Enterprises around the globe are growing at a pace which is faster than ever before. The touch of technology is making businesses hit its new vertices faster while leaving the competition tougher for its competitors. Beating the competition and being ahead of competitors requires a boost in your yesterday’s CRM.
Yes! It is a fact that your ever-depending CRM needs to be updated. The CRM of the present day is teamed up with Artificial Intelligence and has transformed itself into SUPER CRM. The AI CRM is one of the most upgraded CRMs of the present time and it can create wonders for your enterprises.
What Makes AI Assistants Important for CRM
CRM helps sales reps to build customer relationships to a great extent. Even though, most sales teams use most of its productive time in repetitive tasks, like qualifying leads and so on. Those are the tasks which make sales reps stay away from the more important endeavors like closing sales or meeting their sales goals.
In an article published in CRM Magazine, the CEO of Conversica writes:
“On average, sales reps spend 80 percent of their time qualifying leads and only 20 percent closing. Qualifying leads require advance research and many phone and email hours trying to hone in on a lead that can be turned into a sale. What if this vetting process could be done by a machine that engaged all inbound leads in an amiable, human-like way?”
The quote above gives us a clear view of one of the biggest reasons for less conversation. Using AI in CRM is a simple solution to this problem. The AI-powered CRM technology can help the sales teams to robotize the repetitive tasks and make the sales team focus on increasing their conversion rates.
Empowered Communication between Enterprises and their Clients
Most of the customers today prefer a virtual assistant over a human assistant and all for some good reasons. People want a personalized experience and 24X7 service when it comes to communicating with an enterprise.
An AI-driven CRM can respond to all the messages at any time of the day. Such excellent services offered by an AI-enabled CRM can bring satisfaction to the customers and generate repeat engagements by making the customers feel valued at all times.
AI in CRM will Help Inflate Revenues
The combination of AI and CRM can do a lot more than CRMs of the previous day. They can forecast sales, personalization of emails, managing leads, customer service and much more. Artificial intelligence has a potential for CRM which can become a great help in growing revenue for the enterprises. This fact is supported by data provided by Statista, A German online portal for statistics.
This statistic shows an estimation of the extra revenue potentially brought in by the adoption of artificial intelligence in customer relationship management (CRM) activities in the United States, from 2017 to 2021. It is estimated that in the next five years an additional 394 billion U.S. dollars could be gained in this sector in the United States through the adoption of AI.
A Journey from a Tiny Business to an Enterprises
This is a case study back from 2015 of a San Diego and London-based small company Ebsta. This company sells $10 per month per user Chrome browser extension that syncs customers’ email accounts to the Salesforce database. Finding new leads for Ebsta was getting challenging as the company had revenue of $1 million in a year and data mining companies were charging at least $25,000 upfront, with no guarantee of ROI.
Bernhard Peters, the vice president of sales of Ebsta once met Olin Hyde, the co-founder and CEO of Englue who explained to him how their AI CRM is helping their clients to uncover leads with minimal effort. Impressed by the service provided by Engulf, Peter handed over a list of Ebsta’s 100 best U.S. customers. The AI-powered CRM of Engulf scanned the web to find similarities among them. The system searched for similar prospects and within a few days the AI CRM came up with 100 new leads for Ebsta to pursue!
“The quality of the information was so much better than anything I’d ever seen,” Peters says, “We had names and direct emails and phone numbers of the real decision-makers.” Working that list, the company saw a 30 percent conversion rate. Peter was also able to slash the time between initial outreach and a face-to-face meeting from 35 days to 10 days.
This tool was a real game changer for Ebsta and the company at present is able to make its mark in the U.S. market.
This story appears in the December 2015 issue of Entrepreneur
Looking for a Higher Revenue? Integrate Artificial Intelligence to your CRM
The combination of AI and CRM will make enterprises improve productivity, efficiency, and speed. This is a tool of the future and it is estimated that 85% of businesses will own AI CRM by 2020.
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