The implementation of a CRM (Customer Relationship Management) has always been a strategic investment for companies seeking to improve their customer management. A CRM usually encompasses all customer touchpoints through Sales, Marketing, and Customer Service actions. In the age of Artificial Intelligence, the question shouldn't just be "how much does it cost?" but "how can AI improve the return on investment of a CRM?"
Demystifying the cost of a CRM
The cost of implementing a CRM system is a topic that generates many doubts and confusion. It's often mistakenly believed that these tools are excessively expensive, which dissuades many companies from adopting them. However, the reality is much more complex and depends on various factors like:
Contract model: Most CRMs are offered under a monthly or annual subscription model, where the cost varies depending on the number of users, contacts, and contracted features. It's essential to analyze the specific needs of the company to choose the plan that best suits them.
Features and modules: CRMs usually offer a wide range of features, from contact management and marketing automation to data analysis and sales tracking. Each additional module contracted increases the total cost.
Customization and adaptation: While many CRMs offer standard processes, some companies require customizations to adapt the tool to their specific workflows. These adaptations can generate additional costs, especially if the intervention of external consultants or developers is required.
Integration with other systems: In many cases, it's necessary to integrate the CRM with other tools used in the company, such as billing systems, e-commerce platforms, or digital marketing tools. These integrations may require custom development and, therefore, generate additional costs.
Training and support: CRM implementation involves a learning process for users. Some companies offer training and technical support as part of their plans, while others charge for these services additionally.
Instead of contracting all available features from the start, it's best to implement in phases, starting with the basic modules and adding others as needed. This is why understanding the company's evolution during implementation is important when evaluating the following factors:
Process adaptation: Whenever possible, it's better to start by adapting business processes to the CRM's standard workflows. This will reduce the need for costly customizations.
Evaluate different providers: Compare the prices and features of different CRM providers to find the best option for the company, always focusing on the return on investment, as these are tools primarily implemented to increase the company's value through its customers.
The power of AI to increase ROI in a CRM
While there's a lot of hype in the market about Artificial Intelligence, it's being incorporated gradually and safely into the CRM world because these tools often manage people's data. Beyond the media hype, AI is demonstrating its ability to revolutionize the use of CRMs and generate a significant impact on the return on investment (ROI) for companies. Below, we explore how these improvements translate into tangible results:
Hyper-personalization: AI allows for analyzing large volumes of customer data, such as purchase histories, previous interactions with messages sent, and website browsing, to create detailed profiles and offer personalized experiences at each touchpoint. This translates to increased engagement by sending messages and offers relevant to customers' interests and a consequent improvement in conversion rates.
Smart omnichannel campaigns: CRMs allow for coordinating and optimizing marketing campaigns across multiple channels, such as email, social media, websites, and mobile applications. AI helps deliver a consistent experience across all touchpoints by providing information on marketing and sales campaign results attribution to more accurately measure the impact of each channel and strategy on conversions.
Continuous optimization: AI algorithms learn from campaign results and adjust strategies in real time to improve their performance. AI can analyze customer purchase history and behavior to recommend personalized products and sales opportunities.
Behavior prediction: Prediction is one of AI's greatest superpowers, allowing for analyzing customer behavior patterns to anticipate their needs and offer proactive solutions that can be implemented autonomously or with human assistance. This can be applied to cross-selling and upselling, identifying opportunities to offer complementary products or services to customers. Another great application is detecting early warning signs that a customer is considering switching providers and taking steps to retain them.
Improved customer satisfaction: AI allows for offering more relevant interactions and resolving problems faster and more efficiently through chatbots and virtual assistants. This translates to increased customer satisfaction, as they receive quick responses and effective solutions to their problems.
AI is the future of CRMs
Knowing the implementation cost of a CRM has always been complex, and this hasn't changed. Despite this, today it's easier to recover the investment in these tools because AI is not only allowing for cost reduction but also driving revenue growth by using data, which has always been the fuel that makes CRMs work.
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