“It’s not about having the right opportunities. It’s about handling the opportunities right.” -Mark Hunter”.
Sale is always about an opportunity and more than that it is about how you handle it. With the inception of Artificial Intelligence, opportunities have increased and so as the sales. We are not saying it like this only, we have stats to support our statements which are as follows.
- According to research by Harvard Business Review, there has been an increase of 50% in the number of leads after the introduction of AI.
- AI helped in reducing the call time (that ultimately reduces the lead process) by 60-70%.
- 50% of sales executives acclaimed AI by accepting that it has helped them in increasing their productivity.
The Rising trend of Adopting AI in Businesses
- Since 2000 there has been a 14 times increase in the number of active AI start-ups
- The revenue from artificial intelligence for enterprise application market worldwide will be around 31, 236 million USD by 2025. Source: Statista
- 30% of all B2B companies will employ AI to augment at least one of their primary sales process by 2020; as per a report published by Gartner
- According to a prediction report by Salesforce, adoption of AI is forecasted to grow 139% over the next three years.
- By 2020, AI will be a top five business investment priority for more than 30% of CIO says a Gartner report.
From the data analysis, we could make it out very clearly that the future of AI for sales and marketing is bright. Many enterprises have adopted it and many are in the urge to adopt the technology in order to increase their sales. Before we move further in the discussion on how businesses can improve sales with AI, let us take a quick round through what AI for sales is.
What is AI for Sales?
AI covers several different technologies like machine learning, computer vision, natural language processing, deep learning, and more. All these technologies help the machine perform any task better than humans. For instance, your favorite voice assistant, like Alexa or Siri, understands your words just like another person, then responds in kind.
These different technologies can help you in improving your sales and performance in a profound way. It is because AI does intelligent automation. AI analyses large datasets. It practices advanced computer science techniques and superior computational firepower to extract insights from data.
Further, these are used in predictions, recommendations, and decisions. So, ultimately it can help in making good decisions which in turn would boost up the sales.
Benefits of AI for Business Sales Improvement
1) Qualify Lead with Better Accuracy
Technology has bridged the gap between a company and a client. Most of the enterprises use social channels to lure their potential clients. For instance, professional sites like LinkedIn has millions of users. There are AI platforms such as Microsoft Azure Machine Learning, Google Cloud Prediction API, Tensorflow, etc. that can be used to refine the result and get the one that has the same interest base which you are targeting.
To analyze big data you would need a lot of time that would automatically hinder marketing plans and business both. If you can get the filtered data quick, there are higher possibilities of conversion of the lead into sales.
2) Improved Pitches
With artificial intelligence, businesses can track the user’s interest. For instance, if you have added some item in your card, you would automatically get suggestions of related items. As it is very easy to track customer behavior through AI, hence it knows what it has to sell and to which target audience. With the help of AI, you can create an improved pitch based on user behavior tracking. This will ultimately turn into a good sales result.
3) Enriched Productivity
What will happen if a client approaches your site after office hours? Definitely, you are going to lose the potential client as there would be no one to entertain them. But, there is a skip to this situation and it is Chatbot. The potential client can still contact you and you can gather relevant information through the chatbot. Later you can try to convert the interest into a sale.
4) More Opportunities
Do you know that the ‘Heat Map’ feature in Uber app tells the drivers about a location where they can find more potential customers? The driver can hence move to the place and could get booking easily. Another example is Amazon that uses AI programs to evaluate buying patterns, that helps them to anticipate customer needs. AI helps in giving an accurate suggestion about what product you should try to cross-sell to which suggestion. Automatically you would generate more revenue with more sales.
5) Increase Real Intelligence
It won’t be wrong to say that AI creates superhuman salesperson, as they are loaded with extra intelligence. We are not saying that you should replace AI with humans. But, we just want to convey that AI will give more power to the sales team that will automatically increase real intelligence. And thus, will bring more sales too.
6) Improved Customer Services
According to the report by Microsoft State of Global Customer Service, 60% of consumers completely stopped doing business with a brand as a result of just one poor customer service experience. Every customer needs attention and wants the exact result of the search. AI can help in providing the same by tracking the exact customer interest and need. This in turn improved customer services.
Over to You
Artificial Intelligence is though a technology but it has now become an integral part of our life. You can’t even imagine how rapidly AI is entering into our life. You ask Google Assistant to ‘find the restaurant near you’ and you can be redirected to the place with the map. What else you want when you are getting extreme convenience.
Everyone is using AI to get the best out of it and so as the businesses and enterprises. And the best part is that it has started showing great results too. Saying this won’t be wrong that we are going to witness a complete era of AI technology in the coming days. Just look at how the mobile app development companies are implementing the technology to bring better results in their products.
Sagar holds the position of Chief Technology Officer at Credencys Solutions Inc., a mobile app development services company. He is responsible for all the technical operations, as well as leading the company’s revolutionary offerings. He is helping companies navigate the Digital journey in an Agile environment. He has two main areas of focus – Technology and Processes. He has worked in leadership positions in various Fortune 500 companies and has been instrumental in driving success through digital transformation. He is also an enthusiastic Agile Coach.