Companies are using AI and ML in all possible ways to advance their businesses. AI monitors a customer’s online activity to predict and suggest certain products which are relevant to the customer.
Companies need to identify the different types of data sets that can be combined to portray the complete picture of the customer base like sales departments historical purchase data and the marketing department’s website. Using these data sets, AI algorithm makes better predictions about who is more likely to respond to an offer.
A few ways AI is revolutionizing sales
An AI algorithm could suggest what the ideal discount rate should be for a proposal to ensure optimal price by looking at specific features of each past deal that was won or lost. The specific Features could include the size of the deal in terms of dollar amount, product specification, compliance, and the number of competitors, company size, territory/region, client’s industry, client’s annual revenues, public or private company and many more.
Sales managers face the intimidating challenge of trying to predict where their team’s total sales numbers will fall in a particular time period. Managers are now able the next quarter’s revenue with high accuracy rate, which in turn would help a company, to better manage inventory and resources.
An AI algorithm is used to identify which of the existing clients are likely to buy a better version of their existing product or which are most likely to want a new product offering altogether. This results in an increase in revenue and a substantial drop in marketing costs.
An AI algorithm can compile historical information about a client, along with social media postings and the salesperson’s customer interaction history like emails sent and predicts the opportunities or leads in the process according to their chances of closing successfully.
Sales managers use AI-enabled dashboards to see which salespeople are likely to fulfill their quotas. This information will allow a manager to focus on key salespeople and associated deals that will help the company hit their quota.