2 min readLeveraging data to increase customer retention Customer retention is getting harder by the [...]
Customer retention is getting harder by the day. Customers today have higher expectations than ever before. Consumers and businesses alike seek differentiated experiences based on trust and understanding. They respond to experiences that are:
Customer retention has become a priority for businesses as brand loyalty has dwindled with the rise of connected, agile, customer-focused products. But while connectivity equips companies with an outlet to measure customer satisfaction, it does not help deliver a differentiated experience.
Staying relevant in a fast-paced market means more than just providing the right price or a good product to keep customers coming back. For businesses to keep up, they need to evolve with customer needs.
Companies who rely on customer centricity as a key differentiator have to recognize what that really means. It means understanding the customer, and you have to leverage data to do that. IoT analytics are absolutely core to delivering personalized experiences for customers at scale.
Rotimatic – a smart, fully automated flatbread-making device – leveraged product usage and performance data to reduce churn, drive brand engagement & ultimately increase customer retention. Read more about it in our case study.
To propel a connected product strategy, companies like Rotimatic need to enable actionable insights that deliver value to the different stakeholders – product, operations, services, etc.
Some of the cross-functional benefits IoT analytics enable include:
A recent Harvard Business Review (HBR) study found that 58% of companies have seen a significant increase in customer retention and loyalty after using real-time analytics. IoT analytics empower companies with a better understanding of usage throughout the customer journey.
Companies who effectively use engagement analytics benefit from an increase in customer retention and loyalty, revenue growth, and speed-to-market.