There is a huge buzz about AI (artificial intelligence) in the business world. The technology promises to deliver accurate and honest insights that can help businesses in multiple fields including customer service and sales. If you use recovery and backup processes like ottomatik.io, it may be soon you should incorporate AI and machine learning to help optimize business.
This post, however, will focus on how you can use AI to increase your sales. PWC reports that AI will potentially contribute $15.7tr to the global economy by 2030. This goes to show that your business can reap huge benefits simply by investing in AI. Let’s take a look at how you can increase sales significantly through AI.
Personalized Customer Experiences
Generic sales and marketing messages are not cutting it anymore. Nowadays, clients prefer a more personalized experience when they are dealing with their favorite brands. According to a study by Accenture, 91% of customers will more likely spend their money on the brands that remember, recognize, and offer relevant deals and recommendations. Artificial intelligence can help a lot when it comes to this.
An example is how AI works for companies like Netflix or Amazon in regards to personal recommendation engines. The machine learning algorithm analyses data including clients past interactions, browsing behavior, and previous purchases, etc. Businesses can then use these results to recommend products that a user really likes and is willing to buy rather than generic suggestions a person will quickly ignore.
AI Performs Mundane Tasks
Salespeople usually waste a lot of time tackling monotonous tasks like qualifying leads. This leaves them with little to no time to deal with the most important aspects of their jobs which is meeting their sales goals and closing sales.
With AI, sales experts can do much better. The technology revolutionizes sales by stepping in to deal with all the repetitive tasks like sorting and finding leads, monitoring orders, and communicating with existing and potential clients, etc. This leaves your sales team with enough time to concentrate on increasing conversion rates.
Assists with Finding Replenishment and Upselling Openings
For your business to grow, it is important to strike a balance between retaining the existing customers and generating fresh sales. AI can give you answers to questions like:
- When will a particular customer make another purchase?
- How are individuals currently using a certain product?
Amazon, for instance, takes advantage of machine learning to take note of buying patterns while at the same time anticipating the needs of the buyers in advance. This is the same concept Uber is using with heat maps and AI to analyze patterns. As a result, drivers get to be at the right location at the right time.
Deciding the amount of discount to give a client is never easy. Al algorithms can assist you to better deal with such a situation. It will let you in on the ideal discount rates to work with to ensure that you end up winning your proposal. It does this by taking into account the special features of all the deals you tried to strike in the past and the specific features that either made you win or lose. Such features can be:
- Size of the deal in regards to the amount
- Number of competitors
- Product specification compliance
- Size of your firm
- Client’s revenue
- Region/territory, etc.
It’s no secret that sales and AI complement each other really well. Artificial intelligence is the perfect tool to help salespeople make sense of the data that they thrive on. AI also helps sales experts to connect with clients on a more personal level so that they can make more sales.