How AI is Impacting the World of Sales
Once a mere plot point in a science-fiction movie, artificial intelligence (AI) has infiltrated almost every aspect of our day-to-day lives in recent years, whether it’s an algorithm helping us pick a TV show to watch or helping plan the perfect holiday.
The sales industry is no stranger to this rise of automation either – with AI in sales and marketing taking on increasing importance.
Similar to traditional sales tools, AI is focused on recognising and delivering the needs of the customer. AI can create a deeper understanding of the customer journey, helping you achieve better insights, engagement and forecasting.
Read on to discover how AI is impacting sales technology and ways your business can boost performance by effectively using artificial intelligence for sales.
At Pareto Law, we know sales, which is why we’re at the forefront of technology. Ensure your sales people have the tools they need to succeed with sales training for AI and other sales technology.
What is sales automation?
Sales automation is a way of streamlining your team’s admin tasks, which would typically take them away from selling goods or services. As a result, your staff can improve time management and efficiency. Tasks that can be automated include inputting customer data, compiling sales reports or analysing follow-up leads.
There are numerous sales AI tools and software to help automate your processes across the customer journey, from first contact to upselling.
By using AI alongside your sales automation, you can begin to monitor and analyse your customer’s interests and behaviours. Over time, this can help prioritise leads by who is most likely to convert at specific points in time.
Benefits of artificial intelligence for sales
There are multiple advantages of adopting an AI system in your business. Doing so helps you stay ahead of the competition through better forecasting and can save time and resources.
AI is also a useful tool in helping sales leaders enhance the customer journey to generate more leads and conversions.
Here are just a few of the ways your business could benefit from using sales AI technology.
Increase selling time
According to Harvard Business Review, 40% of sales activities can be transferred to AI. That’s 40% of your sales team’s time that could be better spent connecting with their customers, building new and existing relationships and preparing pitches to close a sale.
By removing the element of ‘human error’, these activities can also be completed quicker and more efficiently.
Here are a few examples of non-selling tasks AI could automate:
- Customer data entry
- CRM updates
- Sales reports
- Qualifying leads
- Sales forecasting
Generate significant insights
The most prominent feature of AI sales technology is the ability to input and analyse large amounts of customer data to identify patterns, provide solutions and predict opportunities.
While your sales team will have a good understanding of your customer’s needs, using AI technologies could help them spend less time speculating and more time selling. Installing an AI system can help to:
- Prioritise clients who are most likely to convert
- Identify new customers who may be interested in your products or services
- Alert the team when an existing client could be targeted with an upsell
- Provide solutions and recommendations
- Detect patterns of communication and interaction with clients
Align sales and marketing
Marketing and sales go hand in hand. They both rely on gathering and analysing data to achieve conversions. Aligning AI in sales and marketing can improve your client offering in various ways, such as:
- Chatbots – An AI chatbot is available 24/7, answering queries, understanding client needs and delivering solutions to provide a personal and convenient customer experience.
- Emails – AI can also be used for email marketing to contact, engage, nurture and follow up with customers through regular, personalised email conversations.
Optimise upsells and cross-sells
Salespeople often focus their time and efforts on attaining new clients. However, this could mean they miss potential upsell opportunities within their existing customer base.
As well as prioritising leads, AI can find upsells and cross-sells that are most likely to convert. This can help identify when your customers are running low on a product, are facing a new challenge in their industry or are due a follow-up.
While investing in sales AI may seem like a big expense, over time it can increase your sales through these otherwise missed opportunities. According to McKinsey Global Institute, businesses investing in AI technologies in the next few years may see a cash flow increase of 120% by 2030.
The sales industry is rapidly changing, as the world looks towards new technologies and automated processes. AI is at the forefront of this transformation, so ensure your team is up to speed with the latest tools and skills with sales training from Pareto Law.