It’s already here. We have all seen how artificial intelligence is playing a crucial role in all business operations, and our daily lives too. Transforming everything from data collection, data processing, and data utilization; from marketing, to finance, to HR teams.
Customer Relationship Management solutions are getting smarter and smarter. Today, CRM is not only a database of clients, but also a digital sales, service and marketing assistant, capable of analyzing data from different channels and reflecting them into meaningful stuff from dashboards, reports and info that can help business stakeholders in data-driven decision making.
With the massive growth of data on daily basis, comes opportunity to get a better utilization of data through machine learning and artificial intelligence. Let’s have a look at four interesting areas AI is transforming customer experience:
- Hyper Personalization
The good combination between AI and machine learning to customize literally every experience is crucial for winning your customers’ hearts. Ranging from visual recommendations, personalized behavioral recommendations for cross-selling and up-selling, and search engine results as well.
Reaching customers with what they are looking for is a key for successful customer experience, winning the prospect and prevents churn of your customer. Tracking customer’s digital footprints, helps you to provide enhanced experiences and personalized journeys for your prospects and customers.
If you bought a credit card, you as a customer would appreciate for a campaign to give you an idea on how to best use it for deals and promotions, instead of an email for buying another credit card. If you are a retailer, you will appreciate add-ons relevant to your product (iPhone cover or Airpods) rather than the same product you just bought (another phone).
- Empowering Self-Service
Customer service departments nowadays are able to do more with the power of artificial intelligence, and accordingly deliver a better customer experience, saving time, manpower, and reduce costs.
AI support alongside of human is empowering manpower to remove the boring aspect, automate it, and deliver a better SLA for customers. For most of the time, AI bots can solve most of the inquiries in a timely manner, which is usually 24/7, and if they cannot, the customer is routed to an agent to help.
Utilizing AI bots to guide customers can be of a great help in finding answers questions to inquiries without the extensive research or typing response. Leading to an enhanced customer satisfaction rates through shorter interaction lead times, every time.
- Increase Sales Efficiency
As a sales leader, utilizing artificial intelligence can be of a great value to help you get the best out of your teams. We all know forecasts can be complicated sometimes, with a good level of automation, accurate and automated sales forecast based on contacts and previous sales outcomes are achievable. This help in freeing more time for you and your team to work on the core need – doing more sales.
A common use case for many sales functionalities, predictive models (lead scoring), that can help teams to prioritize their efforts on what can convert faster for more effective selling. But it doesn’t end here, AI extends to support in content personalization, analytics, as well as the next best action suggestions, no need to waste time on sending a manual email when you could be closing another deal at the same time frame.
- Predictive Analytics:
For most companies, the customer acquisition cost is higher than retaining the existing customer, can reach up to 20x more expensive. With the rapid advancement of machine learning and artificial intelligence, churn prediction projects can help in increasing the retention rates and increase loyalty.
Leveraging Artificial Intelligence in the right way, from predictive analysis, hyper personalized omni-channel experiences, sales automation for some activities, and utilizing AI chatbots, to understand your customer better can take your business to new heights and getting your customers’ loyalty.