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3 Ways AI can help Lift Customer Experience and Boost Revenues

3 Ways AI can help Lift Customer Experience and Boost Revenues

Creating smooth, personalized customer experiences is the topmost priority for marketers in today’s era of modern business, and many are inclining towards the use of AI for assistance. Many companies are using AI in the form of chatbots to enhance the user experience. One such example is ‘Flo’, a chatbot launched on Facebook Messenger by Progressive. It is driven by AI quoting technology and is created to bolster consumer engagement with the brand.

B2B marketing is on course to benefit significantly from the use of AI to enhance customer experience and scale up margins. As a matter of fact, Gartner has projected that by 2020, almost 30% of all B2B companies will deploy AI to amplify at least one of their fundamental sales processes.

B2B companies now understand that consumer demand will continue to increase and evolve. Employing AI in business functions can lead you to cost effective, efficient, and influential processes that will keep your customers engaged. Let’s look at the 3 ways how implementing AI can help:

1. Response Time is Very Decisive

According to a Forrester Research report almost 50% of deals are bagged by vendors who respond first. Outdated, static process that were once created to secure margins, today represent lost opportunity and revenue. One of the critical components of user engagement is time-to-quote. AI helps the sales teams in speeding up the process of sending quotes with better accuracy and helps them close in more deals.

 

2. Personalizing Lead is Vital

Personalization in terms of customized offers and finding right opportunities to target audiences is also as important as pricing. Machine learning algorithms can help you mine huge transactional data for deriving patterns from the purchase history of consumers. It also provides significant insights about the inconsistent buying patterns of customers. Companies can then leverage this data to develop more tactical customized offers and cross-sell opportunities.

 

3. Pricing Times are Crucial

The dynamic science of pricing, a technology driven by context vigilant machine learning and algorithm, enables businesses to deliver customized solutions to their clients in a timely manner and a correct price. Organizations that leverage this dynamic pricing can gather actionable insights about how to price their products based upon several factors such as willingness to pay and market demand. This ability to generate regular and accurate pricing will increase customer loyalty.

 

While many people still associate AI with only driverless cars and robots, B2B marketers should consider how to use this technology in day-to-day business operations. The practical applications of AI, such as dynamic pricing, can help marketers across varied domains to enhance their overall product offerings. Such an approach can also significantly help in finding new opportunities for sales, build customer loyalties, and scale up revenue margins.

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About The Author

Anuprit Orse

Anuprit brings a vast experience across functions viz. business management, key account management, and sales operations & has a keen eye for identifying, nurturing and developing new opportunities and has proven record of connecting businesses. Being a focused entrepreneur, Anuprit also offers his edge as an influencer and seed funder to budding enterprises. Over the last 15 years’, he has helped set up several ventures – Prolific Sales Pvt. Ltd., SG Cubes Pvt. Ltd., Business Morphosis, and Creazione IT Solutions. All these have gone on to deliver ample success in the subsequent years. Anuprit has also worked as an independent consultant to a number of companies ranging from start-ups to Fortune 1000 assisting them close deals with companies like HP, Xerox, AWS, Microsoft, Air Canada, Northrop Grumman, Cisco, SAP, Adobe & Honeywell Automation. Here, he assisted them in devising precise strategies to identify customer segments for their respective products and services. He also has a strong knack of devising successful marketing campaigns resulting into a distinct growth of businesses.