Restoring brand value and reimagining consumer relationships
Understanding the impact of the 'Internet of things' (IoT) in boosting consumer engagement and delivering substantial value for both consumers and businesses.
The ‘Internet of Things’ (IoT) can make everyday life better and easier by connecting every day products with people. Used well, connected products can enable companies to (re) engage with consumers and stay relevant. In an increasingly competitive market with brand loyalty at its lowest point, businesses are looking for creative ways to restore the lost connection with their consumer and influence buying decisions at the point of purchase.
This report looks at the trend of diminishing loyalty and the challenges that businesses need to consider to reconnect with consumers in moments that matter – influencing consumers from the point of purchase through to the point of consumption to gain consumer attention and increase brand loyalty. The innovations that will drive IoT technology forward and weave them into our everyday lives are those that evoke the “care factor” by demonstrating real value to the consume. Shifting consumer preferences towards health, wellness, safety and social impact represent an opportunity, even imperative, for manufacturers and retailers to reset and reposition themselves to create an IoT offering consumers really care about.
- Interaction must be quick and easy to overcome barriers to engagement
- Finding the right value proposition for the brand and ensuring that IoT enabled connected products can enhance the offering and add value is key
- Consumers care when misuse of information directly affects them so organisations must consider solutions that are secure, vigilant and resilient
- The right IoT value proposition for each business will take some testing, trial and error - keep experimenting as the pay-off for companies and customers will be significant.