Customer Relationship: AI is a competitive advantage

A study conducted across seven countries including France, reveals that companies that do not invest in artificial intelligence today will have a hard time catching up on customer relations …

LogMeIn has unveiled the results of a new study conducted with Forrester Consulting that establishes the link between the multiple strategies of the customer relationship and the commercial success of a company.

This study entitled “Creating a competitive advantage through customer engagement and AI” was conducted with 479 global decision makers in France, Germany, United Kingdom, United States, Australia, New Zealand and India to to collect habits regarding customer engagement.

The results show that companies with a more mature customer relationship strategy, especially those that consider it a strategic priority, as well as omnichannel and Artificial Intelligence (AI) see double their revenues and conversion rates, compared to other companies.

The results also show that the more mature companies are on these topics, the more they widen the gap with those who have not deployed the same resources.

The latter may also never be able to catch up with their competitors prepared better …

“A very good customer experience is the cornerstone of a company’s overall success.

 A customer engagement rate leads not only to greater customer satisfaction, but also to greater revenue growth … “

says Ryan Lester, Senior Director, Customer Engagement at LogMeIn.

The impact of technology

Emerging technologies such as artificial intelligence are also widening this gap.

Companies that have a more mature engagement approach are adapting faster and can deploy more powerful AI use cases.

36% of the least mature respondents use AI but only in cases of proof of concept. At the same time, 58% of the customer relationship experts have implemented a strategy and a complete roadmap for AI.

A comparison of the long-term and short-term strategies of these companies represents a significant decline for much less mature companies that have not been able to take advantage of the business intelligence technology that AI offers.

Challenges faced by less mature companies

The study shows that 37% of the least mature companies rely too often on obsolete technologies, especially when it comes to supporting digital channels.

In addition, self-service and automation portals generally lead to frustration among customers and undeniably increase calls to call centers.

Conversely, more mature companies do not encounter this type of problem since they put in place tools to offer a more in-depth customer experience.

Other concerns faced by these lagging companies in terms of customer experience are:

     -lack of visibility on user data (37%)

     -performance on engagement channels (42%).

This lack of visibility reduces the ability of businesses to quickly resolve issues and provide smoother customer service.

A measurable impact

For the most mature companies that responded to this survey, 63% of them saw an increase in the net referral rate following the implementation of recent customer engagement strategies and collected an average of 8 points more compared to those companies that have less developed these tools.

In addition, half of these companies experienced an increase in conversation rates.

56% reported an increase in their revenues and 40% saw an increase in order volume.

Agent satisfaction has also increased in these companies. Nearly 50% of them reported an increase in the index of well-being in the workplace.

“The AI craze in the customer experience makes it difficult for companies to distinguish what is true or false,” says Ryan Lester, Senior Director, Customer Engagement at LogMeIn.

“The results of this study are indications to help clarify the importance of continuing to evolve customer relationship strategies.

Technologies such as AI create an important competitive advantage for companies and leave some behind, in an irreversible way. “

Article taken from Co-marketing news