AI Technology to Close More Sales Deals with Better Conversions
Artificial Intelligence is entirely taking over sales. Is this just a talk, or will it happen shortly? We say that AI will undoubtedly take the marketing and sales world by storm over the coming years.
You must have also heard that AI-powered robots will rule the job market through 2025. Indeed, these predictions are troubling workers as they feared losing their job. But, do you think AI will take away human jobs? No, it is not entirely right as humans are needed to operate AI-powered tools and applications.
Every technology will undoubtedly have its pros and cons. However, rather than thinking about AI’s negatives, businesses must efficiently use them in their operations. Today, businesses can gather valuable insights, streamline marketing initiatives, and make sales predictions using artificial intelligence technology.
How will AI Technology Take over Sales?
There’s no doubt that AI technology will take over the sales shortly. Taking over sales does not mean AI will take over the jobs of sales professionals. Artificial intelligence can help sales professionals in lead scoring and follow-ups with prospects. Besides, AI helps sales leaders to gain a competitive advantage over their competitors by making data-driven business decisions.
Don’t you think knowing more about your customers will help you make better strategies for them? Well, AI can help marketers gather comprehensive insights into their customers, competitors, and market. These insights can help sales and marketing professionals in revamping current strategies and personalizing messages for their customers. By delivering products and services resonating with their customers’ needs and requirements, AI can help sales professionals drive higher leads.
As online shopping is highly preferred these days, customers can easily make purchases at any time. As such, customers expect businesses to be available at any time of the day to solve their queries. However, it is nearly impossible for small and medium-sized businesses to recruit people and pay for 24x7. This is where AI-powered applications like Chatbot can come to the rescue.
There are countless applications of Chatbot in businesses. Chatbots empower customers in making the right choice and leverage the benefits of interactive marketing. Bots can be used for specified tasks such as playing music while driving, make an order, check weather status, and hire a cab.
Consumers prefer brands that consider their personal preferences. Chatbot improves the interaction between customers and businesses and driving higher conversions at any time. Besides, Chatbots are available 24x7, resulting in enhanced customer experience and service.
How will AI Assist Sales Professionals?
Generally, sales professionals do not have adequate data to make reliable business decisions. This makes it difficult for sales professionals to personalize strategies for their customers. The primary purpose of AI technology in sales is gathering comprehensive insights to make data-driven business decisions.
Nearly 80% of the sales section professionals say data makes them keep track of prospects and get better leads. Besides, data assists in sales forecasting, resulting in increased conversions and leads. Altogether, there’s no doubt that data can generate higher traffic and sales across all market segments.
Excellent Applications of AI in Sales
There are countless applications of artificial intelligence technology in sales. AI enables sales professionals to gather data, organization, and streamlining strategies. Companies across different industries can use AI data to understand the needs and requirements of their customers. Additionally, AI can help sales leaders in forecasting, lead generation, and lead scoring.
Personalized recommendations, sales forecasting, lead scoring and prioritization, and upselling are significant AI applications in sales. Let’s have a look at these applications of AI in detail.
#1: Personalized Recommendations
Personalization is gaining immense importance in marketing and sales these days. It is because personalized products and services attract more customers. This eventually helps marketers in generating higher sales and conversions.
AI tools can segment customers into various groups based on their characteristics such as age, gender, interests, purchasing behavior, spending patterns, and more. With efficient segmentation, businesses can personalize strategies for different groups of customers. This provides a feeling of one-to-one marketing for customers.
With personalized recommendations, businesses can also improve customer loyalty and have a high return on investment. Personalization of marketing and sales is already leveraged by leading companies today. You may have already observed that Amazon, Flipkart, and other leading brands provide us recommendations based on our past search history. Therefore, businesses must make efficient use of AI to create personalized strategies and make better decisions.
As personalization is the current trend, companies that make efficient use of this trend are expected to gain a strategic advantage. Therefore, don’t ignore this application of AI to avoid being left behind.
#2: Lead Scoring and Prioritization
Previously, lead scoring and prioritization were done without any accurate data. Therefore, the chances of errors and wrong predictions were likely high. This is not the same anymore. Lead scoring and prioritization are made easy nowadays with AI. By gathering comprehensive market insights, AI helps businesses in identifying the leads that are likely to convert. This eventually aids sales professionals to focus on high-priority leads rather than a large set.
Undoubtedly, lead scoring and prioritization differ from one business to another. It entirely depends on customers and their previous purchases. AI-powered lead scoring enables businesses to identify customers who are most likely to do business with the company. In a way, predictive or AI-based lead scoring and prioritization help businesses in:
- Eliminating errors in prediction
- Making data-driven business decisions
- Identifying uncovered market opportunities
- Getting a 360-degree view of customers
#3: Sales Recommendations
Having enough insights ensures sales professionals in making efficient sales forecasting and predictions. AI also helps sales leaders in increasing conversions through likely convertible product recommendations. Besides, AI technology enables sales leaders to shorten the sales cycle by providing product recommendations that resonate with their needs.
Businesses can increase the effectiveness of retargeting campaigns using artificial intelligence. With efficient planning, the sales team can close more leads and focus on high-value customers. Additionally, AI technology provides suggestions on whom to target, how to price a product or service, and which consumer to target first. Consequently, the sales team can drive higher conversions and close more leads.
#4: Productivity and Performance Enhancement
A sales team is often responsible for carrying out multiple tasks, from collecting information to following leads to closing sales. It takes enormous time to do all these processes manually. However, AI can free up the significant time of the sales team by automating mundane tasks. Other than lead scoring and personalization, AI technology can help businesses in completing mundane tasks seamlessly.
AI system can aid businesses of all sizes in scheduling meetings, managing calendars, following up with leads, and much more. Chatbots can be used to follow up leads and gather the required data. By automating day-to-day activities, sales representatives can focus on priority tasks. Also, task automation improves productivity and reduces errors.
#5: Upselling and Cross-Selling
Two out of five successful marketers say that retaining a valuable customer is more cost-effective than acquiring new customers. Upselling is closely related to prioritizing existing customers. As the name denotes, upselling means encouraging existing customers to upgrade the services or buy new versions of the product.
On the other hand, cross-selling means empowering customers to buy complementary or related items. It’s inevitable that the right recommendations, as well as upselling and cross-selling, will encourage sales, but how to recommend the right product? This is where the application of AI comes into play. AI helps to identify customers most likely to make a purchase. This enables sales professionals to focus on them. The result of AI-based upselling and cross-selling is increased sales and revenues.
AI technology can equally benefit both customers and the sales team. For customers, AI provides personalized recommendations by identifying their needs and requirements. Alongside, AI makes sales professionals automate mundane tasks and prioritize leads.
With AI, customers no longer will need to see ads or messages that are relevant to them. This eventually increases the chances of conversion and enhances customer experience. AI technology also helps small and medium-sized businesses to enhance performance by streamlining processes. In general, businesses that do not leverage AI technology will fall behind others. Therefore, if you have not started using AI in your marketing and sales processes, start immediately. Also, free your sales professionals from the routine task and enable them to focus on high-priority tasks.