How AI-powered CRM will Improve Your Business in 2020

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How AI-powered CRM will Improve Your Business in 2020
by Anastasiia Dyshkant

 

These days, companies are facing the toughest challenge of handling data that meets the needs of consumers. The main reason for this situation is customer engagement, which produces more data.

 

There is a possibility to change these challenges into new opportunities. One of them is the integration of CRM with AI.

 

 

Benefits of Customer Relationship Through AI

 

In this intensely competitive business world, Artificial Intelligence (AI) has enormous potential. When it comes to implementing AI in CRM, there are countless possibilities on how to effectively direct the enterprise. 

 

According to Statista.com, by 2021, the US could have an additional $394 billion in revenue from widespread AI implementation. Let’s look at the main benefits of AI-powered CRM.

 

  • Personal assistant for each customer

 

AI-powered CRMs will fill in for your service representatives and give your clients 24/7 remote support. The Virtual Assistant handles and automates routine activities, customer interactions, follow-ups, and more. 

 

AI records and captures conversations in boardrooms or team meetings, takes notes, schedules follow-up meetings, and shares access with key stakeholders.

 

For a CRM program, basic data inputs include demographics, the lifecycle of transactions, user behavior, and so on. The advanced-level algorithm learns and processes the data to gain useful insights from customers and eliminates human errors.

 

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  • Personal communication

 

The data collection process would be unsuccessful if the raw data are not obtained and analyzed by algorithms. Essential segmentation data inputs include a history of transactions, online behavior, demographics, and so on. Those insights are used by companies to segment customers according to their specific value offers.

 

The AI platform effectively learns from purchasing history to segment data and generates leads of high quality. 

 

The CRM framework collects valuable data by sending personalized messages at the right time and by providing a quick response through the correct channel of communication

 

In the case of a new transaction, a customized message has a higher chance of having a positive impact in lieu of push messages.

 

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  • Customer retention

 

AI platforms let you build buyer personas based on factors that influence a customer’s final buying decision.

 

A well-defined buyer persona can help you connect smoothly because you know what to ask and when to ask it. The machine issues notifications about lost customers or hot leads. You may also agree on the most appropriate contact channel- email, SMS, search engine ads, etc.

 

Advantages include enhanced operating and transaction performance, increased customer satisfaction, higher retention rate, and integrated relationship management.

 

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  • Boost ROI

 

A CRM with built-in predictive analytics benefits companies in many ways, but predictive lead scoring may be the greatest amongst them. 

 

Predictive lead scoring is a method that uses an algorithm to display all the data you have obtained in your CRM (contacts, work description, revenue) and external data found in the wild (your website, email marketing efforts).

 

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  • An optimized sales rate

 

Organizations may build detailed customer profiles that are required to buy products, using smart data processing and automated data entry. 

 

If the habits of consumers are identified, the companies may implement tailored measures where intrusive advertising is avoided and real effective services are given. 

 

This strengthens the positive image of the products and thus improves sales leads.

 

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  • Save time and money

 

An AI-powered CRM removes more repetitive and boring tasks like inputting and cleaning customer data. Simplicity should be considered when determining if you need an AI-powered CRM. The total amount of time saved by using AI can be staggering; the activities that take you hours take minutes instead.

 

If you use a CRM to its fullest potential, keep all the customer data up-to-date and run regular audits to ensure clean data stays. 

 

This is just one example of how an AI-powered CRM could save you time. With the automation offered by an AI-powered CRM, you’ll be free to do what’s really important– closing deals, meeting possible new leads, and ensuring your customer’s satisfaction.

 

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  • Multi-task completion

 

All standard channels of communication such as phone calls, texts, and emails can be managed by customer support or service. When an AI-driven system is available, it manages all the key aspects including voice input options. 

 

It can recognize new opportunities, respond to queries, and even resolve minor problems. The program will also consider consumers searching for live customer service rather than other ways to solve it.

 

Multi-tasking is the system’s main feature, which can solve several problems simultaneously. The AI-powered CRM is valuable, as it involves clients and provides solutions for immediate queries.

 

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To Sum Up

 

Now you know reasons why you should employ the AI solution in running your business. AI-powered CRM has various benefits to make your business succeed.

 

To find out more about CRM trends for 2020 you can here. If you have any other questions contact our experts.