December 1, 2017
While customer relationship management systems have made data accessible, manually processing and analyzing that data is prohibitively time- and resource-consuming for many businesses.
Conversely, by using artificial intelligence, you can go through reams of data and come away with more than just a migraine. AI makes intelligent connections to tell team members who is buying what and what they’re most likely to buy in the future. The result is not only a better conversion rate and improved productivity, but also better relationships with customers.
CRMs have traditionally been limited to legacy reports — sales funnel analysis, revenue generated, etc. — but AI promises to take metrics to the next level, providing information on things like the patterns of customer emails and the best time for the sales team to engage with new customers. IDC predicts that utilizing AI in a CRM capacity will increase global business revenue by $1.1 trillion between 2017 and 2021.
Various applications of AI are already being utilized on a daily basis by B2B companies. In sales, AI tools help employees manage cluttered inboxes and close deals quickly. Intelligent autoresponders ensure follow-ups happen automatically, and tools that identify positive and negative responses prioritize the most pressing leads. What’s more, chatbots can help sales teams monitor the front lines of their website without adding staff.
AI is changing business administration, too, with virtual assistants that can help busy executives manage their days by performing tasks such as answering calls and monitoring inboxes, freeing up time for their “bosses” to focus on high-level strategy and decision-making.
Here are three more areas where those decision-makers can leverage AI within their CRM platforms to great effect.
Timing is still everything, and converting customers largely depends on how long it takes you to reach out to them. With AI-powered communication, businesses can be more efficient in their response times and drive more sales. Research by InsideSales.com shows the odds of contacting leads are 100 times higher if they are called within 5 minutes as opposed to 30 minutes.
In a Drift survey of 433 companies on lead response times, only 7 percent reported responding within 5 minutes, while 55 percent still hadn’t responded after 5 business days. Wondering how to improve your speed? The 10 companies that had the fastest response times all used live chat on their websites.
When identifying your target market, casting a wide net tends to bring in a whole lot of nothing. Narrow your focus, and use AI to comb through CRM data and find your best customers. Identifying your ideal buyer will ensure your message resonates within a smaller group.
Clickable subject lines, actionable emails, and faster responses benefit both the sender and the recipient. Whether you find it lazy or intuitive, tools like Boomerang and its AI tool, Respondable, can write effective email copy for you by analyzing previous communications.
To get a leg up on the competition — or to stay current, depending on your industry — leverage AI in your CRM platform and enjoy the multitude of benefits in your business.
Read about more tools to boost your sales cycle on TechCo
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