AI in Customer Relationship Management: Adoption, Learning, and Trends
1. AI Adoption in CRM
Customers are the cornerstone of a company’s success and revenue. Customer relationship management (CRM) is crucial for businesses as it helps in understanding customer behavior, enhancing customer acquisition, retention, and profitability. The business - customer relationship lifecycle consists of four main stages:
1. Identification (Acquisition) : This stage involves identifying profitable customers and those likely to become customers. Segmentation and clustering techniques analyze customers’ personal and historical data to create segments or cohorts of similar customers.
2. Attraction : After identifying cohorts, the co
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