A customer relationship management (CRM) solution is the most sought-after type of system. It is expected to reach a total of more than 75 million dollars in revenue by the end of 2023. As the solution itself is a fully functional and feature-rich application, it is presently undergoing a significant change propelled by artificial intelligence.
Today, business enterprises are looking for a CRM system with the best AI capabilities. The solutions are robust data aggregation tools that allow organizations to gather better, store, manage, and centralize business communications. More effective management and automated customer-outreach nurture stronger relationships with your clients.
Keeping in mind the volume of data has grown exponentially over the years, and the company needs have shifted as well. Today, we require a CRM technology which can extract, analyze, and interpret data in real-time to make quick and fact-driven corporate decisions.
According to a report conducted by Salesforce, an AI-powered CRM can generate above 1.1 trillion dollars in new GDP and impact 800,000 new jobs globally by the end of 2021, emerging with a competitive edge in a saturated business environment. Despite this evidence, automation integrations are still met with hesitation.
Streamlining Lead Management
Every sales executive may not follow up on leads as frequently as should, because they either forget or remain overburdened with other tasks. When the volume of prospects is continually increasing, it becomes daunting to sift through all of them. It is a well-known fact that each lost opportunity means a lost customer.
Hence, you cannot ignore your prospects, especially qualified ones. When combining AI and CRM technology, we receive a lead generation software powerhouse. The inexorable combination allows you to enhance outputs without compromising the quality of interaction, revolutionizing the way you nurture, qualify, and follow up with potential prospects.
Artificial intelligence acts as a sealant in the sales pipeline. For instance,
- Artificial intelligence tools copy sales executives, serving as the first point of engagement between a company and the prospect through an SMS or email. Once the lead becomes qualified, a salesperson takes it over to close the deal.
- The predictive analysis which prioritizes contacts and accounts based on their probability to purchase and engage. It aids salespeople to focus on the most qualified as well as best prospects while generating a more defined pipeline.
- Searching tools automatically pull leads from multiple mediums whenever that customer shows a purchasing intention.
Increase the Number of Closed Deals
AI-based CRM solutions can study various sales scenarios where deals were rejected and closed. The solution provides complete visibility and helps by making intelligent recommendations during each stage of the sales funnel in order to advise salespeople on the next best course of action to take to close the deal quickly.
It can also aid them in recognizing which customers have more intent to purchase and who is ready to accelerate through the sales cycle. It will determine instances that have both negative and positive effects on the sales pipeline in order to handle the next one more effectively.
According to the Harvard Business Review, AI algorithms influence the five major areas of sales, such as forecasting, upselling and cross-selling, lead scoring, price optimization, plus performance management. When CRM like SutiCRM and AI are brought together in one system, it can offer comprehensive details on all critical parameters and could result in a higher number of closures and, thus, revenue. For instance,
- An AI-driven solution categorizes similar products and services in a group, streamlines the total price from distributors or dealers, and considers discount offers, payment terms, and incentives to optimize pricing.
- It provides good suggestions, elaborate forecasts, and insights so that sales teams can implement these elements into their lead management, sales pitches, and quotes.
A Virtual Assistant
A CRM with AI capabilities allows your workers to become more efficient and productive during their workweek. It aids them in scheduling meetings, managing multiple calendars, record all notes, and quickly follow up; basically, it helps in every manual task.
So, it’s about eliminating all administrative duties that hinder daily processes from your desk. Later, it will filter through those eradicated tasks to locate any potential errors. For instance,
- Note capturing tools record all discussions during sales meetings. No more forgetting or missing any vital points.
- AI-based calendar management tools help to automatically schedule meetings.
- Call analytics within the solution also records calls, collects transcripts, and even highlights references to topics or phrases of particular interest.
Easy Customer Segmentation
AI-driven CRM software can aid your team in segmenting your clients. With intelligent algorithms, you can classify consumers effortlessly based on their purchasing behavior, demographics, and likes or dislikes.
Also, you can study past data on consumer behavior and predict possible future actions in order to provide personalized engagement messages and experiences. The more targeted your outreach and marketing becomes, the more prospects you will be able to nail down. For instance,
- Using big data to target specific sets of consumers instead of a too broad or large group.
- An automated segmentation engine that can create detailed segments and execute targeted campaigns from a single data hub.
Improve Client Retention and Engagement
AI-enabled CRM solutions can generate tailor-made interactions and experiences by establishing the customers’ emotional state of mind via their voice or text-based words, conversation pattern, and tone of voice.
The technology can also perform a sentiment analysis and image recognition technology in order to understand client satisfaction or dissatisfaction with your product and services in real-time. After you receive this insightful data, you can easily recognize potential issues quickly and take necessary action to respond to your client’s needs.
CRM and AI integrations monitor data from customer interaction touchpoints and provide you with a relevant forecast of their intentions and future behavior. For instance,
- Enhance case resolution speeds, predict caller’s intent, and reduce the number of escalation cases via speech analytics.
- Examine online reviews and feedback submitted by clients to determine their general tone.
Thus, it can be stated that AI, along with CRM solutions, can play a significant role in the way we all function. By bringing both solutions together is the best way to increase revenue and enhance sales intelligence.