From digitisation to monetisation
IOT, Digitisation, we get it, but how are we going to make money from it?
Selling a product is no longer the Holy Grail; having a single touchpoint with your customer at point of sale and then not connecting again until refresh – if you’re lucky – is not what businesses or consumers are looking for.
Not surprising, an industry that has seen a great deal of disruption is embracing this new way of thinking. The automotive industry is no longer looking to sell you a car and hoping that you come back in 3 years’ time and renew. Instead, they are becoming a digital service player delivering dozens of new, revenue-generating applications. That includes everything from maintenance adjustment and emergency response to navigation help and passenger entertainment/movies. Or, imagine being able to transfer all of the setting preferences from your primary vehicle — seat positions, climate control, routing preferences — to another car that you’re renting during a business trip. “Our goal is to disrupt ourselves, and own the customer relationship beyond the car” said GM CEO, Mary Barra.
Digitisation enables you to understand how your customer is using your product and interact with them to enhance their experience, whilst broadening your eco-system to deliver services to them throughout and beyond their journey. The million dollar question is how will it disrupt your organisation or industry, both within and outside of your current boundaries?
In Cisco we are on a similar journey, resulting in us delivering more strategic software and as a Service (aaS) monetisation. When customers ask for a box, it is no longer a case of ‘great, here’s my fax number!’ Instead we need to build deeper relationships to understand why the customer really needs it; what is the business trying to achieve; how are they looking to improve their customer journey and experience, achieve competitive advantage, increase internal collaboration or improve efficiencies. How do they feel about Security? If we are truly here to help our customer’s, it is never as simple as ‘I need some more ports’. As there is so much more we can do to provide both the insight and the platform for monetisation and innovation to transform their brand.
So, if you are looking to monetise, embrace the Why questions to take you and your business to digital monetisation.Tags: