Harvard Business Review (HBR) June 2015
- Internet of Things (IoT) is changing how we manage customer relationships.
- CRM is going beyond the transaction to capture the details of the customer’s actual experience.
- The vivid view of the end-to-end experiences is rapidly changing how people think about, measure, and manage their customer relationships.
- IoT is gaining acceptance. People are accepting (giving up things about them) in return for getting a greater set of expectations met (getting more in return).
- The information to track this gets complicated quickly.
- The measurements of yesterday need to be overhauled to understand where customers are on their acceptance expectation path.
- There needs to be a common method for getting a handle on the customer (and employee) experience journeys.
Our Point of View:
- IoT is gaining traction in the Business-to-Consumer (B2C) World.
- Consumer purchasing is much further along the acceptance expectation path than Business purchasing.
- The IoT is too narrowly defined. It should be defined as the “Internet of People, Places, and Things” (IoPPT).
- The broader definition (IoPPT) must be used to understand the dynamics and complexities of Business-to-Business (B2B) experiences.
- Business executives are willing to be accepting (giving up things about them) if they believe their expectations (getting more in return) will be met.
- A distinct competitive advantage awaits those B2B sellers who take the time to understand & capture the experience journey their prospects/customers go through when assessing and deciding their business priorities, requirements, and criteria for measuring success.