Take Your Sales Game to the Next Level With AI
Artificial Intelligence (AI) is used for almost everything – from the way phones unlock with facial recognition up to the predictive text that shows when writing emails for work. But not all artificial intelligence is developed equally; different AI are better suited for different functions. And the right kind of AI can help a business grow.
So how can AI boost your sales productivity? There are a million things that AI can accomplish with only minimal human supervision – sorting and organizing data, processing important information, and predicting market trends, among others.
Understanding AI and Sales – How AI is Used in Sales
What makes artificial intelligence (AI) different from other software is its “machine learning” capability. It analyzes tons of data to identify a pattern and create trend predictions. AI can improve its predictions as it processes more valuable information over time.
One great example of utilizing AI in retail is through online customer support. In any selling site, there is a “chat” option that connects the buyer to a sales representative. Most of the time, they communicate with a bot capable of understanding basic conversation. The bot improves its vocabulary as it interacts with the customer.
However, this is only one of the many ways AI can be utilized in business. This article will discuss eight specific ways artificial intelligence helps boost sales productivity.
Why Are More Companies Using AI?
In this fast-paced world, the latest advancements in technology will help a brand survive in the competitive business landscape. AI-powered businesses observed at least a 50% increase in their sales and a 40-60% reduction in their costs. This rise in sales is why AI adoption by sales teams are predicted to skyrocket by up to 139% in two to three years.
So how can businesses prepare for this AI powered revolution? Educate yourself about anything related to artificial intelligence – what it can do, how it can help accomplish goals, and what are its risks. By knowing what you are dealing with, anticipating the changes in the trend and preparing adaptation measures become easy.
8 Ways AI Can Boost Sales Productivity
Looking for an effective way to improve sales productivity? You’re on the right track with AI. Here are eight ways artificial intelligence can help:
Find More Leads
Like how technology has brought people closer through the internet, businesses can also use AI to connect with more people. Through different social channels, attracting potential clients to visit the brand’s official site is possible. AI also helps gather data related to the leads.
Sort Opportunities and Risks
Gaining more leads is a good thing, but not all of them are worth pursuing. As more leads come in, the sales team can be overwhelmed with the information they have to process. With AI, they can easily sort through tons of leads and find the best business opportunities worth pursuing.
Assessing the health of an opportunity is something that AI performs efficiently. Here are a few ways to know if artificial intelligence is needed to evaluate opportunity health:
- Ask the sales team how they gauge whether the opportunity is worth pursuing or not
- Compare the ratios of total opportunities, forecasted opportunities, and closed opportunities
- Pilot predictive opportunity scoring and determine how it affects the sales team’s close rates and behavior.
AI can also identify the subtle changes in an account, allowing the sales reps to resolve the issue before it turns into a bigger crisis.
Keep Important Contacts
Warm and friendly introductions are the key to a long relationship with a key contact; all sales teams are aware of that. But it might be hard to come up with an introduction when there is little information about them in the first place.
Luckily with AI, it’s easy to find employees who already interacted with important contacts. It’s also possible to find more about the contact’s needs and preferences. That way, sales reps can form decent introductions that can get leads and contacts on board with the business.
A business might need an AI in keeping important contacts if:
- Sales reps must ask everyone in the organization to find a single contact
- Time spent to engage successfully with the contacts takes longer
AI systems apply machine learning to process historical data and predict possible outcomes. These forecasts can be:
- Prospects that are likely to close
- Deals to pursue next
- Interested and potential customers
Aside from sales teams’ predictions, using AI can also help identify the sales reps’ performance. If they are doing well, take note of the steps they are taking to rack up the sales. But if their performance is declining, it might be time to try new strategies that will drive up their sales.
Have an Artificial Assistant
A lot of business opportunities disappear due to missed appointments. Sure, having an assistant to follow up on sales leaders’ daily schedules is convenient. But they would need to take days off too. That’s why an artificial assistant that will work 24/7 is a great alternative.
Aside from automating emails and regularly updating the calendar, AI also fills out the CRM system for the company. It saves the sales team’s time and provides them with accurate information needed when closing an account.
More Organized Data
In business, data is almost as valuable as actual cash. If there is inconsistent information – may be null values or missing fields – on the database, it might be hard to create decisions moving forward. You can solve this by paying more attention to the input, but cleaning up the existing data can take a lot of work.
AI systems can accomplish this crucial task by matching real-time data to the sales teams’ existing ones. They can also develop algorithms that will produce more accurate data. AI is helpful when it comes to integrating the database with third-party sources. With organized information about the accounts and transactions, you can form better business decisions.
Save Time on Repetitive Tasks
Around 63% of the sales reps’ time is spent accomplishing trivial tasks – like organizing their schedules and writing emails, for example – that don’t really generate sales. AI can take over these tasks, so the right time is spent on closing deals and boosting the company revenue.
With artificial intelligence, the sales team’s productiveness increases. The way is already paved; all that’s left is to persuade the customers and turn leads into sales.
Improve Customer Relationships
Aside from automating all the small tasks in a business, perhaps the most important contribution of AI in driving up sales is improving customer satisfaction. With better customer relationship management, the business can gain loyal buyers and attract potential customers at the same time.
Here are two ways to use AI and improve customer satisfaction rates:
- Providing Instant Responses
Most customers prefer real-time interaction with sales reps as they purchase a product – it shows them that they are prioritized. However, with the flocks of potential clients that visit the site every day, the sales team can only talk to a handful of people at a time.
But with AI to greet the customers and answer common queries, sales leaders and their sales teams can focus on customers that ask unique inquiries. Over time, the AI can also learn how to better answer questions posed by the consumers.
- Understanding Consumer Feelings
Excellent customer service is one of the cornerstones of any successful business. That’s why more companies are investing in customer relationship management (CRM) software. This system allows storage and analysis of customer-related data.
AI is also useful in gauging the needs of a customer, as well as their emotions when they communicate. With that information, producing a product to fit their needs is possible.
Choosing the Right AI for a Business
Sure, AI is commonly employed in many industries, but that doesn’t mean you should grab onto the first one there is and hope for the best. Like any other business decision, opting for an artificial intelligence system should undergo careful consideration.
So when is the right time for a business to use AI? Here are three signs to check:
- You don’t have enough data to consider for making crucial decisions
Having enough data is a big part of making better decisions for a business. AI systems can collect all the needed data, organize them in the cloud, and analyze them for better interpretation.
- There is a slump in your employees’ productiveness
If there is a decline in the number of monthly deals that the sales team can close, it might be because they are not focused on the right task. AI can improve employee’s productiveness by finishing the small errands and allowing everyone to pay attention to more important things – like nurturing possible leads and tending to customer needs.
- You’re losing clients to competitors
Change is inevitable: just because something works for the company doesn’t mean it shouldn’t be improved. Don’t lose clients to competitors just because you are stuck utilizing outdated methods. To survive longer in the industry, keep up with the trends that help improve sales.
Boost Sales and Productivity with Commence CRM
Want to step up your game and gather more sales? It’s time to use AI in the company.
Most CRM software nowadays is developed with AI technology to boost sales productivity. For over two decades, we at Commence have been continuously improving customer relationship management (CRM) solutions for small and mid-size businesses.
Our main goal is to help your business grow, so take the first step with us and take Commence CRM for a test drive. Learn more about how AI can boost your sales productivity with us.