Desperate times call for bold measures. At a time, when an invisible enemy has rattled businesses across the world and bled economies to the point of hysteria, Darwin’s famous quote, “survival of the fittest” comes to mind. Adaptability to the changing times and reprogramming business models is the only way to survive and live another day.
Going virtual has suddenly become a norm. At a time when organizations are instituting work-from-home policies, there has been a rush for technologies like AI and other digital tools to transform the physical work into a digital one.
Artificial Intelligence (AI), a buzzword a few years ago, has now become a recurring technological tool that virtualizes work processes and makes organizations smarter, faster and fitter. Once every work is on the digital space, a well-trained AI system can mimic the way we work by understanding the pattern of our workflows, ingesting as much data as possible and helping employees focus on the most valuable work possible.
And believe it or not, most success stories are coming out of sales organizations that have inducted AI into their work structure. AI is helping businesses like real estate to enable hyper-personalized experiences for customers at a scale and speed that is unimaginable.
Tapping into this ingenious tech, salespersons are able to focus on high-quality leads, gain exclusive insight on customers’ needs and preferences, decide upselling and cross-selling opportunities and weed out low-quality leads.
The result-higher productivity of employees, higher sales, lower costs and a better sales environment.
According to a McKinsey study, companies that will use AI in the next five to seven years will amplify their revenue generation by 120%.
Let’s get a feel of how the power of AI can boost sales effectiveness and drive revenue.
- Lead prioritization: Prioritizing leads is a time-consuming affair and a nightmare for most salespersons. On the other hand, at a time when companies are going online to keep the business wheels running, extracting prioritized data from a dedicated person can be a tough job.
AI is the beacon of hope in such a situation. AI can sieve through historical data and alert you on whether a particular lead is worth putting your bet on. The automation tool ingests data continually from different sources, stripping away data that is not worth boosting your revenue metrics, so that sales efforts are minimised, and sales executives can focus on winning leads that are bound to convert in less time.
- Cull winning opportunities: AI can be a magic bullet for identifying opportunities that provide maximum leverage to a business. It can provide insights into whether an opportunity is worth the shot. With AI, you can consolidate work processes, identify and make subtle changes and also forecast opportunities that can auger well for your business. You can determine whether a host of forecasted opportunities can turn into closures and learn how sales managers work with their salespersons.
- Closing deals in a jiffy: AI makes you a better salesperson by matching your work needs, providing you with critical insights and suggestions which lead to faster deal closures. AI analyses the needs and preferences of consumers from the data it has been fed with and comes with winning probabilities. Basically, it acts as an assistant of a salesperson, turning various structured and unstructured information into insights. So, approaching the right customers becomes a child’s play.
- Select mails and automate mail creation: Maintaining communication with customers through mails is a taxing job. What’s more nerve-wracking is to select important mails one by one which leads to sales reps missing on critical customers’ response mails. AI helps identify and prioritize important mails which increases responsiveness to customers. AI can alert sales reps about mails that need to be flagged for further communication and also help generate mails for them. It can create responsive mails for prospects so that sales reps can spend less time on creating mail literature and data entry and focus more on selling.
AI has suddenly become a force to reckon with. Crises such as the recent coronavirus pandemic have led companies to automate work structures and eliminate dependency on physical business decisions. Augmenting the power of AI, companies can still churn out handsome cash flows in tough times and create an unparalleled market opportunity by bringing technology to customers.