Is your Lead Funnel cycle a lengthy one? Do you lose these deals more often than you would like, even if you think they are likely to convert? It might not be immediately obvious, but your process can benefit from an AI-based CRM.
Sometimes customer acquisition can be easy, but retention can be quite complex. Improving customer experience is a continuous process that can't afford to take a back seat. Here, an AI-based CRM can help you where gaps in the process might exist.
AI-based functional capabilities in your CRM can help you not only with customer acquisition and the Lead Funnel, but also with better and more effective retention strategies.
Some of the AI capabilities within reach include Lead Scoring, Opportunity Scoring, AI-based Email Writing, AI-based actionable insights, and more.
In this blog, we will explore how CRMs are using AI to improve the broad spectrum of customer relationship management. Before we begin, let's consider a market overview on AI-based solution adoption across the industries.
As per Gartner research and analysis, at least 40% of salespeople will adopt and use AI to streamline their customer communication, level up their sales volume, and increase their outcomes.
According to Market Research, the Generative AI-based CRM market was recorded at USD 23 million in the year 2023 which is further anticipated to be valued at around USD 144.9 million by the year 2033 at a CAGR of 20.8% for the period 2024 to 2033.
Consider the image below demonstrating how Generative AI is being leveraged by CRM Vendors:
This market overview offers a clear picture of how AI evolution / its consideration in the marketplace is changing, how it is being adopted, and the anticipated future use by the global market.
Now that we have established its significance in our area of interest and beyond, we can shift to explore more specifically how CRMs are using AI to improve customer relationships and the potential benefits of AI-powered CRM.
Benefits of AI-Powered CRM
No doubt, the market is continuously adopting emerging technology such as AI (Artificial Intelligence) which is being leveraged by the CRM vendors to enhance the CRM capability and serve their purposes more effectively.
Here are a few AI-based features that we mentioned earlier and an explanation of how they can be of use to you in the business pipeline of your organization.
Lead/Opportunity Scoring
What if you can predict future business outcomes through past data or historical patterns, and customer interaction levels? Unsurprisingly, this can help you elevate your sales and conversions.
Yes, we are talking about AI-based lead scoring and AI-based opportunity scoring capabilities. Leveraging these AI features in your CRM, you can easily identify high-value customers that are more likely to be converted. Further, you can plan and prioritize engagement with them accordingly. Even better, these scores are a measurement of value against the leads and opportunities that you already have in your pipeline. It is an evaluation of not only the quality of leads or opportunities, but also of where your time is best spent.
In LionO360 CRM, built-in AI algorithms help analyze customer data comprising their past interactions, engagement level, etc. Based on these insights, your sales team can optimize sales strategies, ensure improved customer relationships, and drive increased revenue.
With LionO360 CRM, you can even know your customer eligibility to ensure whether to target the customer or not at both the lead level and opportunity level. Such eligibility is calculated based on customer demographic information, company turnover, number of employees in their organization, etc.
Sentiment Analysis
To understand your customers, quickly understanding their sentiment is imperative. So, modern CRM comes with sentiment analysis functionality through which you can identify your customer feedback, concerns, or issues.
With these invaluable insights, you can prioritize your customers' issues, consider their feedback to improve your products or services, and work on their concerns to impact or enhance the overall customer experience.
In the LionO360 system, you can get customer sentiments in terms of positive, neutral, and negative. Based on these sentiments, you can have an idea of your customer experience without even opening the email or conversation thread.
Thus, saving time and effort of sales your team. Now, your sales team will have a seamless idea about which customer needs more attention or which needs to be prioritized first to resolve their issue.
So, you see the beauty of the sentiment analysis feature and how it can help your sales team improve their efficiency and increase their productivity level.
Generative AI-based Email Writing
Once you are ready with your planning and sales strategy to improve your customer experience based on sentiment analysis, leveraging generative AI-based emailing can boost your sales team’s efficiency and level of productivity.
This may increase your curiosity, but it’s possible as you can now generate customer emails using AI-powered emailing and can send the same to your customers.
So, you see, your sales team can optimize their sales practices and can better focus on engaging, converting, and retaining customers instead of staying reserved in typing customer emails.
Since LionO360 CRM is an AI-powered CRM, it enables your sales team to generate customer emails using a built-in AI generator. All they need is to type the subject line and purpose of the email, the entire mail can be generated within a few seconds.
With this functionality, your sales team can better focus on their core tasks, align their sales goals, and streamline their customer engagement strategies.
AI-Based Actionable Insights
Making quick decisions at the right moment can impact the entire sales pipeline and can affect your sales growth. Here, AI in CRM can play a pivotal role as your sales & marketing team can have access to actionable reports and insights empowering them to effectively tailor sales & marketing goals.
Such insights can include stage performance reports, closed or won opportunity reports, opportunity quality metrics, individual salesperson's performance reports, and more. Certainly, using LionO360 CRM, you can acquire all the above-mentioned reports & analytics, helping to effectively drive sales campaigns.
Improve Your Customer Relationship with LionO360 CRM
LionOBytes offers AI-powered CRM enabling and strengthening your marketing & sales team to effectively manage customers and drive to improve customer experience.
To know more about how LionO360 CRM can help you improve or elevate your customer relationship management and impact conversions, connect and discuss with our experts. We are here to serve the best AI CRM fulfilling your business purpose.
Frequently Asked Questions
What are the commonly used examples of AI in CRM?
Well, there are several commonly used examples of AI in CRM. Let's include the top 3 commonly used examples out of them:
AI-based Lead/Opportunity Scoring helps to identify the leads/opportunities that are more likely to be qualified.
Such AI-based lead/opportunity scoring can help your sales team decide whether the customer should be prioritized or not.
These lead/opportunity scores are analyzed based on customer interaction level, geolocation they belong to, manpower size of their company, yearly turnover, etc.
Sentiment Analysis is the way that reveals the interaction sentiments with the customer. For instance, it can help you identify whether the communication with your customer went positive, negative, or neutral. Without even opening the whole mail, you can identify the customer sentiments and decide the next step accordingly.
AI-based Email Writing is an amazing capability wherein your sales team can focus on engaging with the customers instead of getting reserved in writing emails. With the Generative AI-based email writing tool, they can generate a complete email whether to initiate the chat with new customers, follow up with the interested ones, and send discounted offers or deals to retain the existing customer base.
To know more or to implement the AI-based CRM in your system, connect with our experts.
How can AI help customer success?
When AI-based features are included in the CRM, it can certainly help in customer success. AI inclusion in CRM can help you segment your customers based on behavior, preferences, and demographics.
Thereby, your sales team can determine the different strategies for different customer segments which in turn can ensure more relevant and more personalized interactions with the customers.
How does AI within CRM help sales representatives better understand previous customer interactions?
AI-powered CRM can analyze your customers' data to provide insights into past customer interactions and preferences. Leveraging this data, your sales team can align better sales strategies to drive conversions and ensure customer success.
For instance, whether or when to interact with the customers again, which customers should be prioritized first, and which should be focused on Later.
To get more information on how this concept works and can help your sales team drive conversions, contact us today.
