Artificial Intelligence in CRM - All You Need to Know !

Artificial Intelligence in CRM is the next big thing for its immense potential in handling customer relationships by improving aspects like customer demand forecasting, identifying upselling & cross-selling opportunities, lead scoring, performance management  etc.

Talking about the hyped artificial intelligence in CRM, let’s first start with a few statements that we both agree too.

[1] The axiom that if business is a body, the customer is the heart of it. [Checked]

[2] CRM is no more a ‘maybe’ but an ‘essential’ to businesses having growth in their cards. [Checked]

[3] AI development services are making their way right through commercial & domestic spaces alike - literally EVERYWHERE, from ChatGPT to Alexa and every other ‘convenience’ that you can possibly think of. [Double Checked]

Now, the reality is, customer preferences are changing with each passing day & the factors influencing it are diverse - socio-economic, technical, political and more. Now, what truly matters in maintaining customer relationships the best way is, not just how you understand their needs & grievances now, but also how you stay on top of the ever-changing market pulse. While a CRM has been of utmost help in customer relationship management based on the static state of the consumer behavior, but with the extent of change coming in, the quality of servicing fell flat gradually, from being ‘a little less efficient’ to ‘somewhat efficient’ to ‘customer handling gone wrong/ irrelevant’. 

That, dynamic consumer servicing, is pretty much the spot where implementation of AI in CRM brought back the efficiency paired with quality, tracking changes at its root and self-learning & modifying approach towards increasing engagement accordingly. Thus with CRM intelligence prefixing client awareness with ‘smart’, the global data processing, automation, and predictive analysis game is up for a massive spin. To make sure you get onboard just in time and build a loyal customer base larger than ever, read on, or in case if you are all set to find your AI-powered CRM partner to get their expert hands dirty for you now, 

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CRM And Artificial Intelligence - the Synergy

Individually taken, CRM and AI hardly needs any introduction about their potential. While the former, CRM, has been a household name for the growing businesses in managing their customer base, the latter, AI, was an instant hit & has been on an uphill ride ever since. 

The industry-agnostic synergy between cutting-edge generative AI and good old CRM systems is ‘the next big thing’ in the tech block across SMBs & enterprises alike, as it supercharges business processes by bringing the best of both worlds - advanced automation with cognitive abilities and personalized customer handling.

From a technical point of view, your question here might be, ‘supercharge’ ‘synergy’ these are all umbrella terms, whereas a direct answer to why ‘AI in CRM’ over ‘CRM’ would be great. Right? Heard you, mate. Over to it : 

CRM intelligence Vs CRM from an ability comparing perspective, is a lot like iPhone 6s Vs. iPhone 14 pro max. From organizing customer records to accessing the same on-demand, tracking & mapping vital details like demographic information, previous interaction, retrieving purchase history & identifying repeating patterns and much more, AI powered CRM keeps every possible sales opportunity right up the radar and thus, improves customer service way better than a traditional CRM, all which could do was automate. Additionally, AI in CRM also brings down response time to customer queries by a great extent, ensuring humanly answers under almost zero waiting time.

With this intelligent integration at disposal, creating highly targeted lead segments and catering to those in a hyper-personalized way, nurturing relationships with potential prospects has become a cakewalk for companies of all sizes, coming from any industry. All it really takes is a strict eye at updated AI standards and ethical practices going into development and you’re all set to reap the highest benefits.

CRM Intelligence Success Stories

Talking about the success of AI in CRM, it shouldn't be hard to guess that the tech giants across the globe were the first ones among the artificial intelligence adopters. Whether you choose to follow their footsteps or simply plan on taking inspirations, the below examples of Artificial Intelligence in CRM is sure to help you ahead in planning & shaping your solution to manage your customer base better. What’s common in them? These AI bots embedded in CRMs act as a conversational virtual customer service agent and attend omni-channel customer conversations with relevant personalization on content made on-the-go, generating insights & self-learning response betterment in the process. Here goes top 5 of such AI-driven CRMs : 

1. ChatSpot by Hubspot 
2. Einstein GPT by Salesforce 
3. Bing AI by Microsoft
4. Freddy AI by Freshworks
5. Zia by Zoho 
    

5 Hot Use-Cases of AI in CRM

Let’s talk about what AI in CRM makes possible, that a traditional CRM couldn’t do. Of all the ways AI integration in CRM surpasses the capabilities of a basic CRM, here goes a list of top 5 :

1. Identify Repeating Patterns in Customers’ Purchase Behaviour

Using ML algorithms, AI-powered CRMs perform an in-depth analysis on the  historical data and identify patterns in a customer’s purchase behavior as well as interaction with the company’s digital presence over a time. Based on multiple data points collected during the analyzing phase, it can predict the customer’s future behavior, making it easier for businesses to plan a targeted marketing in terms of highlighting sales trends, sharing loyalty programs & referrals etc. leading to better sales through informed decision making.

2. Smart Customer Segmentation for Hyper-personalized Outreach

While a number of opinions make rounds in the tech space relating to multiple subjects associated with business, there's hardly any alternate school of thought when it comes to the impact of customer facing contact customization. Implemented the right way, AI in CRMs helps businesses identify common interests in their customer base & plan dynamic content with segment-specific personalization for effective promotions & outreach.

3. Transforming the sales funnel

The way AI-powered CRMs handle the entire sales process is way more fruitful than the way humans do - pretty understandably, combined power of machine & human’s cognition over just human power, right? 
Thus, with an advanced and highly contextual approach put forward, CRM intelligence assists users in finding relevant information without extensive navigation, finally leading to increased customer satisfaction & company profitability. 

4. Virtual Assistance 

With the ability to comprehend natural language simulating human understanding, NLP algorithms enable a CRM to provide seamless virtual assistance 24*7. Facilitating an interactive and conversational approach towards managing customer queries & interaction, it adds up to the overall customer support experience with higher efficiency. Besides, AI in CRM significantly improves responses for customers leveraging social media data to determine customer sentiment and emotions. As a result, businesses gauge higher customer satisfaction and address potential issues without any delay.

5. Prevent Customer Churn & Increase Engagement

“The last pair of double monk straps are waiting in your cart. Checkout before someone else does!”
I am sure this isn’t the first time you’re reading a notification like that. With a constant eye at each of a customer’s moves on a platform, an AI-powered CRM effectively points out which customers are at a higher risk of churning & recommend the most strategic next-course-of-action to prevent the same. By proactively engaging with those flagged accounts, retaining them becomes easier than ever.

What Does AI Do Better than your Manual Workforce?

Let’s face it - machinery abilities always took an upperhead compared to manual abilities, the only place it lacked was emotional intelligence. With time as advancements ushered right in, artificial intelligence stepped in the tech world & made the line blur steadily until it finally surpassed the same, through highly data-backed sentiment & visual analysis. Here’s how it impacted when AI was integrated into CRM : 

1. Faster & Factual Content Creation
2. Crisp & Accurate Report Generation
3. Personalized Bulk Email Scheduling 
4. Ready Insights to Feed Informed Decision Making
5. Data Cleansing & Refined Data Retrieval
6. Sales Call Analysis & Improvement 

Wrapping Up

That’s a lot, but that was snackable, right?
Now that you know the nitty gritties upside down, it’s time to jump right onto the execution phase. 
Bonus time : helping you out with a PoA!
First, pen down your customer relationship management needs - what they want, where your business differs in value proposition, where all you’d like to put more focus etc.
Next, avail a free consultation to get a roadmap built around your needs with a free estimation! 

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