03 Sep Sales + AI : A Match Made in Heaven
In the execution of sales and marketing, AI can play a Major role. AI improve B2B marketing by using historical Date, Real-time changes in date, Automatic execution of campaigns and automatic learning of optimization based on results.
For example, the system analyses the probability of a potentials customer’s prospect to buy a product. It helps assess change in a company’s risk profile, giving the company valuable insight into profitable prioritization decisions in real time. This helps the company adjust their market in real time based on real data from the cloud.
Innovative ways are being adopted by companies to advance their businesses. When a person searches Netflix for a movie, AI (a recommendation algorithm) helps the person decide what to watch. While shopping on Amazon, AI (via an association algorithm) influences the person’s decision on what to buy.
AI monitors every individual’s online activity, gathers information about what they are searching, and thus gathers customer information. A person searching for a product, or a vacation or flight tickets will suddenly see pop-ups of similar interest on their search page. This happens because of this reason.
American Author Victor Antonio in his book Sales Ex Machina: How Artificial Intelligence is Changing the World of Selling says, there are 5 specific processes by which AI can help in business growth by boosting sales;
Optimization of Price. It’s difficult to say how much discount should be given to a client if any. It has to be such that the client thinks is a good deal but also at the same time, no money is left at the table.
An AI algorithm analyses history of the purchases client by looking at specific features of the past deals that have been won or lost and comes up with the Ideal Discount Rate.
Predicting the demand: One of the toughest things every sales manager does is predict where the profit margin will fall each quarter. It helps the company manage their inventories and resources. AI algorithms do this with ease. AI predicts with high accuracy the current quarter’s revenue and the next quarter’s revenue as well which in turn help the company make the important financial decisions.
Upselling and cross-selling: The fastest and most economical way to grow your top-line revenue is to sell more to your existing client base. But the million dollar question is, who is more likely to buy more? You can spend a lot of money on marketing to those who won’t buy, or you can use an AI algorithm to help identify which of your existing clients are more likely to buy a better version of what they currently own (up-sell) and/or which are most likely to want a new product offering altogether (cross-sell). The net effect is an increase in revenue and a drop in marketing costs.
Lead Scoring: Even if a salesperson has a list of qualified potential clients, the difficult part is to understand where to focus their time when it comes to closing deals in a monthly or quarterly quota. This is a gut instinct the salesperson has to make and they often rely on chances. AI can go through historical information about a client along with social media posts to understand if the client will make a purchase. AI then rank the leads in the list of clients according to their chances of purchasing the product. So now the salesperson knows where to focus their time making their job easier.
Managing for Performance: Every month, assessing the revenue collected through each of their sales person with an eye towards the deals that might stall or fall through is a tough job for the sales managers. AI helps the sales manages access dashboards and visually see which deal has a good chance of being closed and which does not. This helps the manager to concentrate on specific salespeople and associated deals that will help the company hit their quota.
In these five examples, the amount of data is proportional to the algorithm’s capability to give an exact prediction. Any prediction’s value lies in its accuracy so that it can be used to guide salespeople’s or manager’s behavior to improve the company’s net outcome.
A company is always searching for new ways to grow market revenue, reduce costs of production and expand their market at the same time reduce risks as much a possible. AI does all of this in lesser time and in a more prudent way than ever. Just by organizing and capturing data, AI will generate insights that’s help the company close more deal with ease earning more revenue in lesser time.
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