In this video, Bruce Sinclair explains how the brand, manufacturer, and enterprise can use the Internet of Things to establish a deeper and more meaningful relationship with their customer.
- [Instructor] Until now, we've had four main ways to gather customer feedback. We've used focus groups, surveys, social signals, and customer visits. All were done after the fact, with varying degrees of accuracy. Instrumentation or the application of sensors changes everything. Internet technology can not only digitize how the product is consumed, but it can also digitize the way the product's being consumed. With IoT, we've got a direct connection with the product and therefore to our customer and what they're doing.
Getting to know the customer is all done through modeling. The longer we're attached to the customer, the better the models are. We use three main models. Usability models tell us how the customer is using our product. Utility models tell us what our products are being used for. Performance models tell us how efficient our products are. The Internet of Things is a product manager's dream. It provides a 24-hour-a-day, seven-day-a-week window into the customer's world.
Using IoT properly offers insights into the customer's business that can be used to establish a win-win relationship, one that is better for the customer and more profitable for the vendor.
- Creating value with IoT
- Value modeling
- Operating products better
- Monetizing value with IoT
- Using IoT to become closer to the customer
- Product business model
- Increasing customer lifetime value