AI-powered intelligent CRM can drastically help business operations and improve customer experience. However, a recent study from Capgemini shows that only 5 percent of surveyed financial firms had implemented any AI-based strategies in their core business, with 87 percent of HNWI (high net worth individuals) respondents reporting that unsatisfactory customer experience was a significant factor in switching firms.
As such, the pressure to innovate can’t be ignored and a properly integrated CRM system could be the ultimate game-changer for your business this upcoming year. Here are five ways you can really make your CRM work for you:
Pick the right CRM solution
Customers expect easy and personal experiences, thoughtful engagement, and end-to-end support.
On a basic level, Horizontal CRM comes at a low purchase cost and provides a host of generic features that will undoubtedly improve your business. Vertical CRM, meanwhile, is purpose-built to meet the specific requirements of an industry, with low customization costs. Vertical CRM requires a bigger upfront investment but understands your business processes and features to help you maximize your investment.
Proper integration is key
Proper integration of whichever CRM system you choose is vital to the return on your investment. In the financial services industry, for example, customers cannot be served properly without a comprehensive view of all their interactions. Any CRM system you choose should ultimately help streamline client processes on a deeper, more relatable level to help take your customer service to the next level.
Artificial Intelligence is the future of CRM
Intelligent CRM with built-in AI offers many notable benefits, including a cost-effective and efficient method of leveraging client data and delivering timely information and actionable insights directly to your fingertips. AI essentially does all the heavy lifting for you: giving you more time and productivity back by identifying things like repetitive day-to-day tasks and how to simplify them.
It’s a social media world
Intelligent CRM allows you to consolidate all your social media management tools in one place. Social media infiltrates every part of our day-today lives, and keeping track of client milestones so that you can capitalize on your clients’ important life events has never been easier. Whether it’s a birthday, an upcoming retirement or the birth of a new family member, let your CRM system suggest and schedule personal touches that will make a real difference to your client relationships.
The customer is always right
It’s not just about meeting your customers’ needs anymore – building authentic, lasting relationships are essential to your business’ long-term success.
There’s no arguing with the demand for differentiated customer experiences, and with technology constantly evolving, it’s nearly impossible to stay competitive in today’s marketplace without innovating to meet these needs. With the right CRM for your business, there’s no reason you can’t adopt a client-centric business model that understands your client’s needs, motivators, and interests, while also fostering their loyalty to your business and brand.
The question now is, which one will you choose?