Four Ways AI Can Help In The Battle To Win And Retain Customers, According To SugarCRM
In an age where customer experience is paramount, Jason du Preez, senior vice president Asia Pacific, SugarCRM discusses how artificial intelligence (AI) can help businesses win and retain customers.
As Australian businesses focus on rebounding from the pandemic, investing in Artificial Intelligence is a high priority to better understand the customer and deliver an intuitive, fast and frictionless customer experience.
The 2022 Customer Impact Report revealed that 98% of Australian businesses plan to invest in AI over the next two years. Here are four ways AI can help in the battle to win customers and retain them, while also maximising cross selling and upselling opportunities.
- Understanding real-time customer lifetime value
Real-time access to data and insights can help identify which customers represent the greatest opportunity for lifetime value. Australian companies report that 74% of sales leads are either underqualified, poorly qualified, or not followed up on.
AI and machine learning can help analyse an organisation’s lead prioritisation and identify leads and prospects that are similar to other businesses in their customer base in order to determine whether they are likely to be profitable and where conversion can be quickly maximised.
- Unlocking the power of sentiment analysis
Once a customer is engaged with your organisation, you can use sentiment analysis to understand how your customers respond to your brand, products and services at an emotional level. When face to face with someone, we pick up dozens of subtle cues. We hear the tone of voice and can tell whether a response is sarcastic or more direct. Posture can tell us if the person is relaxed or stressed. Even silence can tell us something. Discerning all of this in a digital interaction requires a different capability. And this isn’t just about lots of data – it’s about having the right data so the AI is operating effectively.
AI, using natural language processing, can collect the data, look for key words and phrases in order to discern the sentiment. Some AI can even understand sarcasm and irony. And it can do this in a fraction of the time that it would take a team of people to create a high definition customer view. AI can also assist with personalisation and empathic marketing to customers, through deeper insights into their current needs and preferences.
Businesses use information from public social media feeds, recorded phone calls, email, chat bots, and myriad other sources to gain a deeper understanding of their customer. Once that data is integrated into your CRM, AI can derive insights that help you make better decisions about how to deliver a high definition experience at each step of the customer’s journey.
- Mitigating the risk of customer churn
AI can help mitigate the risk of customer churn. While most Australian businesses reported a good understanding of their inbound sales funnel, almost two-thirds of businesses of the 400 Australian firms surveyed in the 2022 Customer Impact Report said they do not understand the reasons for churn with a similar number admitting they struggle to quantify and track churn rates effectively. AI can deliver actionable insights that allow businesses to better understand what is happening at every stage of the customer journey.
When leveraged as part of Customer Relationship Management (CRM) technology, AI can unlock valuable insights. AI can help people trawl through large slabs of data and automate some decision making. With almost seven of every ten Australian businesses saying they want more from their CRM, AI is undoubtedly part of the solution to their customer experience challenges.
Natural language processing and AI work together and provide sales and service teams with information about a customer’s emotional state and intent. With these insights, sales and service personnel can make better decisions on the best action to support the customer journey. This creates greater predictability which, in turn, drives performance as organisations can apply a laser focus on activities that deliver the most positive experience for customers.
- Leverage out-of-the-box AI solutions to hit the ground running
So, how can a business that is time and resource constrained take advantage of AI? They can start by avoiding the trap of thinking they have to do everything themselves. While every business is unique, very few of the challenges they face are. And that means the tools they need are most likely already available.
CRM systems are the glue that brings together data from multiple sources in a business. When AI is applied to data in the CRM, as well as external data sources, it’s possible to create a comprehensive view of your existing customers so you can anticipate their needs and identify the risk of churn. And you can use what you know about existing customers to make predictions about leads and prospects.
AI might be the most ticked box in your tech team’s game of Buzzword Bingo. But it’s a powerful tool that, when applied in areas where it can deliver actionable insights, can make a significant difference at every step of the customer journey from when they first peek over the edge of your funnel to when they might be thinking about leaving you.
Latest News
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.
The Fred Hollows Foundation Appoints Ardent For PR
Yes, we all like to have a joke at PR's expense. But sometimes it does important work, like this.
AI, eCommerce & Marketing Specialists Are In Increased Demand By Businesses, New Data From Fiverr Shows
Has your philosophy & anthropology degree left you with nothing but a huge HECS debt? Here's what you should've studied.
Perth’s First 3D Anamorphic Billboard Arrives Courtesy Of oOh!media
Do you love a buzzword? Now you can add anamorphic to the list as it relates to billboards, not a colleague's ears.
MasterChef Australia & Crown Resorts Launch Unique Dining Experience With ALUMNI
A pop-up restaurant staffed by MasterChef contestants! That's fine dining prices for first-year apprentice chef cuisine!
Amanda Laing Announces Resignation From Foxtel Group
Foxtel's chief commercial & content officer heads for the exits. Read nice things the bosses said about her right here.
The Lost Letters From Our Diggers: News Corp Unveils ANZAC Day Special
It's nice when brands respectfully acknowledge ANZAC Day.
Howatson+Company Acquires Akkomplice
Large indie acquires a slightly smaller indie. Much like a shark eating a tuna, just with less thrashing and blood.
Google Delays Third-Party Cookie Deprecation Again
In good news for the sale of picture library biscuit photos, Google continues to tease over the end of cookies.
Education A Low Priority For Aussies More Concerned With Cost Of Living Forethought Study Reveals
Study finds Aussies cutting back on education due to cost of living. Booze & Uber Eats sales remain largely unaffected.
“I’m Still The Same Person That I Was”: Rikki Stern Says “Fucc It” To Cancer Stereotypes
B&T always happy to promote the anti-cancer cause. Even brands that massively overdo it with the hot pink.
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.