In this current era of information on demand, Customer Relationship Management (CRM) has become a necessary tool for enterprises of all domains. Customers are the primary revenue generating source, hence effective customer management ensures greater revenue for businesses. By adding CRM, businesses can easily track records of customers which are a resource for organizations.
Though organizations are investing a huge amount of capital and manpower to manage their CRM, it is still a challenge to make the sales reps as dynamic and resourceful as per the customers' demand. Customers of any business expect answers in real time, on the channel they want and at the time they want. Such demands have made businesses seek for a system which can satisfy their customers to the utmost.
If your business is unable to satisfy its customers, it misses huge cross-selling and up-selling opportunity. According to a Zendesk Study, “66% of B2B and 52% of B2C customers stopped buying after a bad customer service interaction”.
Conversational AI and CRM: The Best Duo
The solution to all customer relationship related issues lies in the integration of Conversational AI and CRM.
The implementation of AI-powered CRM can capture real-time data and deliver meaningful insights as well as create customer profiles. An AI-powered CRM can link customer history with the customer profile and provide more personalized support to the customers.
What is Conversational AI?
Conversational AI is an advanced technology which enables computers to communicate with people in a way which is natural. Conversational AI assistants can communicate with humans via text or audio. AI assistants are even capable of communicating via various channels. The AI assistants are even smart enough to have a conversation in more than 100 languages.
Natural Language Understanding (NLU) and Natural Language Generation (NLG) are an integral part of conversational AI assistants. This advanced system can understand the intention of the end-user and classify in various categories. With the understanding of customer's intent, the AI assistant can answer the customer queries in a personalized and emphasized manner.
Machine Learning (ML) is the next critical component of AI. This technology makes machines learn without being explicitly programmed. Computers with ML can study human behavior. It keeps a record of the tasks and when humans repeat any specific activity, it will train itself to help humans to complete the task easily.
The AI assistants with ML, NLU, and NLG capabilities can help to manage customer relationships in a much better and advanced way.
5 ways conversational AI can simplify your customer management
- A support system for the sales team
The conversational AI assistant offers a helping hand to your sales reps and makes them more productive and efficient. It can make or answer phone calls, schedule meetings, take notes, do follow-ups and so on. This technology can do all those time consuming and annoying tasks in an error-free manner round the clock.
- Higher satisfaction for customers
The customers often get higher satisfaction while communicating with conversational AI assistants over human assistants. With conversational assistants, the customers get an instant and empathized response. This advanced technology can do a sentiment analysis of the customer and can understand satisfaction or dissatisfaction with your product in real time. Such are the insightful data which helps human assistants can identify potential problems.
If the customer query is a critical one and AI assistants can't solve the same, it forwards the query to the right department. This makes the concerned team get a complete profile of the customer hence, they can come up with a solution or offer in no time.
- Helps in categorizing your customers
The customer segmentation is important to target leads with the right offer. The AI assistants can help your business by segmenting your customers based on demographics, purchasing behavior, likes and dislikes.
75% of consumers are more likely to buy from a retailer if they are recognized, are offered relevant recommendations, and remember their purchase history. - Accenture
With the help of this technology, businesses can also study the past customer behavior and predict the future approach. With a better strategy, businesses can close more deals successfully.
- Reduce costs
Implementing conversational AI in your CRM business does tasks more efficiently at a lower cost than human assistants. Hiring a 24/7 human support system is much costlier than adopting an AI assistant.
- More successful deals
The functionality of conversational AI assistants is never limited to communicating with customers. It can help the sales reps to close deals more efficiently. AI assistants can provide useful insights and intelligent recommendations in various stages of the sales funnel. It can advise the human assistants to initiate the next best course of action to make the deal a successful one.
Moreover, with the power of intent analysis, AI assistants can identify which buyer has a true intent to buy. Such pieces of information speed up the sales of your business.
Conversational AI: The future of CRM
Conversational AI is going to be an integral part of CRM in every industry. So it is beyond obvious that the businesses which have the power of AI will be ahead of the race. Here are some stats that prove that AI is the future of CRM-
*It is estimated that by 2021, an additional $394 Billion in revenue could be gained from AI adoption in CRM activities in the United States. - Statista.com
*Of 1,028 organizations worldwide, 28% said they have already adopted AI and another 41% said they will do so within two years. -IDC’s AI/CRM Economic Impact Survey
*AI associated with CRM activities will boost global business revenue by $1.1 trillion by the end of 2021.-IDC White Paper
Let’s talk about AI and Strategic growth
So exceed your customer expectations and market standards by adopting AI assistants in your CRM by joining hands with interface.ai. We build conversational AI assistants that bridge the gap between man and machines in a way which is welcomed by most of the humans.
Want to know more about AI assistants? Click here to get a demo of how conversational AI can advance your CRM.
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