How AI Can Drive Customer Success
The user experience. It's so important that the McKinsey Global Institute identifies it as one of four main areas in which artificial intelligence (AI) can make the biggest impact. A crucial part of customer success, the user experience is the tip of the spear for any business: the stage at which customers interact with products and services and decide to keep using them. Or not.
Every business lives or dies on customer success since no amount of wizardry in the areas of product development, production, or marketing—the other areas ripe for AI-driven innovation—can make up for a significant lack in the customer success department. Ensuring that customers get what they need is vital to the health of any business. Here's how AI can help.
The AI Advantage
Most of us are familiar with how customer-facing AI systems can help drive customer success. AI-powered chatbots, for example, can help customers find the information they need, when they need it — without subjecting them to aggravating and not-so-helpful voice prompts to press keys to navigate menus. But there's another way that AI can foster customer success. That's through behind-the-scenes business analytics that helps decision-makers focus on the right groups of customers at the right time and with the right strategies.
Less visible than chatbots, but no less powerful, AI-powered business analytics software can bring as least as much value to your business as customer-facing systems.
That's because back-end AI software lets you take proactive actions to improve outcomes—not just help with the day-to-day execution of customer strategies. AI can actually help in the planning of marketing campaigns, pricing adjustments, follow-ups after purchases, and more, giving leaders who use it much more leverage. For starters, AI can help you keep the customers you already have, for example by helping you show appreciation for select groups of high value customers and fine-tuning promotions based on purchase history and intelligence on competitors.
Better Customer Retention
Many actions can help retain customers, including targeted marketing campaigns and promotions offered to select customers. But without knowing whom to target for such campaigns or promotions, these strategies can fall flat.
However, fed with data on customer purchase history, pricing of key items by competitors, and other critical bits of information, AI tools can identify the factors that contribute most to customer churn. For example, if your customers tend to purchase certain items or services seasonally — and competitors adjust pricing to attempt to lure them away at the same time — an AI system working with the right data can help you spot the patterns. This allows you to make adjustments to existing customer retention strategies in response to new data, and develop new strategies before it's too late.
By automating the process of analyzing massive amounts of both your own and external data, AI can even define and identify entire groups, or segments, of customers who are most likely to leave your company. Armed with that information, you can then build retention strategies to address the common concerns and risk factors for large numbers of customers at once.
But holding on to customers is the bare minimum of what AI-powered tools can bring to the table. AI can also help you uncover which customers are likely to upgrade or buy more from you. That can help you turn good customers into outstanding ones. For example, if patterns in your data indicate that a particular customer segment tends to make larger purchases following a series of smaller ones, you can target marketing campaigns to that segment at just the right moment in their purchasing journey.
AI can also help you close more sales by identifying customers most likely to convert from a free product or trial to a paid account. That way, you can focus more of your sales resources on your best prospects, while devoting less time and energy to those who aren't as likely to convert.
Saving Time and Money
AI-powered business analytics software, such as Ki, can help you to quickly and easily analyze customer habits and patterns. That can save organizations a whole lot of time and in turn, money.
For example, AI-powered analytics can help make recommendations for upgrading the customer experience across the board, from delivery of products and services to follow-ups afterward. Overall, AI can empower business leaders to provide personalized strategies at scale for retention, upgrades, and going the extra mile for key groups of customers.
The best AI tools not only save you time and resources by quickly delivering insights but are also more approachable and easy to use than you think. Adding intuitive, easy-to-use AI-powered analytics to your customer success tool box means you don't have to be a data scientist to enhance your decision-making. With Ki, for example, you can connect to all of your other systems — such as ad platforms, customer relationship management, and accounting — to automatically answer questions put to it by anyone in the organization. The answers can help improve efficiency and user experiences that drives customer success.
To learn more about Ki and how you can implement an AI analytics solution right now, download the 4 Step Automated Process Brochure!
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