The short answer to this question is YES, but it depends on certain parameters, which can be identified by asking yourself a few initial questions:
- Does having ‘more’ data mean that it is better quality and more accurate?
- Are you asking the right questions?
- Are customers honest in their responses?
- Are businesses ready to listen and act upon the results?
Since IoT is a rapidly expanding world of connected tools, techniques, methods, devices and opportunities, there are many data collection solutions for every research question and budget. As an example, if information flows both ways, it could include: Video to Voice, Smartphones to Surveys, Artificial Intelligence to Intelligent Articles, Wearables to Wi-Fi, Beacons and Bluetooth, RFiD, NFC, and everything in between.
There is no amount of customer feedback or market data alone that will salvage a struggling product or service. For market research to be of value, it must be actionable, accurate and affordable. In order to take the mystery out of your business performance, you must be clear on your data requirements and base your decision making upon real-time actionable insights. Your resulting activities will be validated, and will ultimately build quality long-term loyalty from your customer base (i.e. more revenue).
Make sure you are collecting useable data, and keep in mind,that IoT Customer feedback solutions are some of the easiest ways to collect the data you need to define and solve your customer problems. If you are not checking them out now, you can be sure that your competitors are!
In this sense, business is about execution and understanding that not every situation is perfect all the time!
For example: 80% of CEO’s believe they deliver a superior experience and only 8% of their customers agree [ Source: Bain & Company, 2005, ‘Closing the Delivery Gap’ ].