You Response rates to contact techniques · Deals were

You might
think that you have the best CRM product on the market and best overall
customer engagement, at least the best-maintained CRM as it relates to quality
of data, right? This may be true.  However,
what if you could apply machine learning to that CRM copper mine and turn it
into a gold mine? Essentially, you could predict outcomes and close times, discover
opportunity insights, automate certain customer service tasks, possibly suggest
next steps in the sales process. While the list could go on, these are just a
few areas where machine learning could be leveraged to capture more
opportunities and help prevent service recovery situations.

 

Harnessing the power

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

We’ve
already mentioned a few ways that machine learning can improve your sales
predictions and improve customer engagement, but harnessing its true power you
can do so much more. Machine learning can also be used to resolve different
business issues, increase efficiencies, promote business effectiveness via
predictive analysis, and improve time-intensive documentation. Additionally, it
can help in creating forecasts for your sales or marketing campaigns. Here are
just a sampling of what could be managed through machine learning:

·        
Respond to queries

·        
Detect new opportunities

·        
Resolve simple to moderately difficult issues

·        
Engage customers 

·        
Customer reorder events

·        
Sales forecasts and predictions

·        
Predict future buyers decisions based on past
purchases

·        
Response rates to contact techniques

·        
Deals were lost based on similar underlying
reason

One of the most advantageous features in any CRM that employs machine learning
is its predictive analytics capabilities. In the traditional sense, CRMs only
focus on past or current data and provides insights about consumer data
patterns. However, machine learning is constantly learning and providing
real-time feedback. It takes the past customer exchanges and gives recommendations
on how to improve customer sales and engagement for the best outcomes. You may
want to know exactly what types
of CRMs there are and their capabilities, which will be explained further
in the article.

 

Machine
learning is impressive and will only get better with time as it learns new
sales patterns and new insights as the data pool grows and becomes richer. One
example is, if you need to find out the fundamental attitudes or feelings from
feedback received by customers, simply apply machine learning to comprehend and
filter this data. To further enhance the value, it can search and tag all the
unstructured data within unstructured or free text fields. This is a feat in
itself, but imagine employing machine learning to go through hundreds of thousands
or millions of records to provide you these insights in less time than it would
take you to make a cup of coffee.

Sure there
is a lot of excitement around machine learning becoming the norm as a
game-changing innovation or technology, and it has made some big strides in the
last couple of years.  However, it will
still take several more years to come into everyday use and every industry. Make
no mistake, machine learning and artificial intelligence are slowly, but surely
transforming customer service across many industries. The technology behind
machine learning is constantly improving to help businesses improve customer
relationships to grow and keep their market share. One example of this is
employing chatbots
as customer service or CRM agents, which is another topic for another day.

 

Getting started

Let’s pause
a minute here. By now you are asking, “So what six-figure product do I have to
buy, or what team of developers do I need to hire?” Actually, neither of these two
options. There are numerous products on the market today that have many of the
features we recently discussed. Due to modern innovations with data analytics
and machine learning, these tools are becoming more capable each day. Additionally, there is some stiff competition
between these CRM providers.  They are
touting their latest tools to try and beat their competitors to gain your
business and more market share. Here are just a few of some of the better CRMs
that provide some machine learning capability:

 

·        
Zendesk

·        
Microsoft Dynamics

·        
Salesforce

·        
SugarCRM

·        
Zoho

·        
Gorgias

·        
Base

·        
Marketo

 
The big takeaway here is, leverage machine learning so you can truly understand
your customers and their needs.  Let
machine learning transform your CRM system into a smart predictive analysis
system.

If you don’t
have a CRM solution that leverages built in machine learning features, or even
an in-house developed analytics software, it’s prudent to look out in the
market to compare. Sure, your current CRM platform may be fulfilling your
customer relationship management needs, but is it truly increasing your overall
customer satisfaction and engagement?

x

Hi!
I'm Dominick!

Would you like to get a custom essay? How about receiving a customized one?

Check it out
x

Hi!
I'm Dominick!

Would you like to get a custom essay? How about receiving a customized one?

Check it out