5 ways how using AI based CRM can contribute to your cost reduction

Organizes business activities using process automation

In order to work on improving relationships with customers, companies need to make sure that every employee is familiar with its task in real-time and what’s the next step in the being-the-most-preferred-company process. Without that, relying on paper, planners, few different screens and applications, it is almost certain that the company will pay penalties for all delays caused by non-automation. But, by designing all the business processes with CRM, the company can model every single phase, employee responsibilities, possible reactions on every customer’s step. The most important is that automation reduces costs of mistakes by minimizing them which is automatically reflected in customer service because employees will not be able to mix up details, to forget something due to accumulated work and confusion. All of this affects both finance and loyalty which leads us to the point where we realize how AI based relationships platforms solves one of the most important challenges when we talk about cost reduction- activity organization.

Makes the onboarding process lightweight

Every company has its individual onboarding process which lasts a different period of time (from 30 days to few months) and that is the crucial part where the company has clear customer attention. We all know that the first impression makes a shadow on the whole future relationship so it’s very important to play good cards. CRM’s process automation provides the possibility to the company to make a personalized journey based on customer’s activities in a few clicks. This covers all relevant campaigns whose sending will be triggered by customer’s actions, tasks for employees from different departments, etc.

Prevents customers leavings by using Churn machine learning models

In every business keeping your customers is of high importance, and the cost of keeping them is seven times less than the cost of acquiring new ones. Keeping this in mind, having proactive CRM software(e.g. Selecta with its Analytical Module) that can predict when the customer wants to leave your system is priceless. Churn models make calculations based on existing data that includes all customer activities on all available channels related to any product/service and make predictions to show churn rates for every client. Every churn rate triggers the automatic creation of a retention process by which every employee can work and make the best possible decisions for future moves. If CRM has Real-Time Decision Hub(as Selecta, one of the few CRMs in the world, has), it can automatically react and find the best suitable offer in real-time for a certain customer to keep him in the company. This is very useful because employees have this data on 360 customer view in real-time and can make the next step based on accurate facts, whether he wants to send an offer or to present it to the customer in person. All things that are previously mentioned indicate another problem CRM successfully solves- extending the customer’s time spent in the company’s system.

Significantly cuts down the marketing costs

Before any creative process, the marketing team needs to determine a group of people who are the target for the specific marketing campaign. In order to let creative people do something in which they are the best, CRM facilitates the process of sending campaigns by making the challenge of filtering and sorting a few-second process. By having a centralized database and huge scope of filters, related to both customer data and his activities, the marketing team can very precisely define desired target group to make the best possible impact. Besides that, integration of CRM’s Campaign Module with all available company’s channels helps the team to conduct any type of marketing campaign in one single application without wasting time on changing screens and data sorting. Having all customer’s responses and reactions to your campaigns stored on his 360 view helps the team in defining the new campaign and improving the approach. The problem we recognize under this subtitle is making the marketing activities more efficient and CRM ensures these costs are minimized.

Facilitates content personalizing and keeps the touch of creativity

When we talk about creating personalized, well-visualized content, CRM offers a tool for importing HTML code and for building pixel-perfect campaigns. This tool provides maybe the same result as before the CRM era in terms of looking but allows the marketing team to switch focus from repetitive work to creativity by making things efficient.

Provides efficient reporting

The most powerful thing in using one qualified CRM software is the possibility to follow volumes and achievements through a multidimensional user dashboard in real-time. Managers do not have to lose their time collecting and calculating data through tiring and huge excel sheets. It is a very complicated, time-consuming activity that is always permeated with errors. In order to see the results of their subordinates, managers only need to take a look at automatically generated, clear, intuitively visualized reports. Those reports will surely help them to make the most lucrative decisions based on accurate results. The thing which is harder than analyzing the current situation is trying to predict future trends as precisely as possible. And, once again, CRM will be a worthy partner because it can show you historical data related to some certain topic,  which flows and trends it has. The CRM software really helps your business by providing the most up-to-date information in real-time and solving the huge difficulty- centralization, timeliness, and representation of reports.

Effortlessly improves portfolio

Any part we described in this blog is not that important if company does not close the circle of leveling the business up- getting the feedback from the lifeblood of our business, the customers. Every quality software provides a module that is responsible for gathering customer’s feedback about the current portfolio. This gives the company priceless insights into how customers are satisfied with its service, portfolio, and all relevant criteria company sets up. This is of paramount importance because companies can prevent a lot of potential problems- unmet customer needs, bad customer service, uncustomized offers, etc. Feedbacks usually are gathered in a not-boring manner and has good timing- after some event in the customer journey when customers are more likely to give their attention for this purpose. Customers need to be a part of portfolio development, directly or not, if companies want to provide the best experience without generating a lot of costs.

Conclusion

We all know that there are so many different ways for reducing the costs which are the result of disbalance in some business areas, but one which guarantees even the better, long-term outcome is good qualified CRM software. Besides removing all unnecessary costs, it provides you tools for improving your offers, spotting problems in early phases, and for gap recognition. Even if cost reduction comes as a consequence of using CRM, the scope of benefits it offers is huge for both pillars- employees and customers.