Customer relationship management is the cornerstone of any successful business, no matter how large or small. A CRM tool has become a necessity to deploy considered, tailored customer services and communications, leveraging the power of historical and customer data to drive engagement at every point of the sales funnel.
If data is the north star that guides all customer engagements and communications, then CRM is the map leading the way. But, just as maps can be time-consuming to use, CRMs can only deliver so much efficiency through data aggregation. Sometimes, you need direction quickly to cut through delays - you need a compass.
You need the power of generative AI to lift the limitations of traditional CRM capabilities. You need generative CRM to deliver swifter, better, more personalised services and interactions.
We’ve all heard the recent news of Salesforce releasing Einstein GPT, the world’s first AI-powered CRM. But what exactly is generative CRM? And does your business really need it? Let’s take a closer look below.
What is Generative CRM?
Generative CRM combines the unlimited power of generative AI with the data aggregation and visualisation capabilities of CRM tools to produce an operational powerhouse of efficiency, productivity and performance.
Leveraging your existing customer data and combining it with data scoured from the internet and published texts, generative CRM can perform countless functions across departments.
Answering customer queries, typing up personalised responses, summarising transcriptions, writing knowledge articles, drafting sales pitches and emails and creating engaging copy and more can all be completed in a few clicks.
Tedious, time-consuming tasks that traditionally take hours can be completed in seconds by harnessing generative CRM to do the computational and conceptual heavy lifting for you. Let’s examine how in more detail.
How Can Generative CRM Enhance Productivity and Efficiency?
Insights at your fingertips
Generative AI can analyse large volumes of customer datasets in a CRM at a rate that human agents just can’t. Correlating and finding connections between differing datasets would normally take hours to derive any meaningful insights into customer preferences, behaviour and purchasing patterns. With generative CRM, you can get these invaluable insights in a matter of seconds.
Personalisation is the stepping stone to greater customer engagement and satisfaction. Implementing personalisation at scale, however, is time-consuming and difficult to do.
Generative CRM offers personalization at scale by assessing all contextually relevant data case-by-case, as well as the internet, to create unique, personalised content for every customer or prospect.
By communicating or providing tailored products and recommendations, you can easily build stronger customer relationships, and increase loyalty and customer lifetime value (CLV).
While most CRMs are built to scale and grow with a business, there’s undoubtedly a need for more human resources attached to that growth. More prospects and customers necessitate more sales reps, software developers, support teams and so on.
Generative CRM allows you to scale quickly and efficiently without having to rely on sourcing and training new employees. Because it can automate a large number of routine tasks, existing team members can easily take on more work without becoming overwhelmed or your quality of service being impacted.
Tying into the above point, generative CRM is a more cost-effective way of sustaining business growth by reducing operational costs and overheads that impact your bottom line.
Generative CRM does the analytical and conceptual heavy lifting for your teams across departments, freeing up their time which enables companies to allocate their skills and resources more efficiently.
Improved customer satisfaction and loyalty
It’s no surprise that greater personalisation coupled with in-depth insights to drive communications and services boost overall customer satisfaction. When you’re effortlessly giving customers and prospects exactly what they’re looking for, before they even realise they’re looking for it, you’ll consistently surprise and delight them.
As a result, they’re more likely to stay loyal to your brand and become an unofficial brand ambassador for your business, generating more leads in the process.
The combined capabilities of generative CRM ultimately reduce time to value, sifting through irrelevant or inaccurate data to deliver the information and insights we need quickly. It frees up the valuable time of agents and team members without worrying about impacted quality or efficiency of services.
So, does your business need generative CRM? The answer will depend on your unique business size, structure and framework. But, if you’re looking to enhance your internal processes, your customer engagement and services, optimise your agent productivity and efficiency and drive healthy business and revenue growth - then generative CRM is certainly for you!
At CloudSmiths, we’re proud to be Africa’s largest Salesforce implementation partner and trusted advisor. We offer end-to-end Salesforce consultation, implementation, development and support services, including advisory and management services for EinsteinGPT, Salesforce’s robust generative CRM tool.