Brand View: AI is having a big impact on how businesses operate, perhaps no more so than in sales
Artificial intelligence, long the promise of the future, has finally arrived in the present. From smart retail and entertainment suggestions to facial recognition that helps tag you in pictures, AI has made fast inroads into our everyday lives, and promises even more down the road.
AI is also having big impacts on how businesses operate, perhaps no more so than in sales. It's no secret that salespeople spend a lot of time doing busywork, their days spent doing everything from scheduling meetings to generating price quotes to answering an endless stream of emails from prospects.
AI-powered bots can do all of these tasks, and a whole lot of others, freeing up sales people to do what they do best: sell. These bots even help with manual tasks like reporting and data input.
Sales teams that are embracing AI are seeing massive transformations in every aspect of their processes. From lead generation to forecasting to closing, AI is enabling sales teams to break records without having to break a sweat. Let's take a closer look how.
Qualifying leads takes as much as 80 percent of an average sales rep’s time. Nearly one-quarter of sales reps cite lead quantity and quality as a major challenge to their productivity. Salespeople are typically directed to prospects through cold calling, cold emailing, social media research and other online investigation.
AI can use tools like neuro-linguistic programming and visual listening to discover leads in social media and elsewhere on the web, as well as to identify talking points, pain points and trends among potential customers. By the time a salesperson is ready to make contact, they already know what motivates the prospect to respond and on what platforms. In fact, one study from Harvard Business Review showed that companies using AI in sales increased leads by 50 percent.
Done well, forecasting renders insight that can guide the way a business manages its resources. However, approximately 85 percent of companies struggle with accurate sales forecasting, and more than 66 percent of businesses rate their sales forecasting ineffective.
AI tools can offer prescriptive sales insights, such as the most lucrative lead/rep combinations, as well as estimated close dates and win likelihood. As deals close, AI systems can learn and evolve to improve future forecasts. Sales managers and leaders can gain a clearer, more objective picture, quarter-to-quarter, even day-by-day, of their pipelines. They can understand trends segmented by sales rep and sales stage.
Sales teams need to shift the conversation from “what it is” to “why it’s for you.” AI promises to increase sales engagement by providing reps with prospect information and key insights to drive more meaningful conversations. It can segment an audience by gender, location, purchase history, web behaviour, etc., and then dive even deeper and provide insights into individuals.
It can create personalised messages that will resonate with every prospect and customer, and determine the best channel to deliver a targeted campaign.
Nearly one-quarter of salespeople say their biggest negotiating challenge is getting the highest price and not prematurely discounting in order to win a deal. AI can recommend a pricing range based on buyer persona, organisation health, account potential, probability of closure and historical sales data. It can also analyse customer response to the quotation and suggest the best follow-up actions for sales teams.
Every customer wants a tailored experience, and AI-powered insights help sales teams deliver just that. Give prospects the same first-class service that turned your legacy customers into your biggest adovcates.
While it used to take lots of manual work to figure out which of your current customers were good targets for upselling, learning about new products, or restocking orders. AI does all of that with a click. Empower your sales teams to address every customer need, and see your repeat business, and your referrals, grow.
AI isn't here to displace your sales team; it's here to augment it. By preforming mundane tasks, bots free up reps to make more calls. And with the customer insights that AI can provide, sales reps have better conversations, and see more deal closures as a result. Combine AI-insight with the intelligence only humans can provide and find out what other companies already know: operations are more efficient, reps are more satisfied, and customers are more likely to return. It's time to see what AI can do for you.
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The content is supplied by Arabian Business Brand View Partners.