In this era of information and technology, two technologies became integral part of our lives, well at least for the younger or tech savvy generation, mobile phones and social media. Such is the power of these two, that business were forces to integrate these in their marketing and customer support strategies. Social media has become a place for today’s customer to hangout, so it has also become a place for today’s enterprises to advertise their products. From cosmetics to films everyone has a presence on the social network.
Customers today do not spend money out of brand loyalty their forefathers once showed. Instead it now depends on information, reviews and, at times, practical demonstration where possible. This forced businesses to make analytics a part of their marketing strategy. A quick statistical analysis of performance, cost and comparison to rival product is helping the consumer make a quick and informed decision. High and global availability of information and it’s compatibility with various devices became cost effective with cloud technology. While each of these four are capable for enhancing the business on its own, integrating these four together as a stack has changed the way businesses are looking to maximize their customer base, enhance brand value and off course, profit. Social Mobile Analytics and Cloud – SMAC, the new four-letter word is now on every entrepreneur’s lips, IT companies included!
So where is this useful?
Almost in every walk of our digital life! Take for example, a bank.
Social media can help banks engage their customers in a frank conversation and gain insights into their spending habits, likes and dislikes etc. and to provide a personalized solution to help his banking needs thus boosting his loyalty and gaining in reputation. This a far cry from the one-shoe-fits-all policies the banks applied just over a decade ago.
Mobile or internet banking is not a novelty any more. It is an essential service customers expect from their banks. This also works for the banks. The queues at counters have become shorter, branches have become smaller, less staff at branches, transection data directly stored on the data bases, and minimum paper work has reduced operating cost at branches.
Analysis of all the data from the above two helps banks plan their future strategies at deploying personalized solution for the customers.
Cloud technology provides a platform to deploy these solutions on global scale and at reduced cost.
Healthcare and insurance industry has already embraced this technology big time. It is not a strange sight to find a doctor or a nurse roaming around in an hospital with a mobile device (a tablet or a smart phone) consulting patients, churning out prescriptions, scheduling appointments, etc. or for an insurance broker to quickly display a graphic of various polices on offer and how the value grows with time.
Nothing is more pleasing to a customer then being offered personalized service. And a satisfied customer is the best business strategy of all.
SMAC technology is spreading faster than any other in the recent past. Some experts in the field have predicted that by 2020 SMAC will account for $5 trillion of the total spending by customers.
Social collaboration is expanding the way people interact with one another and businesses. Mobile devices have enhanced customer’s reach to information from various sources. Mobile applications will help businesses reach these customers and interact with them at personal level. These applications can also collect information regarding what customers say about their products. SMAC technology will help companies to move into high-margin businesses due to its global reach, low overheads and high availability.
Tech Savvy businesses have already recognized the need to recreate their businesses against a backdrop of tremendous economic volatility. We at Cognosys would like to propose solutions that highlight how and what to change and provide advice, guidance and some technical recommendations on how to modernize your business in line with new opportunities and challenges.