When Data Science & Intelligence Meet CRM
Digital transformation has opened up a whole new world of a technological shift to provide the core element of businesses which is customer experience and satisfaction. With the growing demand for customer experience, Customer Relationship Management (CRM), powered with Data Science and Artificial Intelligence, becomes crucial to discern hidden and actionable intel from the massive troves of data. According to research, implementing a CRM software enables the sales team to reach 65% of their sales targets. The CRM software market is expected to cross $ 80 million in revenue by 2025.
Data Science and Intelligence have implications for every line of business. While the sales department will be able to forecast opportunities and focus on best leads, the marketing personnel can build predictive solutions and personalized experiences for every customer like never before. CRM systems enable businesses to collect, store, manage and centralize interactions. With the growing demand for customer experience, there arises the need for CRM systems that can extract, analyze, and interpret real-time data to enable quick and data-driven decision making.
But before going into our main discussion of how a Data Science & AI-powered CRM will enhance customer experience, let’s first see how CRM automation differs from Marketing automation.
CRM Automation Vs Marketing Automation
CRM and marketing automation are different, but they work well together as the characteristics that they possess help to maximize the efficiency of the sales and marketing departments. CRM tools are sales focussed that make it easier to manage every external interaction and relationship essential for business success. CRM tools automate repetitive and manual tasks to streamline work and enhance productivity.
Whereas Marketing automation is focussed on automating the repetitive tasks of a marketing department that it goes through at multiple points of the entire customer life cycle.
The following points will give a brief idea of what a CRM software and marketing automation software
5 ways Data Intelligence will enhance your CRM software
Automating your CRM product with Data Science and Intelligence will have a positive impact on your company as it saves time by streamlining the tasks, determines the buying trends from the purchase history, improves your sales conversion numbers, enhances customer satisfaction, drives high customer retention rates, and boost profits.
Predicting sales and engagements
It is always difficult to predict sales because of the continuously changing customer tastes and preferences. But with Data Science and Artificial Intelligence technologies, historical data can be used and harnessed to predict the sales pipeline. By analyzing this historical data, we can predict the duration that may take to convert a specific deal, whether a specific incoming lead will be fit to work on, etc. Customer reach out strategies can be developed, like predicting the best time to reach out to a specific customer, the best engagement channel to reach to a specific group of customers, etc
Powering your CRM software tools with Data Science will empower you to effortlessly segment your customers on the basis of demographics, purchase behavior, tastes, and preferences. From the past data, you will be able to provide more personalized engagement messages or experiences. The more targeted your marketing is, the more leads you will be able to generate.
Data Science and Artificial Intelligence technologies enable you to create customized interactions and experiences for your customers based upon their emotional state inferred from the voice or text-based words, tone and conversation patterns they use while interacting on various online and offline platforms. Using sentiment analysis will enable the sales personnel to analyze the conversation and assess the emotional levels of the customers. This will enhance their ability to identify the problems quickly and take action to respond to the customers, thereby enhancing customer engagement and retention rates.
Sales funnel recommendations
The CRM tools powered with Data Intelligence will be able to analyze the various sales scenarios where the deals were closed due to rejection from the customers. Intelligent CRM software provides useful insights and can make incisive recommendations to the sales personnel during various stages of the sales funnel to close the deal in a right and profitable way. Identifying the customers who have true intent to purchase your products will speed up the sales cycle.
Predictive analytics and various Machine Learning algorithms enhance the lead scoring abilities of the sales department. According to research, nearly 74% of the companies prioritize converting leads into customers. Data Science, along with Artificial Intelligence, can glean through vast historical and real-time data on customers’ demographics, geographic, web behavior, purchase behavior, etc to determine how keen the customers are in buying. Integrating them with your CRM platforms will equip you with valuable insights required to identify trends for predictive lead scoring methods.
Do you want to integrate Data Science and Intelligence with your CRM platforms and secure your sales by making the sales process a more personal experience for your customers? Qualetics can help you achieve that and more. You can Book a Demo here.