How to get a deep understanding of your customers?
There’s good news on that for sales professionals of today. The introduction of artificial intelligence is now underway and will play out for quite some time. This means that within five years, basically, every salesperson will have an intelligent assistant that will use intimate computing to deliver rich context around every step of the sales process, from initial contact to closing.
Why is Artificial Intelligence the future of sales?
Artificial Intelligence (AI) is not a passing fad. It is here to stay, and it is redefining sales organizations. Companies looking to gain a competitive advantage are quickly (and increasingly) turning to AI to transform sales processes and methodologies. When implementing an AI strategy, it’s important for companies to consider its applications, implications, and value in the context of all aspects of sales.
There is much hype around sales intelligence these days. Companies in a variety of industries are making great strides leveraging AI to extract and learn from data. This is particularly heating up in the sales industry. According to McKinsey Global Institute, 40% of time spent on sales activities can now be automated by AI technologies that already exist. But is Artificial Intelligence the future of sales? writes, Eric Esfahanian Chief Revenue Officer, Gryphon Networks.
Companies in a variety of industries are making great strides leveraging AI to extract, learn from and act on massive amounts of data, and we’re starting to see this heat up in a new space: sales.
AI has evolved significantly since the days of Siri’s languid chats with John Malkovich. It not only eases the burden of compiling and parsing information but is beginning to offer new and unique insights. In other words, the days of AI being primarily a buzzword are coming to an end.
Marketers, in particular, are finding that AI is more applicable to their business challenges, with user-friendly, pragmatic products seeing successful adoption. And, as AI and machine learning marketing capabilities are giving B2B marketers more lift and scale across their programs, this exciting tech is poised to become standard best practice as fast as it becomes available.
So far, AI has been widely used by a lot of leaders in the IT domain. Google launched its Pixel last year using the potential of machine learning tool called Doubleclick. It helped increase the number of viewable impressions based on historical data. Google saw a hike in placing the most relevant ads to the relevant audience, gaining more impressions with the tool than other campaigns that didn’t use the tool.
Thus, AI allows marketers to predict the future outcomes using the previous history. In a recent survey, more than 90% of top marketing influencers confirmed that smart people combined with machine learning will be a future of B2B marketing.
How can artificial intelligence increase your sales?
Taking advantage of AI tools can definitely help you increase your sales, which require that you be smarter and faster in order to stay ahead of the game. At the end of the day, increasing your sales all comes down to having the MOST data that can be instantly analyzed and turned into actionable strategies. Thus, AI can help you achieve your goals by working more effectively and saving you time to do what really matters.
Here’s how AI systems can be a major driving force for growth and help grow your business-to-business B2B sales.
1. Improved lead generation.
When you introduce AI in the process of sourcing potential leads from various channels like Linkedin and Google, it helps you gather the most accurate data possible.
This AI-assisted process increases sales given that your follow-up success and close ratios improve, simply because you are working with accurate data from the very beginning. No need to fear of invalid email addresses or reaching disconnected phones are all gone with the aspect of AI. Hence, more accurate leads are equal to more sales.
2. Predict potential customers.
With the help of AI, You can build profiles of customers based on their choices and habits. These profiles allow the system to simply predict what people need or would like to buy.
Leveraging predictive analytics is more beneficial to salespeople who can find information about potential customers before even meeting them. This not only paves the way for them to walk into the room with confidence, but they can more importantly tailor their pitches using these predictive insights and convert the lead into a customer.
3. Find Replenishment and Upselling Opportunities.
A business needs to be balanced between generating new sales and retaining existing customers in order to continue growing. AI can answer questions like “When will this customer buy again?” and “How do they use this product now?”
For Instance, Amazon uses machine learning, an aspect of AI that makes machines learn as they are introduced to new data, the company expands beyond replenishment and is able to discern buying patterns as well as anticipate the needs of customers beforehand.
4. Reliable Assistant to Do Your Hectic Work.
No One, said ever, “It would be great if I could work 24/7!”
However, the challenge in today’s fast-paced world is that the more you stretch the number of working hours in a day, the more you stay ahead. With limited time and an increasingly demanding lifestyle that’s packed with responsibilities, our to-do list is becoming endless and our time is getting crunched.
This is where the benefits of AI come in handy. Its machine learning aspect lends itself to being the one that does the work 24/7. And you? You get to simply guide decisions and make the final call without having to work longer than you need.