Use Artificial Intelligence for Customer Retention

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Use Artificial Intelligence for Customer Retention

The construction industry isn’t simply about changing landscapes, its business survival is almost completely dependant on customer satisfaction and retention. Customer satisfaction, in and of itself, is a challenge for businesses as is finding methods of continuously improving one's commerce and maintaining its modern capabilities.

In recent years, through the development of Artificial Intelligence (AI), companies have been able to tailor their business to better accommodate the needs of their individual clients. Customers require the fine touch of customization and negotiation to otherwise satisfy their need to respect budgetary confines, and other special requirements and accommodations. The modern customer desires are becoming more and more particular, as not all require the exact same service from start to finish on a job. Companies have to learn the demand of their audiences as precisely as possible. “While many administrative processes have already been automated with the help of systems like CRM, CMS, ERP, and other tools, these still do not provide any analytics or answers on how to personalize the approach for each individual client.”

There are 3 main hurdles that companies around the globe need to overcome: inability to process collected data, lack of personnel dedicated to personalization, and legacy technologies.

Many companies understand that collecting data from their clients is important, but admit that once the data is obtained, they do not know how to utilize it to their advantage.

AI-based solutions have found their way into multiple industries in Canada, including tourism, financial services, healthcare, eCommerce, and more. Machines now learn from the context they have pre-programmed and learn to make suggestions to consumers to aid with decision making. AI and machine learning are being utilized more frequently to enhance customer service satisfaction by:

 

  1. Predicting user preferences
    1. Example: finding the key to each customer’s heart by providing them with a very special custom experience. This means making recommendations based on previously browsed history, products views, services previously used, etc.
  2. Optimizing prices
    1. Example: How do you stay profitable without raising prices? Analysis of multiple competitors, manufacturers, and more to analyze and locate the most cost-effective solution to integrate into a business.
  3. Detecting Fraud
    1. Improving cybersecurity. Nobody knows when it will happen, but it is extremely important to react to unauthorized actions in real-time and try to minimize, if not prevent completely any repetition of cyber attacks, hacking, malware corruption, etc.
  4. Personalizing communication
    1. Most services used today can be accessed online, however, they often follow a set list of protocols and guidelines to complete a task. Without machine learning capabilities this process would be daunting, long-winded, and inefficient. Fortunately, machine learning algorithms allow for the creation of conversational UI that will patiently and politely respond to client needs. Have you ever visited a website with a customer service chat that immediately prompts you with a “how are you doing today” chat?

 

Unification of personalization in all spheres of life can help promote a pleasant experience for consumers from all walks of life, from online shopping to the construction industry bidding technology, to services required, and so on. Modern customers literally tell us “you know everything about me, why don’t you give me what I want?” and this is where AI comes in.

Any construction company who is looking to improve customer relations and retention would be wise to begin researching software development and improvements for their website. Leading companies have already dived this pool of limitless opportunities to personalize customer experience in searching, pricing, security and conversation. Now you decide, will your company be the next industry leader?

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  • Use Artificial Intelligence for Customer Retention
  • Use Artificial Intelligence for Customer Retention

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