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Major companies such as Netflix, Google, and Amazon have been using artificial intelligence in their software for years now.
They have managed to this so effectively that you can't even imagine how their companies will run without it. A new trend is arising regarding AI. Salespeople are beginning to take advantage of the power of AI.
Here's how!
Netflix uses AI to recommend shows to you. This action ensures you stay on the platform and binge away.
Amazon uses AI to cross-sell, while Google uses AI in their search engine to predict search results. Sales staff are now using AI to help them free up more time to focus on their most important task, selling.
Salespeople who sell large items like furniture or vehicles will tell you that they have tons of additional work to do besides talking to clients. They have to complete various administrative and CRM duties in order to manage their sales.
Because of the power and endless possibilities of artificial intelligence, it is possible to program an algorithm that can assist in managing these duties. And that is precisely what is happening right now.
Here are a few examples below:
A salesperson by nature will spend all of their time selling. This makes sense as more sales translate to more income.
Every minute spent on working towards making a sale counts as time is money in this scenario. Unfortunately, in reality, things go down a little bit differently.
There are in fact multiple administrative duties that form part of the sales process. Sales admin is an integral part of managing one's customers, leads, and sales.
Salespeople in car dealerships and even in real estate know all too well the amount of hours they have to put into recording every engagement or activity with a client.
Constantly inputting notes into your sales CRM system is a must in order to keep track of your work and to gain valuable insights. However, this can be time-consuming and counterproductive.
That is why so many established salespeople hire admin staff. If you are not able to afford admin staff, then perhaps you can look into AI.
AI can assist you big time in reconciling your CRM and then providing you with insights and reports. You can link the CRM system and AI to your email.
This way AI will be able to automatically even log your activity with your clients. AI can create new contacts and leads for you while reminding you to follow up with these new prospects.
A popular tactic that most salespeople employ is to scavenge through old deal files in order to find repeat customers. Used car salespersons look into deals that were made a few years ago.
They then contact these clients who they think will qualify for a newer car. If the client agrees, then the client can simply come in and trade-in their original purchase for a newer car.
This is a great tactic that is sure to make in a few sales a month. The downside is that it too is very time-consuming.
Salespeople need to go through tons of paperwork which they then use to profile their customers manually. Just by looking at the type of deal, most salespeople will know if a client will be worth calling for repeat business.
However, the long and difficult part is actually making a list of customers to call.
It's hard not to feel like a telemarketer at this point, phoning all these people only to find a few sales. Artificial intelligence can help with this part of the sales process.
AI can analyze customer behavior on old deals and suggest which client is the ideal client to call. This will eliminate the need to phone dozens of customers on a daily basis.
AI uses thousands (in fact millions) of data points such as calendar entries and emails to make its decisions. AI can deliver information that will allow you to approach a deal in just the right sort of way.
Not all buyers behave the same.
As with the previous two examples, AI can analyze existing customer data from old deals and recommend ideal price points and discounts.
AI can do this by going through past deals that were won or lost. It can consider factors such as the monetary value of the deal, product category, competitor influence, and demographics.
A salesperson usually develops a pipeline of potential clients. That salesperson must constantly focus on the status of these clients on a daily, if not hourly basis.
The reason for this is that if a customer is ready to buy, then you must be right there with them ready to sell.
Giving people space to make a decision is necessary. However, once they are ready, you should be too as they can easily move to a competing company.
Then all your hard work is gone. With AI, it is possible to develop an algorithm that can compile and analyze historical data related to social media posts and customer engagement and interaction history.
In this case, it can be possible for AI to form estimate predictions of when a customer will be ready to make a purchase. AI can assist in updating a client's status in the sales pipeline.
This will help you determine when your customers are near their goal, which is the “ready to buy” status.
The concept of sales staff making use of AI is an entirely new one. Sales CRM systems have been in existence for some time now, but they all mostly consisted of basic features that still required plenty of human attention.
AI hopes to streamline the process by taking over this part of the process and providing feedback. The future is bright for sales software.
That is why it will be a good idea to embrace the software once you come across it.
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