In this article Ric Merrifield describes how CRM is evolving, and how the Internet of Things (IOT) can be used to get a more complete picture of consumers. Merriefield discusses how CRM pervades the way many companies track and measure interactions with other organizations, and also internally across many departments: marketing, sales, customer service, support, etc. When CRM strategies utilize big data and IOT, companies can use interactions to see into every detail of customer experience. Companies will be able to see: when customers enter a store, how long they stay, what products they looked at, etc. This increase in analytics not only changes the insight companies gain from their customers, but also heightens the expectations of the customer. This vivid view of the end-to-end customer experience is rapidly changing the way companies think about, measure, and manage their customer relationships. Check out the rest of the article to see ways technology can help companies utilize data to better serve consumers, and increase positive experiences; which translates to increased profitability.
Read the full article at hbr.org.