CRM has already become the biggest software market in the world, and is showing no signs of slowing.
By 2025, revenues are expected to exceed $80 billion and it’s easy to see why. CRM provides a huge range of benefits, allowing companies to access customer data in real time and streamline internal processes, while also providing that all-important highly personalised experience today’s customer expects.
Even with all these capabilities, it’s clear we’re only at the tip of the iceberg when it comes to AI’s potential for CRM. At redk, we understand the importance of optimising every aspect of your CRM to boost its performance and drive steady growth into the long term. Read on to discover how AI can help you get that extra edge on the competition.
2018 was touted as the year of the chatbot, and for good reason. Chatbots are an excellent tool that provide a multitude of benefits across all business operations. Two of the most obvious advantages of chatbots are their ability to free up sales agents and empower the customer to find answers to queries on their own. In addition, chatbots are able to collect a huge amount of data from a variety of sources. This data is used as a reference to interact with users, and provides an invaluable source of information to be analysed and activated.
One of AI’s defining features is its ability to self-improve over time, and the importance of this should not be underestimated. As the bots continuously process data, they become increasingly personalised. This means the longer they are in action, the more holistic an experience they’re able to provide, driving both customer loyalty and sales.
Virtual assistants are productivity-boosting godsends, helping employees maximise their time and cut down on repetitive tasks. For example, virtual assistants can generate automatic customer responses, draft standard emails, streamline data-capture activities and automatically engage in lead follow-ups.
This kind of automation helps forecast sales and organise call lists. Once more, the accumulation of data is essential to driving virtual assistants to continually improve. Thanks to their access to the information database, they allow sales teams to build even closer relationships with customers, meaning they can decide the correct course of action at any given moment.
AI is truly boosting the whole realm of lead prioritisation. Thanks to intelligent algorithms, your audience can be divided into different groups, according to their gender, location, purchase history and web behaviour, alongside other characteristics. This means that AI-assisted CRM will be able to learn from a customer’s profile and qualify leads accordingly, making decisions based on historical patterns.
The benefits of this come back to personalisation—the overarching genius of AI-powered software. Provided your CRM is properly implemented following the advice and specialist knowledge of experts like redk, your message will become increasingly personalised when directed at any potential lead, allowing you to resonate more deeply with your target.
Predicting Your Trajectory
Businesses often struggle to build accurate roadmaps for both leads and deals. With AI technology, you can plan more detailed roadmaps, using the information provided to follow strategic steps at every stage of the customer journey.
AI-powered systems are capable of making suggestions to all sales agents. This leads to smarter individual reactions, as well as coaching the whole team towards achieving better results in any given situation. Incredibly, this can extend to voice calls, where a customer’s tone of voice or use of a specific word can be identified as they speak. Not only does this information help sales agents in that specific moment, it also allows for more tailored and productive follow-ups, helping build more effective and successful customer relationships.
The development of AI software has come on in leaps and bounds in recent years, and yet there are many areas that still hold untapped potential. Due to the relative newness of the technology and its trademark ability to improve over time, we are still discovering the breadth and scale of the benefits that lie in store for your business.
However, this also raises the crucial point of proper implementation. If AI-powered CRM software isn’t applied properly, it could lead to negative consequences further down the line due to lost data or disparate systems, among a range of other reasons.
At redk, we specialise in helping businesses find the right CRM system for them, as well as providing the expertise needed to realise its full potential. If well implemented, AI-powered CRM solutions can empower businesses to differentiate themselves from their competitors, and solidify their place as market leaders.
Visit us at Sales Innovation Expo 2019 on our stand 2770.