AI or Artificial intelligence has been affecting our day to day life. It has become such a common theme that we barely notice it’s even there. Now, this technology is changing the way people do business. AI is designed to take care of extra burden and labour-intensive jobs, for example, data entry. However, the most benefactor of AI technology is people who use CRM software daily.
The CRM business has evolved since its inception. And today, it’s an industry of billions and playing a major role in the global economy. Entrepreneurs are now inclining towards CRM software development solutions rather depending on paper or spreadsheet for obvious benefits. This growing adoption AI integrated CRM will have a significant economic impact, and it could influence your business.
Here’s what you want to know regarding the situation.
How AI Is Being Used in CRM
Before the advent of AI, the chatbot was a limited program. They were meant to greet users and that was it. However, things have changed since. And, modern-day chatbots can answer FAQ and simple queries. If the question gets out of hand, they can simply redirect the user to a real person as well.
AI can also work as your marketing manager. Today, many software development companies are getting requests from numerous clients for developing social CRM software. These software tracks users and collects their data and makes a report about what they like and what they need. Once marketers know what their prospects want, the work of sales reps becomes quite easy! AI also lets help business to keep a continuous engagement with new and existing customers. They can send personalized emails, SMS that boosts your businesses’ credibility.
AI-powered CRM comes with state of the art algorithm to understand a customer. By looking at the interaction record they can predict if the prospect interested to buy or not. Once they understand the intent of a prospect, they assign a score. And based on this score, sales reps can spend time with a person who is likely to buy. This helps to reduce a lot of effort and resources. And of course, it eliminates the “Guess Work”.
Adoption of AI
Some businesses have already adopted AI-infused CRM and growing at an exponential speed. Others are planning to adopt it in the upcoming future. According to studies done by independent researchers, 40% of businesses are looking forward to adopting AI integrated CRM. That means the CRM market will keep continuing to grow at a much higher rate in the future than today.
Economic Impact of AI on CRM
A CRM, integrated with AI is predicted to boost global revenue by more than USD 1 trillion by 2021. Most of the profit will come as increased productivity and a reduction in labour costs. Most of the businesses are planning to introduce AI integrated CRM infused with machine learning, VRP, test analysis, and numerical analysis features.
People who are scared of AI taking humans’ jobs can chill out for a bit! Because according to studies the new increased revenue will help businesses to employ more people than jobs lost to automation from AI.
The bottom line
AI-infused CRM has numerous benefits that drive results and prove to be a great business companion. Hence, the attraction towards it is understandable by visionary entrepreneurs. So, do you consider yourself a visionary entrepreneur? If your answer is yes, then you might be looking for custom CRM software in the market. If your search isn’t over yet, give CRIMS a chance. We are a prominent custom software development company in Delhi; experiences in developing state of the art AI integrated custom CRM software at a reasonable cost that guarantees results.
There is absolutely no lack of things to measure in the world of CRM or customer relationship management. With advanced CRM systems balancing multiple fields, methods, and channels, it’s a number-crunching nightmare. And navigating through this chaos is an ambiguous job. But if you can do it properly, you will taste the success and grow at an exponential speed. So how to use them right to boost your business activity anyway? What are the primary customer relationship management metrics to measure? Let’s have a look at the most important metrics you can collect using your CRM system.
Sales Calls: If a sales call is a major part of your business, the volume of calls each representative attend must be measured. Each caller must recognize how many calls they are making and how they are continuously increasing the numbers. With these metrics, you zero in finding out an average daily call count. Start analysing the most effective time to call and identify the success trends. This will enable you to measure the productivity increases from integrating a CRM system and allow you to better recognize what requires to be tweaked in your sales process.
Conversion rate metric: This metric is easy to understand. Here you can dive deeper to recognize the number leads got converted to the customer and the number of deals closed within your average sales cycle. This number is crucial to predict your future revenue or customer stream. For instance, take the number of reps multiplied by average leads worked per month multiplied by the average conversion price from last quarter to project numbers for the next quarter.
Lead response metric: How fast are your reps replying to inbound leads? The longer it takes your reps to reply, the bigger the risks of that opportunity being slipped away. Hence, you must take a careful look at lead response time. Although many business owners underestimate or overlook these metrics, those who do take this seriously are more likely to score higher turnover. In fact, according to studies, if sales reps get in touch with the inbound lead within an hour, you can expect 7 times more likely to qualify the lead successfully!
Lead tracking metric: Tracking down monthly new/ organic lead can be the benchmark for your marketing effort. A professional CRM development company can integrate features to track down every new lead that comes towards your business and can easily track the source as well. For instance, if the matrices are told that most of the new leads coming from Twitter instead of Facebook, then you have to take the decision regarding your future marketing endeavour. This not only reduces the marketing expenses but helps to allocate resources in a more effective manner.
Remember, tracking the above CRM metrics will assist you to recognize the reason of any spikes and falls in your business revenue, so you can replicate whatever your team is doing right and correct any obstacles that are blocking your success.
Saving cash by boosting productivity and efficiency is a challenge for every business owner. A successful business requires steady streams of profits. And a business cannot make a profit without reducing overhead expenses and time commitments. The process of discovering ways to eliminate repetitive work is called automation. Since the advent of this technology, the automation industry has taken control of the business domain by storm. Today, most business owners are looking to get rid of tedious and manual data entry work, to boost their employee’s efficiency and productivity. And CRM software is proving to be one of the best solutions to do so and more. And here’s how it’s doing this:
Appointment reminders: Want to boost your business credibility and revenue? If your answer is yes, then take a closer look at appointment reminder features. They are a handy option to get reminded by text, email and push notification regarding their meeting with you or your employees. These reminders assist prospects to remember their scheduled time and date without needing much effort. The customer will enjoy being reminded about their meeting. And you can guarantee your every hour is being paid for while you are taking care of other important aspects of the business. Don’t worry; your CRM is there taking care of bringing your customers at the door!
Call back automation: Gone are the days when prospects used to fill up long contact forms to get a call from the company. Nowadays, the customer is always looking for a convenient and easy way to reach the brand. And, the most promising way to do so is by implementing an automated “Call- back request” button on the website. Once a prospect clicks on this button, the request goes directly to the marketing department automatically. Hence, the customer can get an immediate call back while the interest is still there! The call-back request feature makes clients feel cared for, as they build an impression that you will be there for your prospects.
Customer support automation: Customer support automation is critical for improving the customer experience. An automated solution such as live chat, automated responses, real-time voice calling and basic FAQs can be quite helpful to the consumer support team. CRM automation for consumer support can assist by sending more agile responses to tickets, assigning reps for social posts and managing regular customer inquiries and more. In fact, Customer support software boosts productivity by 40%.
Deal management automation: Opportunity management plays a vital role in boos sales. An idle CRM, built by a professional CRM Software development Company, can offer to automate repeated sales-related jobs. Tasks such as recording sales activity, lead tracking, monthly or daily revenue analysis can be automated. Besides this, you can automate the process of follow-ups, invoicing and revenue forecasting as well. Instead of depending on sales reps to manually record and add various data, let your CRM do it more efficiently.
Choosing a CRM with this automation function will surely offer you exceptional result and a lot of benefits. Many other processes can be automated through custom software development as well. However, the above 4 are the most important. When you are talking to a CRM software development company, make sure they know and have enough experience to integrate these automation techniques. Or else, your investment will drown in the water.