AI algorithms are changing the way do business today. It can help your business and sales team sell more effectively. It can also disrupt the way we do business today, it can in some cases displace jobs in sales and customer services. It is here and will get better over time
Here are few areas where AI is being used in sales.
How do get an accurate lead score?
AI can compile historical information about a lead and the rep ’s interaction history with that lead (text messages, appointments, emails, voicemails, and phone calls) AI can rank the opportunities or leads according to their chances of closing successfully.
AI can predict and forecast revenue analyzing data in real-time and helping your company, across all departments, to better manage your resources and inventory.
AI can train your system to look at your previous deals, inform you of the ideal discount to give the client and give you a rating on how likely you are to win the contract at various discount amounts. AI does this for example, by looking at the sales data and contracts you’ve won and lost. AI looks at are the deal size, company revenue, existing relationship or new one, news about the company and their industry. Without AI, it will be difficult to craft an offer in a timely manner. AI can help predict the best price at the right time for your customers. AI can also make better predictions about who is more likely to respond to an offer, take an upgrade or close a new deal.
With Data, manage with confidence
With AI, managers can use dashboards and BI to visually see which salespeople are hitting their quotas, as well as which deals or leads, are trending down and are going to fall out of the cycle.
What is the quickest and most cost-effective way to drive an increase in top-line revenue? Sell more to your existing client base. The big question is who is more likely to buy more? You can market aimlessly to get a few customers to buy or you can let AI help identify your current client base that would be more apt to purchase upgrades or a new product offering. This way you can have a net increase in revenue while reducing marketing costs.
Data is gold. Companies who can capture the data, analyze it and generate actionable insights will close more deals, faster and more cost effectively than ever before.