- July 3, 2019
- Posted by: Robert Duke
- Category: Articles
Gartner predicts that 30% of B2B companies will utilize some kind of AI technology to augment at least one of their prime sales processes by 2020.
Artificial intelligence (AI) has already become a fundamental part of our everyday life. The AI enabled smart devices will not only wake you up, or put you to sleep, but also offer the suggestions for your industry. This technology has an immense potential to transform how you do business. It can change the way how people interact with brands, information, and services. Although a lot of significant work is done in the AI segment, some business experts are still unsure about automating their sales strategy. If you belong to this troop, fret not.
Considering the rapid progress in AI, we can say that the amalgamation of sales and AI technology is undoubtedly going to impact the future of business in a positive manner. Let’s dive into the world of AI and find out how it impacts B2B sales in 2019.
1. Improved Customer Experience
“Know what your customers want most and what your company does best. Focus on where those two meet.” ~Kevin Stirtz
Customers are the most crucial asset of any business. Learning their preference and interest will help the B2B companies to upsurge their sales rate in a short span. Unfortunately, the salesperson who is accountable to nurture the association with the customer finds it challenging to understand their customer base because of the growing diversity in today’s world. Even a highly experienced salesperson struggles to connect with every single customer on their list.
AI can help businesses in this aspect. It uses the applicable data to improve customer relations. A rightly programmed chatbot can interact with the users directly and answer their queries immediately. It is not only a futuristic way to engage with the audience but also proved to open up a large percentage of selling opportunities.
2. Offers Relevant Insight
AI helps the sales teams by providing valuable insights about prospects and customers throughout the sales cycle. It supports the task of sales team with information about key decision makers, key prospects, organization, industry dynamics, and the user’s level of engagement. This treasured data provides positive outlook helping the sales reps to tackle the issues and come up with actionable visions.
The role of salesperson will always remain vital no matter to what extent you automate the business strategy. Sales automation has its limits as it cannot have a 1:1 conversation or close a deal like sales representatives. Therefore, both the team and AI must work side by side to timely deliver the excellent service with the help of meaningful insights.
3. Appropriate Data Handling
Data can either make your business prosper or break it all together if not appropriately handled. Most of the B2B companies own massive data of customers that are complex and outdated. Yet, they do not upgrade to the latest technology, with the fear of losing the data. The data loss may occur because of compatibility issue while integrating with the new AI tools or mishandling of it while transferring. Also, the likelihood of human error is high if a data scientist is not an expert in a business context.
But AI can be your savior in this operation as it is a most practical driver for data transference. Currently, AI tools are undergoing several upgrades to be of highest help to sales reps. Soon, it will integrate data assets, provide executive support, change management, incentive alignment, accountability, process integration, and many more. These features are adequate to transfer the data from previous generations to the present date.
4. Simplified Sales Procedures
The sales representatives spend most of their time on monotonous activities such as responding to emails, cold-calling, and more. Embedding AI into their everyday task can surprisingly reduce their workload and helps them focus on crucial tasks that are on their next to-do list. Report by McKinsey Global Institute reveals that adoption of AI technologies can automate 40% of the time spent on these type of tedious tasks. AI-enabled tools will augment human agents and also provide an extra hand to make sure that salespeople are liberated from repetitive tasks.
The positive effects of this approach are far-reaching and elevating the enterprise to new heights. Also, if your business runs short of employees or resources, it makes sure this dearth doesn’t propagate through the organization.
5. Growth of Digital Marketing
B2B companies might have already implemented various traditional means of marketing such as radio, TV ads, print media, billboards, or physical pamphlets to enhance their brand worth. But these tactics are on the brink of getting obsolete. The B2B customers are now more inclined towards their online exposure. The number of people buying online has significantly increased over the last decade. It has openly enhanced the value of digital marketing. Also, the revenue generated from online ads is proven to surpass that of radio, newspaper, or TV ads.
It is the responsibility of the firms to embrace the latest digital marketing tactics to keep their business flourishing. It is also a vital sign to shift the focus of the sales representatives towards developing robust strategies that grasp the opportunities provided by modern sales approaches. Fortunately, the future of digital marketing revolves around Artificial intelligence. AI can help you meet the customer requirements by generating interesting contents and also working on curating it.
6. Drawing High-Quality Leads
Did you know that companies using AI for sales can increase their leads by 50%? A recent study by Harvard Business Review revealed this truth. AI is said to help sales teams by increasing the number of leads that are of high quality. Since AI can recognize the best targets for inbound and outbound marketing initiatives, it is capable of generating better leads for a company. It mines the connections between companies, products, people, and places they visit on the web to recommend new potential customers.
There are specific AI tools that find the right leads on a social media platform and helps you engage with them. It usually uses algorithms that tailor lead recommendations to your distinctive profile. Besides, you can use AI to convert the leads and also retarget those who visit. It personalizes the on-site content and provides increased commitment so that businesses can maximize visitor engagement that leads to increased conversion rates and sales.
7. Expertise in Search and Monitoring
In this era of business, there are lots of advancements in the search engine as well as its result. Now you can find multimedia searches, text-to-speech, along with a simple text search tool. These developments in this area have made the searches easier for the user. Especially with AI, the customers can find what they want quickly without having to leave the site. AI enabled personal assistants such as Alexa and Siri have already set forth the stage for text-to-speech queries. The human touch to the voice of these personal assistants has made it further interesting to the users.
There isn’t a doubt in voice-driven AI increasing the sophistication in the coming years. But, the thing is – Will B2B industry embrace this technology as quickly as other consumers? Appropriate integration of the right AI application will help the businesses of any type and size. It not only makes the search process quicker and accurate but also stores the search preferences of the users for the future. Moreover, it aids in the execution of complex functions in the sales department. It can include physical inventory tracking, stock monitoring, and more.
8. Customer Specific Personalization
Businesses can implement AI in all types of sales channels. It offers a more personalized experience to the customers by using the gathered data as well as its insight. Also, it provides realistic customer specific personalization that is capable of enhancing the effectiveness of sales channels. By integrating this modern programming, the sales representative will receive knowledgeable guidance in specific functions such as helping the customers or making any purchase. These tools make use of relevant data to reach this efficiency level in sales outsourcing as well as direct marketing tactics.
With the highly accurate personalization, AI technology will fulfill the customer’s needs by providing applicable service and guiding them in the right direction. Also, based on past buying behavior, it helps the audience by prioritizing the items. AI tools make the reordering more seamless and easier for the customers with its advanced algorithm. Hence implementing AI enabled services or software will offer some great results to increase the sales rate rapidly.
AI enabled sales strategy is still in its infancy, but B2B organizations should never make it as an excuse to overlook the potential of this technology. Start adapting this system in the early stage as new trends and techniques arise. With the right tool and deployment, it can automate almost half of sales work and helps in fostering a better relationship with the clients. It’s a perfect must-try approach for any B2B organization.