December 19

IoT Business Tips: Leveraging Technology Against Strategy to Expand Customer Retention

IoT business sustainability and expansion can really help a wide range of businesses. CEOs and CTOs of IoT agencies should consider several reasons why in order to most effectively inform their conversion strategies.

Starbucks provides an appropriate example. The owners originally focused on smells, sounds, and atmosphere to initiate buzz, security, and brand specificity. But eventually, Starbucks found themselves at a ceiling. Getting through it required innovation. One way they expanded beyond their previous ceiling was the Mobile Order & Pay feature. This was added to their app. What it allowed customers to do was make an order before they ever reached the shop. You don't have to be Nostradamus to see how that worked. Starbucks clients already had a schedule to keep in most cases. Making it easier to keep that schedule in such a way made them love the coffee shop even more.

When it comes to your IoT company, you want to provide services and products that give your clientele access. A good way to do that is to see what kind of people constitute primary clientele. This will help you better meet their needs. An additional lesson from Starbucks here that is extremely applicable is the use of IoT tech in compatible, organically-innovated applications. It's only natural for a cellular device to expedite payment and delivery of goods. Demonstrating such value to potential clients can help them see why IoT is ideal for them.

The IoT Revolution

Your IoT business provides a lot of advantage for diverse clients. The Internet of Things brings much convenience and expansion potential to them. Data of the type which becomes available via IoT can be used to fundamentally transform most businesses. This provides your clients value and convenience.

Providing these two things is one of the most important components any IoT agency can do for clients. You want to give them more value than competition. Additionally, you want to make that value convenient. Without convenience, value loses value--- strange as that sounds. If you've got to climb a mountain to get a cup of free coffee, you're more likely to pay ten dollars at the foothills. But if you can get a ride to the mountaintop for five dollars, maybe you'll make the transit--- and then you get to have your coffee and drink it too, in the midst of a gorgeous view.

With IoT, clients can expedite manufacturing, decrease transit costs, decrease shipping costs, streamline supply lines and infrastructure, optimize employee operations, and facilitate more secure networks through computing innovations. Edge computing, for example, is basically a private cloud floated on IoT devices which each process some quotient of data.

Demonstrating Convenience and Value

What you need to do in order to increase clientele and retain those who are already part of your business is communicate to them how and why what you do is valuable. A great way to do that is numerically. Get some of their operational numbers. For example, if you're trying to sell certain IoT solutions, you might ask potential clients the costs annually pertaining to distribution and supply. Beforehand, do a calculation which silhouettes known averages; this will help you "lead the witness"---they're likely to forget some collateral expenses. It's probably safe to say businesses who have the most minimal supply solutions spend $100k+ a year in vehicular acquisition, travel, and maintenance. If you can provide them more cost-effective operations through data analytics streamlining operations, that's convenient value. If you can expand that convenience by showing how IoT can cut infrastructure costs, operational costs, shipping costs, and other related expenses throughout your target client's business, you're likely to increase client retention and purchases. Furthermore, proper marketing of such practices (publicly posting reviews, etc.) leads to an increase in new client conversion.

IoT Optimization for Your Clients

IoT business is booming. In less than three years, there will be more than twice as many IoT devices on the planet as there are people--- that's over 16 billion. It makes sense; IoT users experience convenience, value, and collateral benefits. Provide these things for your clients and increase your competitive edge.


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