The combination of AI and CRM has gained popularity in recent years. Thanks to artificial intelligence, companies can make better use of their existing data, improving their financial performance.
Why does a company need CRM software?
CRM is a generic term that encompasses any method by which a business monitors its russian phone number example connections with its customers. Businesses need CRM software to help them manage their customer relationships and interactions. Customer relationship management (CRM) helps businesses track information about their current and potential customers, such as contact information, demographics, purchasing habits, and more.
Businesses can implement the best CRM features to better manage their customer interactions. These platforms help businesses become more familiar with their customer base by revealing previously unknown information about their purchasing habits, sales patterns, and more.
With CRM features, your business can stay in touch with your customers at every step of their journey, to know what they want and how they feel. The better you know your customers’ needs, the easier it will be to sell to them.
8 Ways AI Can Improve CRM Results
Data-driven insights from CRM make it a valuable tool for enhancing AI’s ability to drive organizational performance. Some applications of artificial intelligence in customer relationship management include:
1. Reducing customer churn
The reasons for customer churn vary greatly depending on each person's habits, tastes, and needs. So, by placing your customers' actions in the context of the lifecycle stage they're in, you can prevent potential customers from being lost and increase the number of loyal customers.
Your sales team needs to determine the customer lifetime value (CLTV) of each customer to predict who will eventually churn. AI-based CRMs can identify the reasons for customer churn by analyzing customer data and looking for patterns. This way, businesses can take appropriate measures to prevent customer churn.