How AI & Machine Learning Implementations Hike Sales?January 26, 2022
Pacing up with the new technologies for your business is always a good idea. Companies who adopt and upgrade their strategies with current and upcoming new technologies in the industry will thrive.
Machine Learning (ML) algorithms are helping companies boost overall sales. This technology is so vast that it can automate and elevate many aspects of sales processes such as product recommendations based on customer personalization, thus helping sales reps in indulging more customers and improving User Experience (UX).
Traditionally sales is more likely to be called interpersonal business, but new technologies such as ML for sales are making organizations and reps rethink their current strategies.
Is using AI and machine learning for your sales a smart move? Well that’s an upgrade on a whole new level!
Wondering how? Let’s find out!
How AI & Machine Learning Are Helping Sales Teams
Artificial Intelligence (AI) covers multiple technologies and Machine Learning (ML) is one of them. AI-specified technologies can help perform different tasks that are designed to be executed equally as a human or maybe better than them!
Machine Learning pins down patterns solely based on large amounts of data and makes predictions while using those patterns. But it doesn’t stop there – the model will improve these predictions itself gradually by accumulating a growing amount of data over time.
This technology improves with time, usually without human intervention. In contrast to traditional enterprise softwares, where human intervention is vital, these AI models do not necessitate human intervention to improve. Because it evaluates its own efficacy while verifying new data, ML models improve on their own.
This advanced AI-based technology can evaluate consumers and their prospective data, streamline sales prices, identify crucial sales operations, project performance, and estimate which prospects would be the most likely to be expanded. In fact, the list of such applications goes on.
Use Cases for AI & Machine Learning in Sales
AI is improving and revolutionizing almost every facet of the marketing industry. Moreover, many new technologies that are serving companies currently such as chatbots, recommending systems, and virtual assistants are getting magnificent with time.
1. Augmentation of Performance and Effectiveness:
Artificial Intelligence uses advanced ML models by using behavioural data to assess and takes away the plodding work and helps sales reps so that they can focus on high priority work that requires their attention. Like, scheduling meetings, managing calendars as well as assessing teams performance and so much more.
2. Customer Personification:
Machine Learning models allow companies to target and pin point relevant customers based solely on their history and data, eventually increasing the chances of permuting a lead.
Lead Scoring is a popular strategy, mostly used by sales reps and marketers to analyze and identify how likely their leads are to buy.
These ML models improve themselves over time by learning about customers’ behavioral data such as their activities on the internet and descriptive data such as their age, hobbies, and other biodata. This helps ML models formulate better personalized experiences for customers.
Companies that are using ML for sales have generally experienced higher footfall of customers than the periods when they were not employing ML entirely. This is because these models help customers have better support and experience – a top priority of every company!
3. Recommendation Systems:
Many of us use recommendation systems without even knowing what they are! Recommendation systems help customers look for the right products, eventually giving them a better user experience. When you are shopping online, ML systems help you come across new products and services.
Usually people tend to engulf themselves while finding the products they want to purchase, which leads to them entirely losing interest in buying those products. Recommendation systems help with this issue in an advanced way. They are like a salesperson who knows what you will like based on your purchase history and descriptive data.
4. Chatbots and VA’s:
You might have come across Alexa or Siri. Have you noticed how far they have come?
Chatbots and virtual assistants are the future of marketing and sales. These technologies are built upon Natural Language Processing (NLP) and Voice Recognition (VR) which – if oversimplified – is a field of computers associated with processing human language commands directly.
These technologies also continually improve themselves based on AI- and ML- based models.
Will AI and Machine Learning replace the sales representatives?
Wondering if AI or ML will replace you? Your concern, on the other hand, is reasonable!
Although AI is not slowing down, you don’t need to worry. AI’s applications as a technology are not targeted to replace sales reps but to help sales reps boost sales and indulge more customers into business.
Beyond doubt, Artificial Intelligence and Machine Learning will transmute current sales strategies and team cooperation. Yes, AI systems are continually and increasingly taking over tasks that human sales reps are otherwise either unable to do or reluctant to complete. Nevertheless, most AI sales tools give you ascendancy rather than churning you out of the sales game.
Artificial Intelligence and Machine Learning assisted sales will allow salespeople to focus on what they do best. With so many advantages to adopting this technology, salespeople now have a chance to explore advanced technologies along with utilizing tried and tested sales methodologies.
Today, the most successful companies have already begun to embrace and utilize AI.
It’s your turn now!
Add AI & Machine Learning to your business in minutes. Ready to dive in? Start for free today.