3 min read
Internet of Things (IoT) and Artificial Intelligence (AI) - both are terms which are picking up steam in our daily lives. Both show tremendous promise in helping businesses engage better with customers and improve customer satisfaction. But how well a business can use it still depends on how intelligently they can process and use the data captured.
Nowadays, with growing competition, the only way a business can survive is by competing on customer satisfaction. Luckily, with the number of technology advances available to businesses, they have a whole set of tools to help them create and maintain an amazing relationship with their customers - and they can do this really fast.
Here’s some ways you can incorporate IoT and AI in your business strategy for improving customer satisfaction.
1. Using the power of Big Data
Big Data is a magical. The term is used to explain our potential to make sense of the humongous amount of data at our disposal. With Big Data, you can gain insights in ways, which till a few years back weren’t even possible. The guessing game about customer satisfaction is officially over. Companies can plan their marketing campaigns, product lines, product features based on data they capture. And this is an area businesses cannot ignore any longer.
With Big Data, the focus has moved from “Is it working” to “How can it work better”.
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2. Personalizing the experience
Research says that in the next 10 years, a vast majority of customer management will be done without any human interaction. This may sound strange considering we are talking about automation and personalization in the same breath. But the fact is that personalizing customer experience is becoming increasingly possible due to automation and big data analytics. This includes personalizing marketing campaigns, responding to customer queries accurately, “guessing” what the customer will need before they ask and upping the service for an unhappy customer before they get a chance to ponder and go to a competitor.
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3. Automation done right
Big Data is only getting bigger by the day. Due to this, automation will play a huge role in your customer satisfaction strategy. When done right, it can help make sense of the massive data collected almost in real-time. Automation can help a business sort through, process and take action on data collected from a customer. In today’s fast-paced world, customers want answers now (or even yesterday!) and automation is the only way that can happen.
If you still think machine learning, AI and chatbots aren’t quite up to the mark yet, think again. When implemented right, these platforms work with amazing accuracy and it is learning everyday and only getting better. Facebook’s DeepFace is now 98% accurate and IBM’s Watson is 2400% smarter than it was 5 years ago. The intelligence of responses provided by chatbots and personal assistants is surprisingly accurate these days.
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4. Nurturing customer relationships
Till some time back, the point of sale was the only place of interaction a retailer had with customers. But now, with an interconnected world, that point of sale is just the beginning of a business’s relationship with its customer. By analyzing a customer’s data and incorporating the response with chatbots and smart speakers, this relationship can be grown - and that means something.
Any consumer business will tell you how emotionally connecting with customers increases their overall satisfaction and thus the business that they bring. Isn’t that all that we strive for? With the use of IoT and AI, businesses can strive for better customer satisfaction without reducing the productivity of their human workforce.
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That is not all
Customers are not the only ones who benefit from a good AI and IoT strategy in a business. When used right, the data gathered also helps create a vision for your employees. It gives them a better perspective and work with better-defined goals.
NewGenApps has been working on various Machine Learning, AI and chatbot platforms helping both startups and enterprises with their Big Data strategy. If you are looking for implementing a big data solution to help realign your business’s goals based on customer expectation, do get in touch.
So use IoT and Artificial Intelligence to help your business increase customer satisfaction.