AI-powered Data Analytics enables predictive analysis, to give companies greater ability to customize their sales solutions and marketing strategies
Most marketing technology brands like Salesforce and Oracle have assimilated some sort of AI augmentation to their offerings. They have either acquired or developed sophisticated AI technology to garner better customer insights from their data. Clearly, they have done their homework well. A Salesforce report has derived that by 2021, efficiencies, driven by AI in customer relationship management (CRM), will increase global revenues by $1.1 trillion.
Here are three ways in which AI-powered CRM can benefit businesses.
Predictive analytics boosts ROI
According to Gartner, there has been a growing interest in predictive functionality from marketing technology in 2019. With AI-powered CRM, businesses can get access to predictive lead scoring -using algorithms to accurately study data collected in CRM. The tool uses this data to identify the precise customer fitment in their sales funnel, and then determine whether leads are qualifiable or not.
The predictive lead scoring tool goes through the available data to find trends about client behaviors. With the help of predictive analytics, businesses can gain new insights into customers that can be used to craft precise, customized sales strategies.
Don’t ignore natural language processing
Natural language processing (NLP) is being used by businesses to maintain excellent customer relationships using various manners of communications from different channels of engagement such as phone, email, and live chat.
This tool is particularly useful for businesses with teams dealing with irate customers that have escalated issues. Even if the companies have a small team with knowledge about how customers are feeling, it will help to start the interaction with customers from a place of understanding. This will help companies handle or de-escalate situations with clients and will lead to higher retention.
Save money and time
An AI-powered CRM tool eliminates mundane tasks such as inputting and cleaning customer data. It can perform the role of virtual assistants for all levels of employees thereby helping them improve their daily productivity. Applications within AI-powered CRM tools will be able to determine the context, urgency, potential business value, and the right technical teams to service the request. This smart routing of workloads will help enterprises set better customer service quality standards.