Sales can be challenging and complex that involves multiple stakeholders, milestones, and benchmarks. According to the Harvard Business Review, only 12% of sales people can be considered excellent, while 23% have good sales skills, 38% average and 27% are poor salespeople. Worse still, the average cost of acquiring a new customer is $3,600, while the profit from existing customers is $3,800.
Here’s where Artificial Intelligence (AI) can help.
AI technology can automate much of the sales process and better optimize less productive hours to focus on revenue-driven activities. It can help a company maximize its lead volume, close rate, and overall sales performance. As a result, salespeople can perform their best since they are no longer dealing with operations that don’t contribute directly to revenue generation.
According to Forbes, about 87% of businesses consider using AI for sales forecasting and 61% were currently using or planning to use AI for sales forecasting in the near future. However, data also shows that organizations use AI to optimize the overall performance of the sales team, and not to replace them.
Given the role of AI in offering unique insights and helping salespeople make better decisions, prospect, and solve customer challenges, it is understandable why businesses are increasingly adopting AI tools to meet more sales targets. In this article, we dive deep into the rationale behind the increased use of AI tools to boost sales.
1 Prioritizes selling
Salespeople understand that they are expected to meet quotas and targets which sometimes can be challenging. Sometimes they just don’t have the time to do everything that needs to be done.
But what if there was a way for salespeople to automatically track communications, appointments, and other core sales activities? It could help sellers spend less time organizing tasks and focus more on selling. As a result, they can focus on customers and closing deals.
2 Increases leads
In a recent study conducted by McKinsey, it was found that companies who had sales teams work with AI tools created a substantial increase of about 50% in lead generation.
In these organizations, AI took on the time-consuming tasks of connecting with leads via phone, then qualifying them for various purposes, following up and maintaining relationships with these individuals throughout the rest of their journey, into becoming clients.
3 Improves Customer relationships
Relationships grow stronger when AI empowers customer relations. For example, AI tools can gather data about what a client might need and then process all the details ensuing in swift sales without wasting time on non-productive activities. And being perceived as indispensable is a great way to take your relationship with clients to the next level!
4 Improves Sales forecasts
Sales forecasting is essential for the growth of a company. However, the accuracy and efficiency of the sales forecast are greatly dependent on accurate information.
By measuring each deal’s health in real-time and providing sales team leaders with insights into their deals’ status at any given moment, AI tools can help them optimize their models based on historical data. This ensures an accurate forecast. Of course, the success of the AI sales forecast depends on quality data sets that accurately reflect all aspects of your business.
5 Helps upselling and cross-selling
Sales teams often try upselling and cross-selling with all their clients. It is important to understand that the needs of each customer are unique, and not all customers are at the same stage of their buyer’s journey.
Using AI, sales teams can identify who is most likely to buy a product and at what point. AI algorithms scan client lists, determine preferences and help identify clients who are likely to sign up for your business solutions.
6 Improves Customer Lifetime Value
Sales leaders and salespeople always find it challenging to determine the lifetime value of customers. Identifying the health of relationships and directing salespeople toward healthy and weak relationships have always been difficult for sales leaders. But now, with AI, organizations can perform monthly reviews and renewals based on regular feedback from clients.
AI tools are fast becoming the new norm of the sales world, and organizations that are quick to ride the wave stand to gain.
SARA AI, for example, can organize and track all activities that are related to scheduled sales interactions. She uses the information that she gathers to create detailed engagement models for the entire sales team.
In short, SARA AI sets your organization for success by helping sales teams meet targets and companies meet their organizational objectives.
Sources:
https://hbr.org/2017/08/7-reasons-salespeople-dont-close-the-deal?registration=success