Artificial Intelligence (AI) is changing the world, and Customer Relationship Management (CRM)—through platforms such as Perxi—has already had a profound impact on selling products and services. As AI and CRM continue to evolve, they have revolutionized sales and marketing across industries. Whether Siri, Alexa, or any other options in between; AI is here to stay and has already become a growing part of everyday life.
At Perxi, the team believes the future is now as software, machine learning, and AI provide solutions that lead to business success. Today, the Perxi team shares all the ways AI is changing life and enhancing sales and marketing.
AI Explained
Artificial Intelligence is computer software designed to perform human-type activities. It includes machine learning, decision making, and problem solving. Machine learning allows business to enhance the customer experience through the utilization of algorithms which are capable of detecting patterns among massive quantities of data.
Once patterns are detected, and the information is systematized for decision-making and action, companies are left with substantial resources which can be used for engaging human touch points.
You’ve likely seen machine learning in action with your favorite streaming app’s recommendations for new shows based on your viewing habits, your email or texting app completing your sentences based on your previous messages, or the arrival of your Uber within minutes of your request.
Your business can leverage AI in a similar fashion – helping your company understand and engage with new customers by enhancing their user experience while also improving sales and marketing techniques for your brand. Your company can also utilize AI to assist in the decision-making processes though more informed business predictions backed by data.
Grow Your Business with AI Algorithms
AI can aid your business by nurturing leads and engaging customers with relevant and informative conversations through chatbots. Chatbots answer customer questions and even make personalized recommendations, while your human customer service personnel can continue to engage customers on a more personal level and handle their more sensitive issues.
The pairing allows both customers and prospects to receive higher levels of accurate service. As customers make their way through touch points, AI gathers behavioral data to improve and better personalize the user experience.
As AI analyzes data, it helps boost your conversation rates and your return on investments through the coordination of timing, customized offers based on previous engagements, buying history, and demographics. In addition, AI can leverage aspects of upselling and cross-selling based on data that illustrates what your customers already own, which may indicate interest in companion products for their impending purchase.
For your staff, AI delivers information regarding price optimization to ensure you acquire contracts or beat competitors. It also provides sales forecasting for the coming quarter to help more efficiently manage inventory and resources while also predicting revenue. In addition, AI can assist managers in assessing performance of your sales force each and every month.
However, keep in mind that AI algorithms only work as well as the quality of the data accessed, which means your business should be leveraging its existing database, by using AI to mine for new and better opportunities.
AI and CRM – Can They Work Together?
Yes, AI-infused CRM delivers improvements over the use of traditional CRM systems. In fact, CRM with the use of AI can improve your sales team’s productivity by gleaning insights from past sales. Plus, AI and CRM together can utilize previous pricing along with discounts, promotions, and sales to optimize prices and enhance customer retention.
Through pattern recognition, AI can also analyze the value of your existing customers and then predict the potential value of new customers. This allows sales managers to more productively allocate resources to attract the most valuable customers for their product or service.
Humans and Machines, Working Together
While AI can accurately automate many repetitive tasks formerly relegated to humans, it still cannot master sensitive decision making, which means humans remain crucial in customer engagement and a successful sales process.
Even as AI and CRM continue to evolve, the sales process will always require human and machine collaboration to function efficiently and produce the best results. While AI-infused CRM is an improvement, companies are working toward a better solution which combines an AI sales platform with a consolidated CRM designed to automatically collect data from all communications, and allows sales’ people to reach more prospects, and provides leadership with greater visibility for better management and an improved bottom line.