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Disruption: Are We Ready for the Business of IoT?
Will 2016 be a year of disruption or innovation? For some businesses, disruption will come in the form of new businesses and new business models challenging the very behavior of how, when and where customers engage with brands. Digital transformation is increasingly influenced by new digital business models, which have played an increasingly visible role in the digital marketplace, with subscription brands like (like Netflix, Apple Music, Birchbox and the Dollar Shave Club) and pay-to-access business models (including Airbnb and Zipcar). The Internet of things (IoT) promises to open the disruptive floodgates, with unsuspecting industries seeing the model take hold in unlikely places.
Consider new business models within healthcare, where providers no longer need to heavily invest in equipment, instead paying incremental fees for as-used services of X-ray equipment and advanced monitoring systems. What was once a traditional business model of equipment as the end product has now given way to multiple business models powered by connected devices.
The new normal is that customers across both B2B and B2C industries can now choose to buy in the exact way that suits their convenience. These new pricing innovations can forever disrupt an industry—or forever ruin the customer experience if executed poorly.
The tremendous opportunity within these disruptive models, from new products to new services, is a huge motivator. Can we envision a world in which our products are free but our revenue is derived from incremental service sales? Can we see a revenue stream waiting in a recurring revenue model that leverages sensors and the IoT to optimize services, from directions to automotive services?
The possibilities seem endless, but the opportunity could rapidly diminish unless the strategy and payments are mapped and enabled. In this webcast, the CMO Council, in partnership with Aria Systems, discussed new ideas, new opportunities and the role marketing must play in ensuring that the customer experience is managed and optimized, from the point of engagement through loyalty.
Liz Miller, SVP Marketing - CMO Council
Sean Rollings, VP of Product Marketing - Aria Systems, Inc.
Jason Mann, Director of Product Management - SAS