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| AI is Making Achieving Sales Target |
There is a lot of hues and cry about AI or Artificial Intelligence and it is believed that AI will revolutionise the way everything works. The popularity of AI is growing and it is being used in sales and marketing as well.
So, what exactly is AI and how can you leverage it for better sales? Here, in this article, we will take a look at both.
Let’s first define what artificial intelligence is. It is the ability of a machine (designed by man) to think and act like a man. AI still has a long way to go but its finding usage in almost all the spheres of life. There are two significant AI blocks that are being used in many industries including sales and marketing and they are predictive analysis and machine learning.
Predictive analysis, as the name suggests, works with data. Data is extracted from different sources and it is used to understand buying pattern and predict buying trend. Machine learning, on the other hand, makes use of algorithms for automatic feedback for learning and improvement. And to get the desired results, both these technologies need to work together.
Data extracted by predictive analysis is fed into the algorithm created using machine learning to make the prediction accuracy.
AI-Assisted Technology and Sales Process
Here are some of the ways by which AI-assisted technologies can benefit the sales process:- Let’s you sell smarter: You can make use of predictive analysis to know which of your customers in the market are in the active buying cycle. Your sales representatives can then focus on opportunities that have a high chance of conversion. You no longer will need to depend on chance by casting a wide net and hoping for things to happen. With the help of intent data, your sales representatives will know which customers to target.
- Let’s you sell faster: With predictive analysis, your sales reps will have a lot of information ready as far as the addressable market is concerned. Content interaction, keyword-based searches, and previous activities of a customer have a lot to say about the buying pattern of a customer. Your sales representative will be able to prioritise customers who have the highest propensity to buy.
- More sales and revenues: Your sales representatives are focusing on the customers who are most likely to make a purchase. This means they will be able to close more deals and bring in more sales and revenues.
AI-Assisted Technology and Sales Pipelines
A recent study suggests that businesses are making use of predictive analytics are experiencing an increase in the sales pipelines by 126%, deal sizes are higher by 20%, and an increase in the lead-to-opportunity conversion by more than 27%.- This is how AI-assisted technology and influence your sales pipeline:
Helps in the Identification of the Total Addressable Market
This is one of the biggest advantages of making use of predictive analysis and machine learning. Predictive analysis will help you identify your addressable market by connecting your data with external data sources. AI can make use of the same data to make a list of some of the common attributes to create an ideal customer’s profile. This will open up white space and allow your representatives to run after the best prospects.Helps in Prioritizing Accounts
Once you have identified your addressable market, you will have to prioritize the accounts your sales reps need to chase. With access to streaming data, as already mentioned above, you will be able to identify the accounts that are in the active buying cycle. These are the accounts that are most likely to convert and your sales reps need to pursue. Prioritizing such accounts will ensure better results.Helps in Price Optimisation
Offering customers' discounts are not easy. You need to give a rate that will allure the customers to make a purchase but at the same time, you should not end up making a loss. AI algorithm will tell you the ideal discount rate that will make you win the deal. By considering a number of factors like the past discounts offered, type of product, number of competitors etc. AI will be able to predict a near-to-perfect discount rate.Helps in Upsell/ Cross-sell
One of the best ways to grow your revenue is to sell more to your existing customers. But how to know which customer will buy more? This is something that AI will help you to predict. It will also help you predict which of these customers are most likely to buy a new product (cross-sell).Improves Sales Strategy
Predictive analysis keeps the entire sales lifecycle informed so that you get better with every sale. There is a predictive platform which is fed with each sales cycle data. This data is used by the machine learning algorithm. You will get to know what worked, what did not work, and which are the areas in which you need to improve. These insights help you in designing improves sales strategy with every cycle.These are only some of the ways in which AI can help sales. With every passing day, things are getting better and soon there will be a time when a lot more can be achieved by using AI. Make sure of using sales CRM as well along with AI for the best results.
