Internet of Things: Connection Without Commitment And Loyalty Without Labels

Posted: Updated:

No, this is not another column announcing the latest app for meeting local or global singles, so I apologize if that's why you clicked. However, this IS about the connections consumers have with their beloved technology and how your company can evolve before being stood up.

Intelligent products and services are moving from being standalone entities to connected elements within collaborative webs of intelligent things. This technological teamwork is just starting to show the massive potential to consumers, and we can expect an exponential rise as the Internet of Things continues to grow.

Consumers may be getting used to IoT connected devices; however, the technology still requires human intervention for set-up, monitoring and feedback.

But what if that wasn’t the case? What if we could accelerate this process with intelligent automation?

When you add artificial intelligence to the mix, the value that consumers generate from IoT devices will greatly increase, as the devices become able to make decisions and take action on their own.

While this may sound straight out of "The Jetsons" - the technology isn't a load of asteroids.

What if your bank account could communicate with your online supermarket account? With that connection, your bank account could indicate when finances are tight and flag your supermarket account to suggest value items instead of premium products.

What if your bed could let your coffee machine know you had overslept? Not only would the machine know when your coffee should be ready, but given the less-than-average hours of sleep you got, it would provide a stronger brew that day as well.

Sounds pretty convenient, right?

To take advantage of these consumer perks, businesses must evaluate and strategically plan their approach to IoT and AI. Ask yourself, what does my business offer consumers, what is a common consumer pain point and how could technology alleviate this?

While this may complicate your customer mapping, it keeps your business on the map. If you're not committed to consumer customization, you should at least understand that consumers are no longer committed to you.

With consumer values and expectations changing rapidly, loyalty is being redefined. People expect to mix-and-match, compare the price and quality of similar products, try before they buy, and pay for what they use. Product and service providers must design new engagement models to respond to consumers' desire for flexibility and customized experiences.

The key to success will be to create systems that offer freedom and comfort, while making consumers commit in different ways to establish loyalty. Brands that may in the past have neglected post-purchase customer experiences and ongoing relationship management will find that these elements are now key drivers of loyalty.

It's no longer enough to have a solid product. Your competitors have a solid product as well, and they may already be heading down this path. "Thank you for your purchase" certainly isn't going to cut it if you want a second (or third) go with consumers.

Mark Ohrvall is Senior Vice President and Indianapolis Center Head for Virtusa, a leading worldwide provider of IT consulting and outsourcing services.

  • Perspectives

    • #MeToo, Bullying And What We All Can Do Now

      Indeed, it is an interesting time with so much continuing to come out in Hollywood, the media, other industries, and even our state government related to the sexual harassment of women - women who have remained silent for years. Like those women, I too have been harassed in various ways over the course of my career, even in recent years - and yes, even in top leadership roles. The headline about my departure or the email citing that I was moving on never fully told the real story.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • U.S. Steel 'Renaissance' Spurs $750M Gary Works Investment

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has announced a $750 million investment in its Gary Works operations. The company says the funds are part of a $2 billion asset revitalization effort that will take place over the next five years. Last year, U.S. Steel detailed plans that involved pumping $35 million into Gary Works, which followed the $23 million first phase of its Hot Strip Mill Restoration Plan. The latest investment, the Indiana Economic Development Corp. says...

    • Salesforce Begins Pathfinder, Reorganization Efforts

      Salesforce.com Inc. (NYSE: CRM) is underway with the first cohort of its Pathfinder Training Program that is part of the tech giant's ongoing Indianapolis growth. The company is partnering with Deloitte to provide business and technical training to Ivy Tech Community College students and Hoosier veterans looking to become Salesforce administrators and developers. The program comes as the company realigns its Marketing Cloud organization. In a statement, Salesforce says it...

    • Hoosier Schools Among 'Best Colleges in America'

      Nearly two dozen Hoosier institutions are included in MONEY magazine's rankings of the Best Colleges in America. More than 700 schools are on the list, which was determined by a number of factors in three categories, including quality of education, affordability, and outcomes.

    • Geovani Bonilla

      IU Health Plans Names VP

      Geovani Bonilla has joined Indiana University Health Plans as vice president of medical operations. He previously served as director of utilization management for Johns Hopkins Healthcare.

    • Fort Wayne Radio Icon Butcher Passes Away

      A fixture in the Fort Wayne radio scene has passed away. Charly Butcher spent more than 30 years in Fort Wayne radio with a successful morning show on WMEE-FM and, most recently, as host of "Fort Wayne's Morning News" on WOWO radio. Butcher was 61. Butcher was part of WMEE's popular "Those Two Guys In The Morning" show with Tony Richards in the 1980s. He joined WOWO in the mid-2000s as host of "Fort Wayne's Morning News With Charly Butcher."