Tracking Down New Customers with Artificial Intelligence

A solid customer base and professional customer care are essential for thriving and scaling companies. Satisfied existing customers form the basis for every successful business. However, this alone is not enough to survive in the market long-term. There is increasing pressure to develop products and services further to continuously acquire new customers and partners so companies can continue steady growth.

While product development follows established and optimized processes, new customer acquisition is becoming increasingly difficult in times of digital information overload. It is often unclear who the customers of tomorrow are and how they should be addressed – especially with touchpoints multiplying in recent years. With that said, it is becoming essential to offer targeted and personalized offers that precisely meet the target group's needs. Doing so can avoid waste and increase response rates from prospects.

With Insight Engines - self-learning knowledge management systems based on artificial intelligence (AI) - this is possible without much effort!

The analyst firm Gartner defines insight engines as,

"Insight engines apply relevancy methods to describe, discover, organize and analyze data. This allows existing or synthesized information to be delivered proactively or interactively, and in the context of digital workers, customers or constituents at timely business moments."

The description shows Insight Engines take knowledge management to a new AI-based level. On the one hand, through the efficient analysis and linking of large amounts of data and, on the other hand, through the clear presentation of information in individual 360-degree views – providing actionable insights for organizations worldwide.

Acquiring New Customers and Caring for Existing Clients

In addition to new customer acquisition, long-term customer loyalty naturally plays a significant role in company success. With Mindbreeze InSpire, a search, order, or evaluation of a product or service takes place regardless of the end device, the location, or the time. In addition, there is often a high willingness to switch because it is increasingly easy to change service providers thanks to the numerous comparison portals and their switching services. To counteract this, it is vital to recognize trends early on to identify cross-selling and upselling potential – creating hard facts for return on investment (ROI) and real business cases. Especially in the B2B sector!

Instead of keeping employees busy with updating busy Excel tables, AI-based solutions show correlations between new customers, products, and existing customers without much research and effort. These insights support the sales department in acquiring new customers and maintaining existing ones.

By preparing the information in clear dashboards (360-degree views), it is easy for the user to recognize complex correlations or potentials and then adjust sales strategies accordingly. With just one query, it is possible to see which customers bought which products, whether they were interested in other products, or if there were any relevant complaints about a product or service. The insights gained can be used to develop strategies for addressing new customers or for cross-selling and up-selling.

Insight engines are used in a variety of ways in companies today. They not only reduce the workload of sales staff but can also easily be rolled out to other areas of the company, such as customer service, maintenance, and more, to optimize business processes, also known as business process transformation.

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