networking in and around the automobile is an ideal example of functioning digital business models.


Summary: IoT-based transparency creates long-lasting customer loyalty

Fact: The days when manufacturers simply had to sell their customers a product once in order to achieve long-term success are almost over. Especially within the area of subscriptions and usage-based business models, it will be important in the future to continuously prove the added value of a solution: A claim that radically changes the relationship between customers and providers - usage insights and transparency are thus developing into the centerpiece for sustainable business success. 

In the Internet of Things, demand for customized services is on the rise, according to the 2020 study "Monetization Monitor: Monetization and the Customer Relationship" published by Flexera. Users are interested in subscription models, after-sales customization, consulting services, and data collection and analytics. 14% of IoT companies and device manufacturers were already generating the majority of their revenue through services about a year and a half ago at the time of publication. A share that is expected to increase rapidly and in the shortest possible time - already up to 25% by early 2022, according to the study's findings.

"Compliance and transparency" therefore seems to be set as the recipe for success in the future for many industries: Made possible by IoT-based business models that require high engagement and continuous interaction with the customer. This is how strong, long-lasting customer loyalty is created.

veröffentlicht am : 2021-06-16 10:30