One of the keys to a successful business hinges on the ability to cultivate and develop relationships with prospective and existing clients. There is a lot of talk about how we, as a society, are now in the “Age of the Customer”, but what does that really mean?
Today, customers truly have more access and availability than ever before to learn, evaluate, and understand the products and services they are interested in. They are able to make judgements before they ever interact with someone from a sales team. One way we can bring balance back is to leverage Customer Relationship Management (CRM).
Why CRMs can’t do it all
Most businesses implement CRM with the goal of having one “view of the truth” of their customer relationships. There are two primary reasons why this strategy does not always yield the desired results. First, CRM is usually missing the details about the relationship that are found in email, calendar items etc. That is a topic for another blog. Second, while there are great reporting tools to analyze quantitative data like “days to close” and “average selling price”, tools to understand qualitative data like sentiment are just coming to market.
This is where Artificial Intelligence (AI) comes in. AI technology will allow businesses to understand the sentiment of their customers towards their products and services and the sentiment of its own employees in relation to their customers. AI could very well be the counterbalance that helps companies understand their customers better than the competition, thereby providing a competitive advantage by arming employees with the most recent and relevant insights on that customer.
According to Destination CRM, CRM vendors are betting that with AI, businesses will be able to deliver more predictive and personalized customer experiences across sales, service, marketing, commerce, and more. This is not happening ten years down the road, it is happening right now, adding value by paving the way for a faster means of generating opportunities and increasing revenue.
“AI has the potential to have a huge bearing on everything we are doing around technology and frankly, our lives,” noted Ken Lorenz, Riva Director of Sales and Alliances for the Americas.
A big part of the benefit of AI is that it is able to learn to comprehend and understand, which in turn makes it easier for people, especially sales representatives, to interact with customers in a way that is in alignment.
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