How is Artificial Intelligence used in Sales?
Industrialists are using AI as an essential marketing strategy to boost sales. Here are 5 intriguing ways in which Artificial Intelligence is used in Sales. Read these now!
Companies are leveraging the incredible benefits of Artificial Intelligence to advance their businesses. With its strong capabilities, Artificial Intelligence has now plunged into the Sales Industry too! Industrialists are using AI as an essential marketing strategy to boost their sales.
For those enterprises already in the AI fray, top-performing companies said they are more than twice as likely as their peers to be using the technology for marketing (28% vs. 12%),says Adobe.
No wonder, the use of Artificial Intelligence in sales is bringing a lot of advantages to the table. Advanced AI techniques help businesses operate and communicate in a more intelligent manner. Relevant insights extracted from data analysis help marketing strategists and sales people take the right decisions. This is why,
87% of current AI adopters said they were using or considering using AI for sales forecasting and for improving e-mail marketing, says Statista.
AI techniques help businesses predict leads that are most likely to buy from them, keep a check on the performance of the sales team and optimize prices of various deals. Here in this blog, I have discussed ways of using AI to improve sales. Let’s read these in detail.
Using AI to improve Sales!
Artificial Intelligence techniques help businesses to analyze datasets and draw meaningful insights from data. These insights are then used to make predictions, product recommendations, and important business moves.
Thanks to this incredible potential of AI to augment and improve sales performance. AI can create $1.4 to $2.6 trillion of value in marketing and sales, says a report from Harvard Business Review.
Advanced AI techniques are being leveraged by companies across the globe in order to scale business growth and to increase sales profits. Listed here are 5 intriguing ways in which Artificial Intelligence is used in sales. Let’s read these to know more.
Predictive Forecasting!
Wondering how is Artificial Intelligence used in sales. AI is used for predictive forecasting in sales. With the use of AI techniques, Artificial Intelligence systems can predict or forecast future outcomes based on the analysis of historical data.
Some of the common predictions that sales AI systems can make include:
- Leads or prospects that are most likely to close.
- Leads or prospects to be targeted next.
- New leads that may be interested in what you’re selling.
The accuracy of these predictions is completely dependent on the system that is being used. With the right inputs, the use of Artificial Intelligence in sales is capable of showing the right future prospect for your business.
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While using AI to improve sales is one way how AI proves to be advantageous, Predictive Forecasting is another. Predictive Forecasting creates a great value for the sales team.
By doing a thorough data analysis, AI can help sales managers forecast their team’s performance well in advance which allows them to take proactive measures based on the numbers. That’s the reason why,
37% of organizations have implemented AI in some form. That’s a 270% increase over the last four years, says a press release by Gartner. You can hire an AI developer to incorporate AI techniques for scaling your business growth. Let’s continue further to read more on how Artificial Intelligence is used in sales.
Price Optimization!
Price optimization is a challenging task. But it can be made easier with the use of Artificial Intelligence in sales. Giving an ideal discount to win a deal can be easily done with the use of advanced AI techniques.
This is how using AI improves Sales. By analyzing the data related to the deals happened in the past, an AI algorithm detects and finds out the ideal discount rate of the proposal that would let you win the deal.
These features may include, size of the deal, number of competitors, product specification compliance, company size, client’s industry, client’s annual revenues, public or private company and level of decision-makers.
Thus with the help of advanced algorithms, using AI to improve sales has now become a preferred choice among businesses these days. This is why many sales & marketing companies can be seen investing a lot in technologies such as Artificial Intelligence.
Worldwide spending on Artificial Intelligence systems is forecast to reach $35.8 billion in 2019, an increase of 44% over the amount spent in 2018, says IDC.
Lead Scoring!
If you are still curious to know more on How is Artificial Intelligence used in Sales, then reading further will surely help. A salesperson has to make strategic decisions quite often to know where they actually need to invest time when it comes to closing deals to hit their monthly or quarterly quota.
Most of the time, their decision-making process is based on gut instinct and incomplete information. But with the use of Artificial Intelligence, the algorithm can do an analysis of the client based on past information such as customer interaction history via emails, voicemails, text messages,etc.
Thus, with the help of advanced algorithms, AI can help in finding the leads. This is how using AI to improve sales has now become a preferred option among sales and marketing companies. You can read more about the advantages of AI here in this blog.
Upselling and Cross-Selling!
Companies are using AI to improve sales profits of their business. The most economical way to grow your business revenue is to sell more to your client-base. But, who is going to buy is a question. AI can help you find the most likeable prospects interested in buying your product.
Doing this helps in saving a lot of time and cost from being wasted on marketing to those who won’t buy. All thanks to Artificial Intelligence algorithms. An AI algorithm helps in finding which of your existing clients are interested in buying a better version of what they currently own (up-sell) and/or which are most likely to want a different product (cross-sell).
All this results in increasing the overall revenues and dropping the marketing costs. Hope now you have the answer to this, how is Artificial Intelligence for Sales.
Performance Management!
Sales managers have to access the pipelines so as to find out potential deals. Using advanced algorithms of Artificial Intelligence in sales, sales managers can use dashboards to see which salespeople are likely to hit their quotas. This way managers can keep an eye on the performance of their sales team.
84% of enterprises believe investing in AI will lead to greater competitive advantages, says a report.
The Bottomline
By now, I am sure you have got a clear idea of how is Artificial Intelligence used in Sales. AI algorithms help improve sales performance through predictive forecasting, price optimization, lead scoring, up-selling & cross-selling and performance management for the sales team. Companies are now catching on to this fact. That’s why they are using AI capabilities to grow their top-line revenue.
According to Salesforce’s latest State of Sales report, sales leaders expect their AI adoption to grow faster than any other technology. Salesforce also found that high-performing teams are 4.9X more likely to be using AI than underperforming ones.
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