06th Nov, 2019
, , Designation
Days are gone when traditional engagement with customer was prevalent or relevant. Advancements in technology and rapid upgradation in the digital world is leading to persistent paradigm shift in the customer engagement ecosystem. This is the era of transition where we are harnessing the output of industrial revolution 4.O. To keep pace with this dynamic world there is an urgent need to identify shifts in the contour of customer engagement ecosystem. It is critical to follow a strategic customer engagement to utilize its full potential to optimize it better. An engagemnet campaign can be made intelligent when historical data on customer engagement is mapped to identify opportunities via technology leverage like Artificial Intelligence (AI), Machine learning (ML) etc.
In order to fully capitalize on the opportunites that customer engagement holds, it is important to recognise that engaging customer is not as same as it was just a few years back. Customers are smarter and more particular than ever. They have 24/7 access to information about what’s expected from you. According to Forbes’ Top Ten Success Drivers, the most important driver for customer engagemnt includes artificial intelligence to elevate customer experience through consistent, data-driven interactions.
“Maximizing satisfaction with customer journeys has the potential not only to increase customer satisfaction by 20% but also to lift revenue by up to 15% while lowering the cost of serving customers by as much as 20%”
Replacing “The Traditional Engagement Funnel” with “The AI-enabled Engine”
Transition from traditional to intelligent B2B engagement is due to the rapid growth in AI technologies. Corporates armed and equipped with advanced technologies like AI and machine learning are continuously enhancing B2B sales through effective customer engagement and generating maximum profits. The inefficiencies in the traditional engagement has rendered many customer engagement ecosystems obsolete and pushed down effective marketing, sales and profit optimization output.
Problems with traditional engagement
- Non-targeted approach to capture and communicate with as many as potential suspect reducing the probability of qualified leads
- Increase in conversion cycle and impact on lead velocity
- Investment of more time impacting the input cost. For a standard, it takes up to 30 minutes for an agent to make additional research on the suspect lead, up to 30 minutes to write a follow-up and up to 8 dials to get to a prospect. Thus, if lead isn’t a good fit, all these efforts and time is wasted, impacting the input cost.
- Quality of lead is the major concern of any lead generation program. Traditional customer engagement doesn’t have the right metrics to capture the lead quality like propensity, BANT or 8C scores etc.
Traditional B2B Engagement Funnel
With, AI-enabled customer engagement, one can prioritize sales and marketing efforts throughout the customer lifecycle. AI and ML identify patterns to determine suspects are more likely to be converted into potential prospects by looking at transactional behavior, product requirements and past engagements. It helps in increasing the lead propensity of purchase by building Lead, account, opportunity scoring models. AI engines will give a right-fit targeted list of customers. Doing so helps to ensure the right prospects are allocated to the right resources.
83% of businesses predict that by 2020, the focus of customer engagement professionals will be to predict and assist the customer with what they want to do in the future – Walker (Customers 2020: A Progress Report)
The AI-enabled engagement out-performed the traditional funnel model by reducing the sales cycle by expediting the sales process. According to Gartner, by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. AI-enabled engagement is the reason, why? Because:
It thinks “tomorrow” – AI-enabled customer engagement enables intelligent and informed, yet simple customer experience in an end-to-end journey. It helps in strategizing customer engagement and future opportunities which are unified and personalized; an experience so organic that customer would simply sail through it.
It uses data intelligently – Data is the new oil; it contains so much information about any potential prospect. Your sales enablement partner can help process the data for identifying opportunities. Denave has an inviable expertise in this aspect. It provides account, lead and opportunity intelligence using analytics and business intelligence for customer acquisition and lead/opportunity generation. This data can be processed and developed into actionable insights; It enables customer engagement by simply fulfilling the gaps and offering comprehensive product and service based on customer requirements.
It shakes up customer experience – Fast, automated and hassle-free. The AI-enabled engine gives a whole new personality to customers throughout his engagement journey. From acquiring the customer, retain it for better opportunities and then accelerate by driving various customer strategies helps both increase profitability and sales.
It will help most pressing question about customer engagement:
- Are current engagement strategies effectively growing customer ROI and efficiency of operations?
- What types of solution sales strategies are adding value to customer?
- Do engagement strategies drive relevant interaction between customers and offerings?
Through our service offering, we support customers with facilitate sales and marketing execution services that includes:
- Identifying customer attributes by accessing their transactional behavior and capabilities
- Building customer persona and identifying the buyer’s journey to ensure right engagement
- Building Machine learning tools for right sales and marketing tactics to drive growth in product/services offered
- Accelerate lead conversions on Account-Based Marketing for lead generation campaigns
- Apply AI-enabled engagement models to accurately identify target customers from a total addressable market.
The Road ahead
For optimizing the full potential of customer engagement, the AI-enabled customer engagement is the best way for. It is crucial to adopt a technology which is more reliable, more efficient and provides innovative solutions through leading edge technologies. It will also enhance the utility and potential of lead generation workflow.
This article was orignally published here