Customer Relationship Management & the application of AI

“Happy customers are your biggest advocates and can become your most successful sales team.”

– Lisa Masiello

Turning prospects into loyal customers is not easy.

Efficient & effective strategies are required to reach out to the customers & enhance customer experience.

What can we do?

CRM

( Customer Relationship Management) solutions can help a lot. CRM software can help you to increase sales by keeping an eye on customers, from nurturing leads to closing the sale & maintaining customer loyalty.

What are the qualities to look for in CRM software?

 

1. Workflow Automation

You can look for software that allows you to set up custom rules & comes with sales force automation to help your sales team be more productive. It would save time & costs.

2. Customer service

While selecting CRM software, you may look for the following features to enhance customer experience:

● Provides a 360-degree comprehensive view of customers that shows all relevant information about a customer from the first point of contact

● Automatically tracks all points of communications, from lead acquisition to closed sales and sales histories

● Record website visits, purchase histories & other activities for future reference.

● Automatically send customers acknowledgments of their inquiries & messages to enhance customer engagement.

3. Sales Forecasting

CRM software with this feature can help you to forecast future sales based on the data from the current pipeline. You could also alter your marketing plan based on the sales forecast.

4. Lead Management

A lead management feature can help you to find your leads and the actions taken along the sales cycle.

5. Reporting

Reporting is the feature that brings the results of your sales & marketing efforts altogether.

An appropriate CRM will give you information like

● The number of leads that came in during a particular period of time.
● The number of sales generated during a particular period of time.
● Which of your sales agents closed which leads & how many they closed in a certain amount of time
● The number of outbound calls being made

Keep these points in mind when you select CRM software for your business.
CRM tools offer accurate sales insights & help companies to take efficient decisions in sales processes.
The varied types of technologies also help to make the task more organized & easy.

Is Artificial Intelligence useful in CRM tools?

With the increased volume of unstructured data & the growing complexity of customer relations or processes, AI technology is becoming a necessity in CRM systems to enhance the customer experience.

What are the applications of AI in CRM?

Marketing

1. Lead Qualification

In this process, AI-powered CRM tools will be able to automate the majority of analyzing needs.

2. Sentiment analysis from customer inputs

AI-powered tools can analyze customer conversations during calls or messages. These tools will assess the emotional state of customers using sentiment analysis.

3. Accelerated Content Production

With the integration of natural language platforms, CRM could automatically manage personalized messages, reviews, or client reports.

4. Recommendation System

When a CRM system analyzes customer data to understand the customers better, AI will try to understand the needs or preferences of the customers to provide a personalized experience.

5. Capturing quality leads

If your goal is to find high-quality leads that transform into profitable customers, AI-powered CRM tools will be of immense help to the process of sales. It could gather the appropriate leads from multiple sources & track the movement through the sales funnel.

Sales

1. Sales Forecasting

AI will be able to detect sales patterns in data & will be able to provide more accurate forecasts on sales.

2. Predictive Lead scoring

The customer data like geographic data, demographic data, activity data & web behavior can be analyzed by AI tools to understand the buyer’s readiness.

3. Customer Churn Reduction

AI can move through the customer data & analyze the reasons for customer churn.

The list of applications of AI does not end here. It can also be used in office tasks as well as in intelligent call routing.

Wrap up

The large volume of data and the increasing complexity of customer relations make the application of AI a must these days.

Facts

Here are some facts that we need to understand :

1. Only 12% of CRM users use AI-powered CRM tools in their businesses.

2. 30% of business-to-business companies will employ AI in their sales processes by 2020 – 2023.

Let’s increase the application of AI to enhance the customer experience and the growth of the business.