In recent years, all topics related to Artificial Intelligence (AI) have been arousing enormous interest. Perhaps it is because the heart of [...]Read More »
In today's information-overloaded marketplace, it is becoming increasingly difficult to retain users. For companies, competition is increasing, while for customers there are more and more offers at their fingertips, so more precision is needed to attract and retain them. Therefore, the use of Artificial Intelligence to engage and capture your customers is spreading to design personalized campaigns that get a positive response from the customer and contribute to their loyalty.
The applications of AI in the field of sales are almost limitless and its incorporation has given a shot in the arm to commercial relationships between companies and consumers. By 2025, according to Statista, AI employment will be worth $126 billion in the United States alone.
Thanks to AI-based predictive analytics tools, companies are able to understand and anticipate the needs expressed by customers, providing exhaustive knowledge of their preferences and desires, pointing out which decisions, in real time, should be taken to satisfy them and meet their expectations and demands. It is therefore essential to have as a starting point a clear definition of the most profitable possible future scenarios in order to make decisions that will benefit the business.
Companies that are employing tools based on Artificial Intelligence and machine learning in the commercial sphere can obtain, according to data from Harvard Business Review:
The most important thing is to have the ability to interpret the huge amount of data from different sources, starting with ERPs and CRMs themselves, and to obtain the most accurate information possible about consumers and achieve their loyalty. In this sense, today's Big Data technologies are capable of processing, integrating and storing data on a large scale. More than ever, companies need to understand and plan for what their customers might do or want in the future.
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To achieve the customer loyalty and build long-term relationships with them, special attention should be paid to the following strategies.
The loyalty of today's customers, who are increasingly demanding and selective, is one of the key factors in ensuring good business performance.
It is becoming increasingly necessary to understand consumer behavior. In this sense, predictive analytics through AI allows organizations to know in advance the movements of their customers to make decisions that retain them and make them loyal to their brand, avoiding those weak points that hinder conversion.
The application of these strategies, coupled with the implementation of AI models, will allow companies to predict the best ways to personalize their offers to target selected customers based on their previous orders. AI models can also help plan marketing campaigns and estimate which customers are losing or gaining interest in our products and services.
Customer loyalty is a process of developing a positive relationship between the consumer and the company that encourages the consumer to return for further transactions. It is what is called "positive contact", i.e. the gaining of a customer who has previously purchased or acquired a product or service from the company. When this contact is established, we can speak of loyalty.
Because it is necessary to take into account that it is more expensive to acquire a new customer than to keep an existing one. In addition, an existing customer spends a 70% more than a new one. Therefore, maintaining a good relationship with old customers is considered paramount so that trust is not broken.
The relationship with a customer does not end with the conversion of a sale. Once the purchase is satisfied is when a business has to start forging a lasting relationship with the customer, allowing for recurring purchases. Thus, some of the advantages of customer loyalty are:
In this regard, the churn rate, an indicator of customer churn, has become the main challenge for businesses that are committed to customer loyalty, and for those based on service subscriptions, e.g. many mobile applications and software service platforms. The use of Artificial Intelligence can facilitate the task, as we will see.
Customer churn can occur for a number of reasons:
The relationship between a customer and a company goes through a life cycle. Therefore, analyzing each of the stages of the cycle will provide essential information to carry out marketing actions aimed at satisfying the customer's needs at any given moment..
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AI models can learn from past data and adjust with the latest known data to, for example, recommend discounts, customized products or services that better meet a customer's needs based on analysis of the behavior of customers with a similar profile.
That is to say, analyzes customer lifetime. Predictive models generated by machine learning and AI decision making therefore determine what actions to take for each customer and according to the phase they are in (acquisition, conversion, growth, retention or reactivation). In this way, companies can answer two key questions:
To build customer loyalty, companies need answers to these questions. Predictive analytics uses customer data to build models that help predict future customer behavior and personalize the customer experience. In this way, companies can predict:
In this regard, SAIL (Sales Artificial Intelligence Launch), the sales optimization and intelligent CRM software developed by GAMCO, provides predictive knowledge of what goods and/or services to offer each customer, when to offer them and how to increase sales, through machine learning and data analysis, using the commercial levers and promotions available for customer acquisition and loyalty.
The use of Artificial Intelligence and machine learning in sales enables your business to have a better knowledge of the end customer, being able to monitor it by applying customized sales KPIs and providing suggestions for the optimization of campaigns for their loyalty.
The SAIL solution incorporates a module for predicting the abandonment of customers up to 60 days in advance and of products or services by these users.
Through the use of AI, it gathers quantitative and qualitative information that allows detecting behavioral patterns that are repeated in order to improve the understanding of the end customer and avoid the cause of their abandonment.
In this sense, SAIL also allows to improve sales forecasts by processing historical data such as prices, volumes or geographical distribution to convert them into relevant information for demand forecasting. It also avoids customer abandonment by offering products or services that match their real interests, based on their purchase history, discounts applied, participation in promotions, etc.
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Finally, it significantly improves the efficiency of the sales team by automating many tasks, reserving time for those interactions with a higher probability of success and for talking to the customer and getting to know them better: what their needs and interests are in order to provide them with a better service. On the other hand, sales based on AI resolutions provide salespeople with very useful information on what strategy to follow in order to close a transaction.
The 5 keys to building customer loyalty through the use of AI tools are:
The main advantages of predictive intelligence for customer loyalty can be structured around four central axes:
It is clear that having more customers is not synonymous with more sales, so the main problem is to know how to make profitable the ones you already have and act, as far as possible, on those that are more profitable or have greater future potential. And it is here where the use of Artificial Intelligence to develop actions aimed at attracting and retaining customers becomes valuable. As we have already seen, it is a matter of following the following process:
Thanks to the technology of GAMCOIn addition, companies can estimate customer potential and increase sales by automatically obtaining knowledge and self-adjusting predictive models to improve decision making.
SAIL, commercial optimization and CRM software, allows you to know at all times what products or services to offer, identifying the business opportunities for each customer; to which customer segment to direct your actions, optimizing commercial levers and promotions, according to the type of customer; and how to do it to avoid possible customer abandonment.
SAIL is a proven solution in large companies in the FMCG (Fast Moving Consumer Goods) and distribution sectors, in which commercial channels have been developed, with very significant returns, rapid deployments and no impact on the companies' current systems.
Artificial intelligence is increasingly used and applied in many sectors, and as it could not be less, it has entered with force in the field of [...]Read More »