CRMs Enable a Personalized, Multichannel Customer Experience
Several surveys over the last few years have shown that almost 9 out of 10 buyers today are willing to pay more for a superior customer experience. A well-designed Customer Relationship Management system (CRM) will enable you to deliver an individualized customer experience to every customer, allowing you to develop customer loyalty and virtually guarantee repeat business.
Keep in mind that a great customer experience is based on ongoing and relevant communication with your customers. Kevin Stirtz, the author of More Loyal Customers, highlights that: “Every contact we have with a customer influences their decision as to whether or not they’ll come back. We have to be great every time or we’ll lose them.”
Staying in touch with your customers is the first step in providing a superior personalized customer experience. When, how, and what you communicate with customers is at the heart of great customer service.
Your CRM contains the data on past customer conversations with your sales and customer service team, records of purchases, and other interactions. How you use this data can set you apart from your competitors, and strengthen your connection with your customers.
CRM Systems Increasingly Using AI to Improve Customer Experience
Recommendation engines driven by AI are becoming a common add-on to top-of-the-line CRM suites today, and are particularly useful for firms focusing on online sales and cross-selling. More and more, customers now expect retailers to offer a time-saving, personalized approach to the buying experience.
Somewhat surprisingly, emerging market companies in the Asia-Pacific region are the pacesetters in adopting AI systems to improve customer experience, although the trend is rapidly going global. Flipkart, a well-known online retailer in India, is using predictive analytics across a broad range of sales and operational processes, in particular relating to providing service through its contact center.
The issue was that Flipkart’s popular “sale days” led to a great deal of variation in the volume and type of calls from customers, making staffing the contact center problematic. When Flipkart introduced a new AI-based predictive analytics system, it boosted the accuracy of Flipkart’s call volume forecasts by 30% to 40%, allowing the company to more effectively adjust staffing levels. According to a case study of Flipkart cited by Bain and Company, service agents are not forced to hurry, and customers enjoy reduced wait times and a better chance of taking care of their problem in just one call.
In this case, AI predictive analytics made it possible for Flipkart to notably improve the experience of customers using the firm’s contact center (as well as boost employee satisfaction). GIven that a contact center is a key data-intake hub for a CRM, significant improvements in the customer experience here ramify throughout the entire CRM ecosystem.
Activision is a major US-based video game developer with several blockbusters under its belt, including Modern Warfare 1-3.
Activision has always been focused on providing ongoing service to its gamers, with the goal of keeping them happy and continuing to come back for the latest versions of their titles. Using Saleforce’s Marketing Cloud service, Activision constantly monitors a broad range of social media channels and conversations relating to their products. Marketing Cloud’s AI-based predictive analytics basically act as an “alarm”, tying social media strings together so the Activision CRM team can proactively react to developing situations.
Activision was actually able to lower its overall customer service operating expenses by 25% after implementing Saleforce’s CRM support services. Tim Rondeau, Activision’s Senior Director of Customer Care noted, “We’re reducing costs and increasing satisfaction at the same time.”
Customers have come to expect a streamlined, personalized buying experience, and companies that can deliver superior customer service continue to enjoy solid growth. Innovative and disruptive businesses are analyzing the data generated from their CRMs and using AI predictive analytics to find out what each customer expects from an interaction and how to deliver it to her.