In a business environment as competitive as today’s, retaining customers has become as important as acquiring new ones for growth. And, ensuring a superior customer experience is important for both the objectives. Globally, the argument seems to have businesses on board. According to Statista, the global market for customer relationship management (CRM) software is projected to expand to $46.3 billion in size in 2024, up from $7.9 billion in 2016.
This shows the growing relevance of CRM software aims to enable customer satisfaction through better interactions, especially as clients are increasingly adopting web-based interfaces and social computing in greater numbers.
However, as businesses continue to garner a larger customer base, they experience many challenges while ensuring better customer experience. These include:
- High costs associated with hiring more agents to handle growing call and chat volumes
- Unavailability of agents, leading to increased resolution times
- Difficulty in enabling 24×7 customer support service
- A single-channel model, which can hinder customer interactions
- A less than ideal customer experience due to human errors in understanding clients and communication
- A lot of time and resources are spent on fielding common or repetitive queries.
- Surface-level insights on the overall performance of the customer experience team
In recent years, developments in artificial intelligence and machine learning (AI/ML) have enabled a new wave of automation that can resolve these challenges, and significantly improve the customer experience. According to a Salesforce report, it is estimated the global business from the AI-powered CRM activities will reach $1.1 trillion by the end of 2021, and is expected to create 8,00,000 new job opportunities.
To understand the benefits of automation in depth, and how businesses can leverage it to implement the ideal CRM strategy, YS, in association with Verloop.io, will host the webinar ‘Customer Support is the New Customer Retention’ on <<date and time.>>
If you are interested in knowing how to enhance your customer experience to new levels, <<click here>> to register for the webinar.
What to expect
The webinar will feature industry leaders from the CRM space including Gaurav Singh, Founder and CEO of Verloop.io; Ankit Bhatnagar, Head of Product, Mswipe and Shreyans Daga, CTO of MyGate, among others. They will discuss the key trends that are powering the industry today. The panelists will discuss why the most important thing that businesses need to adopt is automation and artificial intelligence to boost customer support. Since its inception in 2016, Verloop.io has worked with leading enterprises and advanced technologies to enable up to 60 percent automation of support queries within 30 days. The move helped it achieve 92 percent customer satisfaction (CSAT) for its clients.
For enabling such results, adopting the right customer experience strategy is crucial. The panelists will also be discussing the importance of building such a strategy using omnichannel, AI-based chatbots, workflow simplification, and many technological upgrades. The end result being to improve first response time and handling time for chats, ensure that the business process has consistency over the various processes and minimise workflow errors. The panelists will also discuss how technology can be leveraged to have more visibility and data on all interactions, which enables better utilisation of agent bandwidth
Finally, the panelists will also discuss how implementing automation will reduce costs, while achieving significant scale in customer support.
If you are interested in knowing about the benefits of automation in improving customer experience, and require practical frameworks to implement the ideal CRM strategy, register for the webinar today.