This week, we complete our assessment of how AI (artificial intelligence) is transforming the world of business and, more specifically, how it is revolutionising the sales process.
Here we acknowledge AI’s role in presenting leads and predicting sales conversions, its benefits in upselling and cross-selling and, finally, its contribution towards performance management.
- Lead scoring
Lead scoring works together with sales forecasting. Sales people don’t want to waste time chasing misleading prospects as this demotivates sales personnel and causes them to miss their targets.
Due to its data processing ability, AI can eliminate that by presenting leads which are more likely to convert. It compiles and organises a prospect’s historical information according to the likelihood of a successful sale. The analysis of the types of leads and provision of predictive lead scoring supports the sales team by helping them make better use of their time, guiding them towards the most favourable prospects and deals.
- Upselling and cross-selling
Revenue growth comes from continuous selling to existing clients. It used to be the case that the salesperson would identify cross-selling and upselling opportunities. Now that dynamic is changing thanks to AI.
AI software integrated with your CRM can predict which customers are responsive to targeted offers, forecast future sales and anticipate future upselling and cross-selling opportunities by finding agreeable personas. AI algorithms can help draw those most likely to make a purchase and when. It does so by scanning a customer’s purchase history, social media posts/likes/shares and changes in circumstance.
The benefits arising from using AI in up-sells and cross-sells include a more focused sales team, increased revenue and reduced associated marketing costs.
- Performance management
AI enhances the sales process within businesses, allowing sales leaders to focus on their key salespeople and deals which are likely to be successful and those that are not. They can obtain a clearer picture of potential revenue through visual dashboards providing key data on likely quota achievements.
AI helps evaluate time management, techniques and approaches adopted by the sales representatives. Insights and best practices can be shared by sales leaders amongst the team.
Technology has evolved at such a fast speed. Although AI is already with us, it is continuing to evolve in meaningful ways. Taking over automated, online processes, AI benefits salespeople in identifying and exploiting new sales opportunities.
Becoming increasingly accessible over the next few years, AI will augment the sales process, allowing greater operational efficiency, optimal use of resources, improved productivity and greater customer satisfaction.
So how will this impact the role of the salesperson? The salesperson will effectively become more customer-focused, building long-term relationships with their clients to ensure they feel supported and valued.
How can we help!
At LS Consultancy, we offer a complete solution with a range of cost effective, regulatory compliance and marketing products/solutions including Bespoke Copy Advice which is uniquely suited to supporting firms.