Customer retention is quite an important aspect for the company’s success, progress and development. With lack of proper customer care, we have witnessed many companies collapse despite having innovative ideas and good services. Customer Relationship Management (CRM) is quite important in various business areas such as banking, technology,e-commerce, commercial services and hospitality.
How was CRM earlier?
CRM in the initial days was confined to writing to the customer care and for the problem to be solved, it used to take days. The customer had to wait for the response which was obviously delayed due to technological glitches which was downright frustating. This severely impacted the relationship between the customer and the businesss- leading to severe losses incurred.
The next stages of CRM
However, with the advent of technological advancements and telecommunication becoming faster, customer care led to service-oriented department in every company. Whenever the customer had a problem with the product, he/she could call the customer care, lodge a complaint and then wait for the problem to be solved. Some big tech companies such as Apple also offered to replace the defective product in order to retain the customer. Within few days, the service used to be done and the customer was satisfied.
Enter the New Age Customer Service- Then and There!
As the technology became faster and telecommunication turning mobile through smartphones, the customers are expecting the service to be faster than ever before. Unless the customer’s problem is solved , retaining CRM has become a biggest challenge especially in Food and Beverage industry such as Swiggy and Zomato. With COVID-19 scenario all over the world, service sector and CRM has become even more crucial and important. Customer service calls are slower , and involve human errors which might lead to delays and problems.
In order to speed up customer service and improve CRM, the companies focused on chatbots that are automated services which work on algorithms that give responses based on the specific questions asked by the customers. However, these answers are automated and may not solve the customer’s issue then and there. To make things worse, it might even cause frustation to the customer leading to the termination of service with the company. This leads to severe losses incurred to the companies.
What is the solution?
The chatbots need a human touch which will make the customers feel empathized. Usually, a customer with a problematic device is often frustated and the chatbots need to pacify the customer by talking reassuring words. This has to happen depending on the conversation and here’s where Artificial Intelligence comes into picture. By taking the data and previous preferences of the customer data, the chatbot has to respond swiftly to the customer and pacify the same. For example, if the customer loves chocolate ice cream based on the purchase history data in Swiggy, the chatbot has to send push notifications on the phone such as “ Craving for Chocolate Ice cream? Order now!”. Such push notifications tremendously increases CRM between the customer and the business.
During customer service chats, the AI algorithms take the help of customer previous buying history and based on the preferences, the responses are empathetic and make sure that the problem is solved as quickly as possible. This makes customer not only happy, but also retains the customer to use the company’s service again and again- thereby becoming a loyal customer. More number of loyal customers leads to better profits and development of a business.
Taking feeback from the customers after the customer service is quite crucial to understand the customer behavior and predictive analysis. Through AI , the feedback data helps AI algorithms to predict whether the customer would return to buy product again from the same business. Based on the past behavioral buying patterns, it is easily possible to predict the future buying patterns. The most advanced AI algorithms can even predict the day-to-day activities of a customer and their likes and purchasing patterns as well. In short, the more valuable data collection is done, the better the business can be flourished. E-commerce, shopping malls, movie theaters, malls, commercial spaces, and every business benefits from this collection of feedback and using AI algorithms to predict the customer’s behavior.
Promoting New Products
Many businesses are constantly on the move to bring in competitiveness by bringing in new products to keep their customers interested. With today’s fast paced environment, competitiveness is super high. Hence, companies need to implement AI algorithms to make the new products visible to the customers in every possible source. This greatly helps in advertising in the internet, hoardings, visual and print media and so on. By the usage of AI algorithms , companies can promote new products and stay ahead of the race in the competition.
With AI being prevalent in every sector, it greatly helps businesses to improve customer relationship management (CRM) that is very crucial in gaining profits. AI’s superior algorithms improve gatheing information about customer behaviors and their buying patterns. To get the best results through AI and improving your CRM with customers, and improve the business- choose Aviskaran Technologies.
Contact us for a clear cut strategy that will help your business to flourish by the effective use of customized AI algorithms. Never get a tough challenge in business with our range of AI algorithms that are always on the move towards improvements and be contemporary to stay ahead of the game.
Content Writer, Aviskaran Technologies