#051: Insights_ Everything you need to know about generative AI CRM
Maintaining fruitful customer relationships has always been the cornerstone of every enterprise’s success story, which is why over 91% of organizations today leverage a customer relationship management (CRM) platform to attain this goal. However, as the world keeps on spinning a web of new technological advancements, such as the much-lured Generative AI (GenAI), it is only usual for enterprises to expect such capabilities in their native CRM and to reap the productivity and efficiency-driven benefits of it. And this is where the trend of Generative AI in CRM emerges.
Here we discuss what generative AI CRM is, the opportunities surrounding CRM and artificial intelligence, and explore more about Salesforce generative AI CRM.
What is generative AI CRM?
To understand the phrase, ‘generative AI CRM’, let’s break it down into two most palpable terms, ‘generative AI’, and ‘CRM’.
Generative AI employs artificial intelligence and machine learning algorithms to generate text, images, audio, etc. that might seem new; however, it is a summarized version of the existing data without repeating any unique artifact of the original data. Unlike the metaverse, generative AI gained tremendous popularity across industrial verticals owing to its prowess around accelerated content creation, problem-solving, and the ability to produce diverse outputs. The big leap came when early-2023 Microsoft and Salesforce announced the enabling of generative AI to their CRM technologies and other products and services.
What are the benefits of Generative AI in CRM?
Undeniably, Generative AI CRM reduces the friction of going from an idea to a first draft, as said by Salesforce. Instead of spending hours on mundane tasks, Generative AI in CRM sifts and scours through the data in seconds, thus boosting productivity, efficiency and driving customer relationships. Other benefits of this CRM artificial intelligence includes:
#1: Creative freedom to take up more high-value tasks
Generative AI CRM frees you from the redundant tasks to focus more on strategic undertakings. Whether it is scouring through the available private and public data to generate actionable insights to eliminate repetitive tasks and speeding up things, generative AI CRM enhances productivity and allows you to concentrate on nurturing client relationships and creating tailor-made solutions. Overall, such CRM artificial intelligence tells you exactly what your prospects desire and customers needs, so that your front-office battalion can create richer client experiences and engage pitches to close more deals faster.
#2: ‘AI you can trust’ as quoted by Salesforce
With the declining acceptance of third-party cookies, it is no wonder that customers are on their toes while sharing their personal information, especially the concerns around how this information will be used. Needless to say, security and privacy will be the key tenants for generative AI CRM and amongst the long-standing guidelines of trusted AI. Although there are some generative AI models that employ publicly available data to generate insights, generative AI CRM utilizes a mix of public and private data while ensuring that the customer data is securely stored in the cloud. This blend makes generative AI CRM a trusted AI solution with optimal data utilization and uncompromised data privacy.
#3: Deliver hyper-personalized customer experiences
The struggle to deliver hyper-personalized experiences is real for merchants. Even when you have a complete knowledge of your customers, where they are on their buying journey, brands find it challenging to deliver differentiated customer experiences. Generative AI in CRM will sift through opportunities, key exchanges, message feeds, and cases to provide you real-time and contextual insights about each customer. Your front-office staff can use this knowledge to formulate targeted pitches, prepare for meetings, nail down current bottlenecks to repurpose as key talking points, etc.
#4: Practice modern automation
Unlike traditional automation models that focus only on repetitive tasks, modern systems in-built with automation capabilities push these boundaries further. Generative AI CRM systems like Salesforce turn static workflows into dynamic ones, learning along the way. Rather than executing pre-defined actions, this new CRM artificial intelligence identifies potential bottlenecks, suggests process enhancements, and even refines strategies in real-time.
#5: Accomplish the true business value of digital transformation
Achieving digital transformation is easier said than done, especially with ever-evolving technologies and changing market dynamics. Implementing generative AI CRM takes you one step forward towards achieving digital transformation. As it studies datasets, generative AI CRM also generates insights in real-time, forecasts trends, and even suggests tailored strategies and recommendations based on every customer’s behavior, needs, and preferences. This way, enterprises can stay ahead of market changes and customer needs and strengthen their market positioning dynamically.
Use cases of generative AI in CRM
Although the use cases surrounding generative AI in CRM are immense and bountiful, it is imperative for enterprises to explore the right use cases to invest in. Undoubtedly, generative AI when paired with traditional CRM (packed with AI capabilities) will take over the burden of daily mundane operations across departments, enterprises need to prepare a generative AI CRM roadmap that fulfills the guidelines of privacy, trust, security, and ethical usage of data.
That said, the following are some use cases that can be explored in a generative AI CRM platform.
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#1: First-party data collection
One of the biggest selling points of a generative AI CRM system is that it marries private and public data to suggest actionable insights without charting across the heated territory of data security and privacy. As people say less and less yes to third-party cookies, it becomes challenging for merchants to obtain customer data from accurate sources and use it for hyper-personalized experiences.
#2: Personalized customer support to close more queries and effectively answer requests
Generative AI CRM comes in real-handy for your service reps. Such powerful platforms consume data such as email transcripts with the customer, message exchanges, phone conversations, buying behavior, preferences, most-viewed content on the internet, and their entire customer journey to help you improve response times and close more queries. Tools like Salesforce Einstein AI reads the magnanimous datasets to suggest solutions that your customers desire. They can even craft the best reply for you to send to your customers, while making sure that it doesn’t sound bot-ty. Generative AI CRM can even function as knowledge bases for you to analyze customer feedback and improve your sales and service responses.
#3: Automating lead nurturing and qualification
Generative CRM artificial intelligence can be leveraged in lead generation and qualification. For sales, generative AI CRM can help analyze and respond to lead inquiries in a contextual manner, taking into consideration their current requirements, bottlenecks faced, and solutions expected. This way, sales people can engage in hyper-personalized lead interactions, conduct more fruitful conversations, and eventually close more leads. As for marketing, generative AI for CRM helps in strategizing highly personalized lead nurturing campaigns backed by data-driven content, thus boosting conversion rates.
#4: Improved predictive intelligence and sales forecasting
Sales and marketing have always struggled with predictive lead generation or forecasting to improve an existing pipeline. The generative algorithms deeply analyze historical data sets and compile them with current market situation and consumer behavior to generate dynamic and predictive sales forecasts. Even small macroeconomic changes are studied by the CRM artificial intelligence tools to generate accurate estimates such as the lead generation numbers or the likelihood of a customer completing a purchase.
#5: AI-powered marketing activities
For marketing, there are ample opportunities available with a generative AI CRM. From designing visually appealing and personalized ad campaigns to tailored messages and social media posts, artificial intelligence in the CRM system nails down where exactly the marketing team must direct their efforts and improves all associated strategies. For example, it can create a targeted social media campaign for your eCommerce stores, targeting specific audiences based on their interests, buying behavior, liked products, amount spent in a given timeframe, purchase history, wishlisted products, etc.
#6: Stay agile and adaptable to changing trends
To survive and thrive in today’s dynamic and competitive ecosystem, enterprises need to be watchful towards changing market conditions and evolving customer demands. Generative AI CRM is a great tool to ensure this agility and adaptability. Across departments, generative CRM artificial intelligence automates tasks, reads through detailed transcripts to suggest actionable points, creates engaging content, drafts effective marketing campaigns, provides customer support responses, and assists sales with everything they need to close a deal.
#7: Streamlining content creation
Lastly, let’s talk about the much popularized role of generative AI, content creation. Oftentimes, sales, marketing, and service find themselves spending abundant time to draft the perfect pitch, marketing message, or response. Generative AI when embedded in CRM systems helps you break free from it. From scripting an entire contextual email, spearheading marketing outreach ideation, to suggesting a desirable response to a customer query and identifying the patterns which would otherwise be overlooked, generative AI takes away the manual indulgence from your CRM, empowering enterprises with limitless automation, actionable insights, and the ability to accomplishing digital transformation the ‘smart’ way.
Salesforce generative AI CRM: Einstein leads the way
The talks around generative AI technology can’t be concluded without talking about the world's first generative AI CRM, Salesforce Einstein AI. Across, sales, service, marketing, commerce, IT, and more; Salesforce generative AI CRM - Einstein delivers AI-driven powerful capabilities to transform every aspect of customer experiences.
While Salesforce talked about their plans for generative AI technology in-depth during Dreamforce 2023, Einstein AI unites Salesforce proprietary AI models with generative AI to allow the free flow of data once created in any app across other Salesforce applications and third-party systems.
Here is how Salesforce generative AI CRM - Einstein will look like in action.
Read the complete resource here: Everything you need to know about generative AI CRM.