Artificial intelligence is defined as the field of computer science that gives machines the ability to work intelligently. It gives machines the power to manipulate objects, solve problems, or play music. Take the artificial assistant, Siri, for instance. You only have to shout out in the direction of your phone to call you mom. Siri will handle the rest. This is just the simplest example of how artificial intelligence is being used today.
The AI can empower sales division of your business to yield higher throughputs and increased sales. Let’s see how.
Boosting Sales with Artificial Intelligence
Artificial intelligence helps organizations to predict future outcomes of certain situations and modify their processes intelligently. Similarly, it helps businesses to modify the working of its sales division for better results.
Forecasting
Foresting is like finding a needle in the haystack as it is not possible to accurately predict the sales of the next quarter manually. It takes just too much time and efforts to predict something which might not turn out to be remotely true. With AI, the accuracy in the prediction of next quarter’s sales can be achieved. This technology considers various economical, internal, and external factors to forecast future sales.
Cost Optimization
One of the hardest decisions for sales executive is to decide the price to give to a client. It is hard to know what to leave on the table without losing the client. You want to acquire this deal but not at the cost of the business. Hence, AI algorithms to rescue. Considering various factors such as product features, specifications, competitors’ situations, client-side’s features, requirements, specification, etc., AI can give you an estimated price. This is, of course, going to be a better prediction than guesswork.
Cross-Selling and Upselling
The best sales strategy is to upsell the products to your existing clients. But, finding who is willing to buy a better product with more price is a herculean task. Your team might get exhausted by marketing the products to the clients who don’t want to buy it. If artificial intelligence algorithms can give you baseline or the probable clients who might buy the product, your sales team’s energy will be focused in the right direction.
Lead Conversion
It is often confusing for the sales team executives to understand where to focus more or less. Some potential clients may seem worthy and interested from the starting but you may end up losing the deal. Hence, to reduce the chances of that happening, AI can analyze historical data, client requirements, and include other external factors. The predictions will guide executives towards important potential clients.
Performance Management
Every month the sales team is under scrutiny so that the performance of each team or executive can be analyzed along with the deals closed. To enhance this analysis, AI reports can be utilized to see the performance of various executives in different areas. This will help you remove bottlenecks faced by certain employees through proper training and encourage employees who are doing great.
Conclusion
While it is evident that artificial intelligence has the power to transform the sales unit of a business, where should you start? The experts believe that the right way of implementing artificial intelligence in your sales team is by analyzing the data of your organization. Then, narrow the objectives of the sales team to one or two goals. Divide your team in a manner to achieve high performance and then, utilize AI in different areas to extract its full potential.