As the Internet of Things (IoT) continues to grow and evolve, consumers are more connected than ever, transferring information over vast networks without the limits of time or space, and leveraging this capability to communicate with each other and manufacturers to voice their opinions and share their experiences—directly influencing brand loyalty in the process.
While such exchanges provide ample opportunity for customers to glean audience insights, purchase preferences, and buying trends, organizing such inputs is no simple task, chiefly because there are 2.5 quintillion bytes of data generated daily.
For businesses that plan to engage in this new paradigm from a sales and marketing perspective, it will be critical to have a CRM system with powerful business intelligence and data analysis tools that not only enable them to track and monitor consumer data across the IoT, social media streams, and mobile/wearable devices, but also help users determine patterns and trends from this information that can be used to predict future actions and drive more compelling campaigns.
Known as predictive intelligence, this capability is quickly becoming a key component in CRM implementations. In fact, Gartner reported that through 2015, predictive and prescriptive analytics (intelligence that attaches recommended actions to analytical insights) will account for at least 50% of the business value of business analytics projects. The extent to which companies leverage this capability can directly influence their ability to perform the following strategic functions:
Find and Optimize Niche Markets
Through predictive analysis metrics, manufacturers can identify unique spheres of influence, and then tailor their marketing campaigns and sales strategies to reach those consumers more directly and effectively.
Monitor Incoming Leads
With so many channels and avenues available for consumer interaction, it’s important to strategically plan communications for maximum impact. What works for one company might not work for another, and outputting data onto every social media channel isn’t always the most effective route to customer engagement. Predictive analysis helps companies monitor web leads, such as ones generated through Google Adwords, to see which approaches are successful, and which need to be tweaked for more success.
Create Personalized, Targeted Marketing Campaigns
As more and more shopping experiences transform from in-store to digital, the loss of human interaction doesn’t have to mean a lack of connectivity. With every click, swipe, or window open, customers are providing valuable insights into their preferences, and funneling this data directly back into your CRM system means it’s always saved and accessible, so marketers can create campaigns that speak directly to their audience’s tastes. Many systems, such as the Salesforce Predictive Intelligence tool, even feature advanced algorithms and business rules that take this data a step further, using it to make real-time predictions for the product, offer, or content best aligned with each customer.
In essence, while the IoT enables a more connected, always-on world, the relationship between the manufacturer and consumer has never been more direct, and while these interactions are essential to moving business forward and ensuring a competitive brand advantage, equally important is leveraging the power of CRM predictive analytics to capture and track these connections and turn them into valuable guides for company growth and customer satisfaction. To learn more about how partnering with our seasoned CRM consultants can deliver this functionality to your business, please contact any member of our consulting team at firstname.lastname@example.org. We also encourage you to contact Tokara’s VP of Business Development, Mark Fillingim, directly at +1 972-719-0213.
“Predictive Intelligence,” Salesforce, http://www.salesforce.com/marketing-cloud/features/predictive-internet-intelligence/.
Eric Berridge, “2015 CRM Predictions to Fire up Customer Success and Growth,” ComputerWorld, December 19, 2014, http://www.computerworld.com/article/2858299/2015-crm-predictions-to-fire-up-customer-success-and-growth.html
Sanj Bhayro, “These Are The Sales Metrics that Matter: A Sales Director Q&A,” Salesforce UK Blog, February 24, 2015, https://www.salesforce.com/uk/blog/2015/02/these-are-the-sales-metrics-that-matter-a-sales-director-qa-.html
“Gartner Says Actionable Analytics Will Be Driven by Mobile, Social and Big Data Forces in 2013 and Beyond,” Gartner, February 11, 2013, http://www.gartner.com/newsroom/id/2332515