Yahoo chief executive Marissa Mayer stated that Internet of Things would create a “tipping point” for businesses that will change lives “like never before“. Her prediction was made way back at the World Economic Forum in Davos in 2014, when Internet of Things was still vaguely known to many.
Right from the infancy stage to the developed stage – a growing number of tech chiefs have lauded the Internet of Things as the next big thing. And the fact that so many visionary CEOs have felt it necessary to focus on this topic clearly explains how important it is.
Internet of Things
It is the unprecedented importance of Internet of Things that today its concept is known to all. But just for a quick introduction, the Internet of Things (or IoT as popularly called) involves the new-age internet-connected devices that read and collect information, convert it into online data and show it to the user for more detailed insight.
In short – IoT defines the vision of a fully connected world. And the latest entry into IoT realm is ‘Wearable Devices‘.
‘They are embedded with electronics, software, sensors and connectivity to enable to exchange data with a manufacturer, operator and/or other connected devices, without requiring human intervention.‘
Some of the best wearable devices are:
1. Google glass that is designed in the shape of eyeglasses and has a front facing camera. It functions as a computer and displays information in a smartphone-like hands-free format.
2. Office badges that provide identification features. Some advanced badges even include biometric and location sensing capabilities useful for security purposes.
3. Health and fitness wearable devices that offer measurements of heart rate, perspiration levels, alcohol levels and oxygen levels in the bloodstream. They sense, store, and track biometric measurements that help to provide an early indication of whether any illness is on the way.
According to Gartner, the worldwide market of wearable devices is expected to reach $8 billion in 2018, at a compound annual growth rate (CAGR) of 17.7%. By 2018, itself, wearable devices is expected to occupy 46% of the total market.
All these statistics actually reckon that Wearable Devices have become the most crucial component of Internet of Things and form the fifth arm of the nexus of forces, which currently includes social, mobile, big data and the cloud.
The rendezvous of Wearable Devices and CRM
If Wearable Devices are moving into just about everything in our environment, shouldn’t it merge with CRM too?
Not surprisingly, IoT and CRM have converged with several organizations already started to integrate their wearable devices with CRM software to make the most of IoT-enabled technologies.
As wearable devices gain greater traction in the world, this convergence (CRM+Wearable Device) will open up a whole new avenue of opportunities, previously unimaginable.
CRM+Wearable Devices – What will be the compelling benefits?
The data stored in CRM that actually helps companies develop a 360-degree view of customers and generate actionable up-sell and cross-sell opportunities will get displayed in real time. This means higher lead conversion rates than before.
Sales agents can increase their selling efficiency with this real-time additional visibility. They can do on spot planning for customer calls and activities. Isn’t it?
Follow-ups, invoices and quotes can be done on time since notifications will get delivered to the wearable device for upcoming tasks, events, appointments and meetings. Customer interactions can be recorded instantly and changes immediately updated in the CRM.
Higher Lead Generation
Similar to sales agents, marketers will get contextually-relevant data and real-time marketing insights in their wearable devices. Anywhere, anytime, they can capture information on customers buying preferences and use the insight to send personalized offers directly to the targeted customers’ wearable device. How amazing!!
Whether it is managing and tracking multi-channel marketing campaigns or running consumer surveys – they can do all from the wearable device to ensure that customer feedback is tracked, campaigns are run and leads are generated 24×7.
Customer Service Improvement
With CRM integrated right within wearable devices, customer service agents will get all necessary collaterals to acknowledge customer service requests/cases on time and serve them within minutes to increase satisfaction. They can collaborate globally, increasing the overall productivity.
More than reactive, service will become proactive as agents will be able to advise customers when a product needs servicing. They can track customers usage pattern from the device and recommend new products and upgrades.
In other words, predictive maintenance will become possible which will help customers prevent upcoming issues and control unnecessary expenditure. What does that mean? Companies will instantly win loyalty and become customers superhero.
Organizations will become customer-centric
Data right from purchase behavior and location, to activities and hobbies will be available to the companies that will greatly help in enriching the customer experience at every touchpoint.
The combination of live data streams and stored aggregated data will enable businesses to identify the right time and place to communicate and engage with customers. Companies will not have to solely rely on static data and can nimbly act on customer behavior in real-time.
Wearable devices is an ally of CRM and opens up the opportunity to provide greater value to customers. So it is prudent for companies to shift from building strategies on old statistical data, and develop much broader and more collaborative strategies, built around real-time customer data accessed from CRM and wearable devices synchronized together.
This will ensure that they can adapt to customers changing needs, wants and behaviors in minutes and rightly be ‘customer-centric’.
While the path to integrating CRM with wearable devices might seem difficult, in real combining these two technologies is easy. Companies just need to develop IoT technologies and how CRM[/caption] around wearable devices and deliver more delightful customer experience at every touchpoint in this increasingly connected world.