The Emergence of Advanced Technologies 3
The third advanced technology is the Customer Relationship Management (CRM) system.
This component is a fully featured application that companies use to manage customer data and sales opportunities, and salespeople activity.
Here are the major areas where AI can leverage the functions contained within a CRM system for greater results.
First: Repository for Customer and Sales Data
The CRM contains a repository of information that serves as the master data source for customers, sales processes, sales teams, sales opportunities, and the sales pipeline. Data Analytics can compute and store statistics, measurements, and other key indicators to compute tendencies and determine how best to identify targets for marketing campaigns and promotions.
Second: Sales Management Planning
The CRM enables sales management to better monitor sales activity. This includes:
- Tracking the status of sales opportunities.
- Monitoring the performance of sales teams, identifying where standard sales procedures are being followed (or not), and alerting managers to potential trouble so potential problems can be alleviated.
- Providing guidance on the sales pipeline, by viewing sales revenue forecasts to get a snapshot into the overall health of the sales pipeline, and to determine when (or if) revenue shortfalls can be anticipated.
Third: Sales Team Execution
The CRM assists sales professionals in executing their daily selling tasks, including:
- Managing the customer relationship throughout the sales cycle, from identifying opportunities and winning business to servicing the customer after the win.
- Recording the relevant interactions with the customer, including key conversations, key sponsors, meeting outcomes, next steps, and barriers to advancing the sales cycle.
- Identifying customers and prospective customers who are the best targets for marketing promotion campaigns.
- Preparing and executing messaging for campaigns.
I’m DJ Sebastian, and we will cover the other emerging technologies in the next briefings.