Traditional sales strategies are no longer effective because of the significant changes in consumer behavior over the past few years. Thankfully, while technologies constantly shape how we buy, they also transform how we sell.
Businesses are now embracing modernization and adopting sales technology because, if they don’t, their rivals will undoubtedly do so first and acquire a definite competitive advantage.
In this Review, we identify and highlight current technological innovations that make it easier to manage sales operations.
And the show starts with Artificial Intelligence (AI) and Machine Learning (ML).
Powering Sales with AI and ML
Artificial intelligence generally refers to processes and algorithms that can emulate human intelligence, including cognitive abilities such as perception, learning, and problem-solving.
Machine learning is a subset of artificial intelligence.
Artificial intelligence, particularly machine learning, is revolutionizing numerous facets of business, including sales. According to Harvard Business Review sales teams using AI and ML report up to a 60% reduction in costs and a 50% increase in leads and appointments. Companies that use machine learning (ML) and/or artificial intelligence (AI) to outsell their rivals and close more sales are increasingly producing tangible results.
How Do AI and ML Assist Sales, then?
AI equips salespeople with the knowledge and resources they need to operate more efficiently, build stronger relationships with clients, and achieve their objectives. With AI, sellers may streamline their daily tasks and have knowledge at their discretion to help them develop into the competent consultants that clients want.
Here are some benefits of using AI and ML:
1. Sales Forecast
By giving real-time visibility into the status of every deal in the pipeline and assisting in deciding whether to advance or park deals, AI improves the accuracy of sales forecasting. Sales AI systems can frequently forecast which deals or prospects are most likely to close, which deals or prospects to target next, and which new clients would be interested in your products.
With the aid of different data analysis techniques, AI can assist sales managers in accurately forecasting the success of their teams for the upcoming quarter so that they can make informed decisions.
2. Lead Prioritizing
Lead scoring and prioritizing are typically approached in an unscientific manner by human salespeople. This decision-making process frequently relies on intuition and insufficient data. The AI technology may gather past data about a customer, social media posts, and the history of customer interactions with the salesperson, scoring and highlighting the healthiest accounts as a result, enabling sellers to prioritize leads.
Sales representatives can concentrate on the most promising business if they have knowledge of the possibilities with the greatest chance of closing.
3. Sales Actions
In addition to prioritization and prediction, certain AI systems even suggest sales actions. These suggestions could relate to how to price a deal, which customers to target next for upsells or cross-sells, or who to target after that. With AI, salespeople can stop speculating on the pricing that will help them close a deal.
Machine learning technology analyzes all the sales data about clients, including geography, size, and previous successful deals to determine recommended pricing.
4. Process Automation
Numerous jobs have been automated thanks to machine learning and artificial intelligence, including greatly improving sales procedures. Sales teams can use AI to automate time-consuming processes like scheduling meetings and sending out automated messages.
Sales representatives will now have more time to devote to selling, networking, and process analysis. Everything from organizing your calendar to scheduling meetings to evaluating a sales team’s pipeline can be aided by AI, which can either automatically take care of these tasks for you or significantly simplify them by leveraging your historical usage data to make recommendations.
AI is a Friend Not a Foe
“Will AI replace humans?”
This is perhaps the most common and valid concern in every sector, and sales are no exception. Though there is no question that AI will change the way sales teams operate, rather than taking the place of real salespeople, these tools enhance the efficiency of salespeople.
Let us know how you are leveraging AI in your workflow in the comments below.
