Customer life cycle management is creating, cultivating, and constantly improving a company’s relationship with its customers. It is vital to implement customer life cycle management in today’s dynamic marketplace where the competition is fierce to take customers. Customers have plenty of alternatives and the click away data is making their buying decision process easier and faster. On the other hand, the evolution of technology is revolutionizing the industry with the connection of all available information, things and people for a better understanding of the customer to maintain a lifelong relationship with them.
Industry 4.0 explores different possibilities to minimize wastage, reduce of pollution along with enabling much faster and flexible manufacturing systems. This industrialization requires the adoption of technology as the Internet of Things which connects all devices, people over networks to collect the data about and further at entirely different level processes to perform other tasks. The dictionary meaning of IOT is given as “A proposed development of the Internet, in which everyday objects have network connectivity, allowing them to send and receive data.”
Indian Automobile Industry is growing at a very rapid pace at a CAGR of 6.71 per cent between FY 2013-2019. This rapid growth leads to cutthroat competition forcing manufacturers and other channel members at different levels in the marketing funnel to add value at each stage. At the same time, customers are searching for much safer vehicles for their mobility. Also, they are in search of the simplest solutions for the traffic and parking of their vehicles. All this thus demanded the automobile sector to adopt IoT in its Product Life Cycle and customer lifecycle.
This paper examines the application of IoT at various stages through reach, acquire, development, retain and advocacy in customer life cycle management in the automobile sector. Through this paper customer perception towards various IoT tools and applications adopted in their respective four-wheelers are analysed. For this purpose, this study is designed and both descriptive and exploratory types of research are deployed.
For this study secondary data from all available automobile manufacturers’ data is employed along with auto sector reports and journal papers. For analysing the customer perception, a quantitative study is taken with a four-wheel customer sample size of 180 from Greater Visakhapatnam city.
The study concludes that the companies as taken in the study are highly benefited by Adopting IoT in their not only manufacturing but in their marketing in general and customer life cycle management in specific. With the application of IoT at Different funnels in their customer lifetime value cycle management companies can now focus more on delighting customers. It becomes easy for the company to understand the customer behaviour with the IoT in their system which is otherwise a complex and perplexing process. Luxury cars adopting IoT applications such as rear-view cameras, proximity sensors to name a few are making safety, security and surveillance their primary drivers. The study also finds that customers are early adopters and are always searching for a better and comfortable version of IoT for superior experiences.
– Article contributed by Jeevan Pusarla