Artificial intelligence has already started to play an extremely crucial role which is impacting our shopping list. It’s easy to think of artificial intelligence (AI) as something that will happen in the distant future. However, it is slowly creeping in almost every aspect of our livelihood and is very likely to power various functionalities within the sales technology ecosystem.
Today, Artificial intelligence (AI) is assisting businesses in increasing lead volume, improving close rate, and boosting overall sales performance. Nevertheless, it is still not at the stage of replacing sales people, but instead, is helping them ramp up their efficiency.
This is due to the fact that this technology can automate and augment much of the sales process. AI is providing practical value to sales teams by bestowing superpowers on them, with several real-world use cases and augmenting prevailing sales tools that are already in use. As a result, salespeople can concentrate on what really matters: closing the sale!
In this blog we are going to look at how artificial intelligence is shaping the sales and business development landscape. This will help us in getting a better understanding of what lies ahead and preparing for it in that order.
Why Is Automation In Sales Important?
The incorporation of AI into sales and business development can greatly impact the profit margins of any company. It reduces operating costs because all low-level monotonous tasks are automated. This means a business can save a lot in terms of salary.
In addition to that, benefits of AI like sales forecasting, lead scoring, data analysis, etc drive up profits by a huge extent.
In general, the sales segment has been slow to adopt AI and automation in comparison to marketers, who have lapped up the new technology. But, it will not remain so for long, as the companies that adopt AI will thrive and the rest will most likely perish.
According to Salesforce’s most recent State of Service report, more than half of service providers plan to add chatbots to their offerings within the next year and a half. This is a start, but in order to stay ahead of the competition in today’s sales world, sales teams must deploy AI much more extensively.
What Is AI’s Exact Role In Sales?
Artificial intelligence improves the efficiency of your sales team just by taking things off their plate. A business development executive has a lot to do, and an assistant AI can really help him/her in changing the game.
Once the AI focuses on leads generation, insight analysis, etc, the sales person’s time is freed up so that he/she can accomplish more in a given time. They can use their time in developing strategies, and closing the sales.
Here are some of the tasks that can be achieved using AI algorithms:
- Consolidation of data
- Developing customer profiles
- Choosing content for leads that will lead to the next steps
- Sending follow-up content to leads
Let’s take a closer look!
1. Lead Scoring
Artificial intelligence can look at large datasets from a variety of sources objectively and tell you which leads you should prioritize based on the scores the AI has assigned to them.
When humans look at a large dataset they prioritize leads on the basis of pure instinct. Although this instinct is driven by experience, not all people have the same sixth sense as others.
Artificial Intelligence cuts out the instinctive judgment which might cause a business to lose money. It makes conclusions on the basis of thousands of gigabytes of data analysis. It will take months, if not years for even the most experienced sales people to analyze the same.
2. Reduced Operational Costs
When you use Artificial Intelligence, you can automate the majority of low-level sales activities. As a result of AI tools for sales doing a difficult job for you, the cost of running these activities will be reduced. Your time and energy are better spent making larger profits.
3. Easier Up-Selling And Cross-Selling
Sales representatives are better positioned with artificial intelligence to identify prospects who are likely to buy more from them. This increases the probability of making a sale, and guarantees a better ROI.
AI is also used by sales reps to determine when they are most likely to make a sale. The AI algorithms select prospects who are likely to sign up for your firm’s or company’s solutions.
4. Sales Forecasting
Sales forecasting is another big area where AI can play a crucial role. Each quarter, sales managers face the problem of predicting where their team’s total sales numbers will fall.
Managers can now predict next quarter’s revenue with a high degree of accuracy using an AI algorithm, which will help a company better manage inventory and resources from the standpoint of operation.
5.Virtual Assistant And Chatbots
A virtual assistant is a software agent that performs tasks for another person in response to commands or questions. Siri, Alexa, and Cortana are all artificial intelligence-powered virtual assistants.
Meanwhile, a chatbot is a software application that conducts natural language conversations via text or text-to-speech via messaging apps, email, websites, mobile apps, or telephone.
Almost everyone who has recently interacted with customer service or a help desk has interacted with a chatbot. In practice, a chatbot will frequently handle the initial stages of a support interaction — gathering and validating account information, executing security protocols, defining problems and issues — before handing it off to a human.
6. Performance Management
AI dashboards can be used by sales managers to easily observe and analyze the performance of his/ her salespeople. This can also be used to predict whether a particular employee will meet his monthly target that month or not.
AI can also help the sales managers analyze the possible problems in the sales funnel, and fix them using appropriate measures. A proper CRM system can also improve customer acquisition, and retention rates.
All these features make artificial intelligence the most logical choice for most businesses on the planet. To summarize, AI will let you score the leads, retain them, and improve customer service.
AI for sales identifies patterns that assist a sales rep in determining leads that are likely to generate profits. These leads are simple to convert into deals, which shortens the time it takes to close a deal.
The best AI apps for sales also develop actions based on actual data to produce the most profitable results. Sales representatives and managers who use artificial intelligence for sales can identify salespeople who are likely to bring in returns and other lucrative deals. With this information, you will be able to concentrate your efforts on key salespeople who eventually evolve into decision-makers.
If your business is hunting for the best AI-driven sales solutions, AI experts from Aidetic can team up with you today!