A Marketing and CRM Perspective
In our previous article, we explored the benefits of implementing artificial intelligence (AI) assisted help and guidance systems for businesses. Today, we’ll delve into the financial advantages of adopting this technology in marketing and customer relationship management (CRM) functions.
Marketing Efficiency
Marketing teams can greatly benefit from AI assisted help and guidance systems by automating routine tasks, freeing up resources for more strategic activities. By leveraging machine learning algorithms, marketers can:
- Reduce Inbound Call Volume: Automate answers to frequently asked questions, reducing the number of inbound calls to your contact center.
- Decrease Email Support Requests: Provide customers with quick and accurate information via email, minimizing the need for human intervention.
- Save on Content Creation: Use AI-generated content to create engaging blog posts, social media updates, or product descriptions.
Cost Savings Scenario 1: Inbound Call Volume Reduction
Assume your company receives an average of 500 inbound calls per day, with a cost of ₹25 per call (including labor and infrastructure). By implementing an AI assisted help and guidance system, you can:
- Automate answers to 300 frequent questions
- Reduce inbound call volume by 60% (300 / 500)
- Save ₹15 per call (₹25 – ₹10, accounting for the cost of the AI system)
Daily Savings: 300 calls x ₹15/call = ₹4,500/day
Annual Savings: ₹1,322,500
CRM Efficiency
In CRM functions, AI assisted help and guidance systems can:
- Reduce Support Ticket Volume: Automate answers to common customer inquiries, decreasing the number of support tickets.
- Improve Data Accuracy: Use machine learning algorithms to ensure accurate data entry, reducing errors and inconsistencies.
- Enhance Customer Engagement: Provide personalized experiences through tailored product recommendations or targeted promotions.
Cost Savings Scenario 2: Support Ticket Volume Reduction
Assume your company receives an average of 1,000 support tickets per month, with a cost of ₹50 per ticket (including labor and infrastructure). By implementing an AI assisted help and guidance system, you can:
- Automate answers to 400 common customer inquiries
- Reduce support ticket volume by 40% (400 / 1,000)
- Save ₹20 per ticket (₹50 – ₹30, accounting for the cost of the AI system)
Monthly Savings: 400 tickets x ₹20/ticket = ₹8,000/month
Annual Savings: ₹96,000
Additional Cost Savings
Other potential areas where AI assisted help and guidance systems can save money include:
- Content Management: Automating content creation and updates reduces the need for human writers and editors.
- Data Cleansing: Using machine learning algorithms to identify and correct errors in customer data saves time and resources.
- Marketing Campaigns: Optimizing marketing campaigns with AI-generated targeting and content reduces waste and increases effectiveness.
Conclusion
The implementation of AI assisted help and guidance systems can bring significant cost savings to marketing and CRM functions. By automating routine tasks, reducing inbound call volume, and improving CRM efficiency, businesses can unlock substantial financial benefits. With a potential annual savings of over ₹1.3 million in the example above, it’s clear that this technology is worth considering for any business looking to optimize its operations and reduce expenses.
Recommendations
If you’re interested in implementing AI assisted help and guidance systems to save money in your marketing and CRM functions, we recommend:
- Conduct a Cost-Benefit Analysis: Evaluate the potential savings of implementing an AI system against the costs of development and deployment.
- Choose a Reputable Vendor: Select a reliable vendor with experience in developing and integrating AI algorithms for marketing and CRM applications.
- Monitor and Optimize Performance: Regularly assess the effectiveness of your AI system and make adjustments as needed to ensure maximum cost savings.
By embracing AI assisted help and guidance systems, businesses can unlock significant financial benefits and improve their overall operational efficiency.
