A recent report by State Of Sales* revealed that only 21% of sales people are currently using AI in their processes. However, given the demand for tech-friendly assistance, the experts are expecting these numbers to grow by 155% by 2020, in the UK alone. Salespeople are slowly adapting to allow different technologies to enter their world and thus increase their opportunities.
That AI can make the sales pitch stronger and create a more efficient environment for salespeople to work in is a given. This is due to the growing number of connected devices that allow the capture of customer data that can be gathered and stored for further use.
Customer behavior is essential, and they can use AI analytics to get more information on this. They can also identify trends with AI-based analytics and gain valuable insights into the context of the data. This means that AI could be the perfect sales assistant, helping companies focus their sales, especially when it comes to significant amounts and contracts.
Companies who have adopted AI early on, are already seeing big benefits. For one, the systems can predict possible changes that customers experience. The tech can then give better product offers and follow up on messages that will engage the customers.
Advancement of AI will positively impact the sales rep and how they handle their business. There are many sales analytics software that can improve their work, especially when faced with customer queries when they have to process a lot of information in order to provide suitable product offerings to their customers. AI sales assistants will be able to provide a list of relevant information or products.
Optimizing the price
“Knowing which price to offer or how much discount to offer is a tricky business. Salespeople want their clients to make a purchase, but they don’t want to give their clients a huge discount or offer a price that is too low. However, AI can help companies and salespeople decide on the perfect rate that will keep their clients happy and their company in profit,” says Zoe Peele, sales representative’s manager at 1day2write.
The use of AI sales software can tell businesses what the ideal discount and price should be in order to ensure a win. This is usually based on the previous contracts and deals – both the ones the company won and lost.
Some of the features an AI software would look at include: the amount of money in the deal, product specification, competitors, region, industry and so on.
Salespeople face the challenge of needing to predict the future of their profits and the way forward for each quarter – whether there’s any substantial profit or not. Using AI analytics, sales managers can now predict revenue in the future with a fair amount of accuracy as well. This helps companies to manage everything to a certain point. An AI software can be a great addition to the team for two reasons, predicting the changes in the market, and evaluating the needs of the clients as well.
Upselling and cross-selling
“The best way to grow revenue is to sell more of your products to your client base – it’s economical and fast. However, the question remains of which client will buy more and who is more likely to buy in general,” says Matilda Perkins, a sales consultant at Britstudent.
There is a lot of money to be spent on people who don’t want to buy. But this still doesn’t change the fact that you won’t be able to earn money from them.
On the other hand, you could use an AI software to help you see who is more likely to buy and who isn’t. This way, you can sell upgrades to your product, new products and so on. AI can even help you see which ones would buy new products or which ones would buy upgrades. This way, your marketing campaigns can be more effective, and you can earn a good profit.
When a salesperson has a rich pipeline of clients, they have to make decisions daily or hourly on which clients to focus on when it comes to closing deals. The decision-making process is often based solely on the feeling of the salesperson on what the outcome will be. So, for instance, if they always trust their gut feeling, they can make a huge mistake. However, an AI analytics software is almost never wrong because it analyzes raw facts and data to get the answers that salespeople need. It compiles historical information about the clients and along with some behavioral aspects, makes a list of rankings of opportunities with different clients. This gives salespeople a chance to sell successfully.
Sales managers have a lot of work to do every month along with managing their pipelines for every month, checking the revenue, and whether their deals can potentially stall or fall through. This is never good, and doing so manually can be excruciating and slow. However, with AI, sales managers can use dashboards to see who is most likely to hit the quota and who isn’t and then take action based on that. This also allows them to focus on salespeople with good results, giving them more associated deals that will help the company reach its goals. Using AI in this area will also motivate the other salespeople to work more and better.
Sales definitely has a better and more efficient future with AI. It’s still widely underused in these departments, but it can be a useful addition that would help salespeople get better, more realistic and fresh information. It would also help them automate specific tasks that take up a lot of time. Considering all of these benefits, it’s a wonder how more sales departments haven’t included AI in their daily operations. Take a look at BRIDGEi2i’s AI-powered sales assistant to achieve real-time, deal-level recommendations that can power your sales team to achieve more and win big!