Leveraging the Power of Artificial Intelligence in Sales

Any organization trying to upscale their sales operation should turn to artificial intelligence. Data is now a building block for many organizations, and artificial intelligence uses the power of data to understand, synthesize and further infer information. Artificial intelligence is a powerful tool in the sales sector thanks to its ability to automate tasks which helps the sales team make faster decisions. It is no secret that sale is a profession which is considered people-driven. However, with the introduction of artificial intelligence in this job, the process of engaging in sales is changing for the good. Here is how one can harness the power of artificial intelligence in sales.

Growth In Revenue

44% of the businesses that have used artificial intelligence for their sales operation have noticed a 50% increase in the sales lead. AI has successfully helped the sales lead identify the hottest lead with the maximum qualifying qualities. In addition, it resulted in cost reduction too.

AI helps grow revenue by helping sales forecasting by considering different parameters. Subsequently, it provides the sales team with all the essential information required to help them sell smarter to a prospect.

Task Automation

AI significantly removes the load from the sales teams by automating time-consuming and tedious tasks. For example, AI can help the sales rep resolve customer inquiries about Lottery Sambad without being actively involved. Subsequently, AI automation allows sales reps to spend their time in more meaningful customer interactions.

Customer Engagement

The algorithm of AI is such that it fetches insights on client preferences and behavior to the sales team. It does this by analyzing consumer data. For example, based on how many times an individual has purchased a Sikkim State Lottery ticket, it can tell the sales team if they can sell another ticket to the person or not. In addition, such information is also helpful in making necessary changes in their approach while interacting with individual prospects.

Precision In Sales

Numerous AI-based sales platforms have ingrained machine learning algorithms in them to help work towards price optimization strategy. The price elasticities of the products and services enable the sales team to determine the suitable demand for the product and a reasonable price. This application of AI is especially beneficial for B2B companies.

Enhanced Personalization

When machine learning algorithms and natural language processes power the AI, it better understands the prospects’ language with each interaction. Therefore, the sales department can train different AI models on their private data to interact with the customers in a personalized way. It is why many sales reps are using generative AI to automate sales emails.

Data Enrichment Optimization

Data enrichment refers to extracting data from third-party sources into an organization’s database. It helps provide the company with a comprehensive understanding of the lead and the process. Predictive scoring tools offered by many AI platforms can optimize this process to identify quality leads based on predefined criteria over time.

Predictive Analytics

AI has the power to collect and analyze big data about the customer. Such data includes information about customer preferences, purchase history and browsing behavior. On analysis, AI helps uncover any existing trend in customer behavior which is challenging to identify by humans alone. Recognizing and understanding such products allows businesses to identify the products and services which will likely generate more ROI.

Sales Enablement Optimization

Sales enablement refers to a process in which the sales team is provided with the right resources to close more deals. The sales team can use numerous AI tools in the market to optimize and automate sales enablement.

Pipeline Management

It is common for sales reps to work on their sales forecast periodically. However, data indicates that most of them inaccurately make this forecast. Using AI in pipeline management and forecasting can help reduce inaccuracy. Also, one can use AI to find the score representing the probability of successfully closing a deal.

In the last few years, sales technology has significantly changed for good. It is noticed that AI is now one of the top sales tools for many organizations. Data indicates that 61% of the sales team who have harnessed the power of AI in the sales process have exceeded their revenue goals by 61%. Organizations can use AI in not one but many ways to enhance sales processes. The key to the optimum utilization of AI for the sales operation lies in identifying the right tools to meet the sales requirement.

Picture Courtesy: Google/images are subject to copyright