February 21, 2019
How Artificial Intelligence Can Shorten The Sales Cycle?
Artificial Intelligence can help you seal more deals.
Grab a cup of coffee and let’s see how AI is revolutionizing Sales.
Derive Detailed Customer Insights Using AI Algorithms
Sales representatives spend most of their time prospecting for the right people that would be interested in making a purchase.
It is a very time consuming process and the application of AI algorithms using a set of criteria defined for the buyer personas and making extensive number of calculations of the data to find patterns can help improve the number & of the quality of these leads.
The use of Artificial Intelligence empowers sales reps focus on building meaning relationships with the leads.
Leverage Predictive Analytics To Improve Lead Quality
You can fill as many leads into the sales pipeline as you want, but that doesn’t help the business if the leads aren’t qualified.
Although many tools and practices are used to qualify leads as marketing qualified (MQLs) or Sales Qualified (SQLs), the best way to go about is to make use of AI tools that look at the historical success trends, the criteria set by the sales team and the way each prospect fits into the criteria.
This makes sure that leads filling the sales pipeline are the best fit to engage with the sales representatives and have a higher probability of making the purchase.
Sales teams still need to put the human effort in nurturing these leads and use predictive analysis to make more sales. As AI makes sure the leads are well qualified to be engaged with therefore the conversion rate of the sales team can increase drastically.
AI is the new go-to partner for this relationship. Algorithms can now score leads based on key performance indicators (KPIs) and historical success patterns. T
The closer a new lead matches your existing best-value customers, the higher AI can score it.
Never Miss Out On Any Up-Sell or Cross-Sell Opportunity Again
As a salesperson sitting at a distance from your prospects, it is an uphill task to predict what prospects, would want more of your products/services or pay a higher price just to have the best one you can offer.
Although highly essential to a company’s revenue, up-selling and cross-selling often lacks a well-defined process to be made use of. Therefore they often go neglected and are a lost opportunity for the revenue.
AI provides insights in regards by helping the sales teams predict what prospects are more likely to buy and how much value they can add to the business. This way sales teams can predict what prospects will add more to the revenue, thus spend more time focusing on the prospects that are likely to add more value to the business and also have the higher probability of conversion.
Stop Sending Cold Emails, Get More Personalized
The general rule of thumb for sending sales emails is that the more you personalize the higher the chances of making a prospect move down the marketing funnel.
However when time is of the essence, AI helps in this process too.
Using AI in lead scoring, and making sure you are only spending time in personalizing emails considering the lead scoring results is what is key. It’s no use sending out a highly personalized email to a lead that has a low score, adversely missing out on the opportunity to write a personalized email to a lead with a high score can result in a lost revenue.
This is how AI ensures you only cater to leads that have the potential of converting and personalize based upon the data provided by AI tools, for the leads that performed well in lead scoring.
In all cases, however, you should be using templates.
Adopt The 80/20 Rule
In general, 20% of your customers represent 80% of your sales. And 20% of your time produces 80% of your results.
AI ensures delivering a flow of the best qualified leads as it gives sale reps the opportunity to focus on 20% of the leads that are likely to generate revenue for the company and less time is wasted on prospecting or having follow ups with the 80% that is not going to bring any business.
Final Thoughts- Future of AI in Sales
It is often thought that jobs of most salespersons will soon be taken over by AI and Machine Learning tools, because the art of sales will be deemed inferior to the analytical prowess and intelligence of machines.
The fact of the matter is no matter how much AI helps streamline and accelerate the sales processes, human beings always crave human interaction and there is where the Sales ‘People’ will always be needed.