Emerging trend of Artificial Intelligence in aid of sales processes
In order to empower sales teams and representatives with Artificial Intelligence (AI), companies especially retailers, have been using various artificial intelligence (AI) services and tools, to pick up their sales process, and make it more effective from the traditionally known processes. In fact in the most recent development, Absolutedata has created its latest offering called NAVIK SalesAI solution, an add-on tool which can work with major CRM platforms. The value addition of the NAVIK SalesAI is to provide predictive data on buyers, identifying the most promising prospects and aligning purchaser needs with products and communication channels. Data driven recommendations help sales professionals close more deals more quickly by providing a customized weekly game plan of prioritized leads and actions. Dr. Anil Kaul, the CEO of Absolutdata, spoke about the development process of creating NAVIK AI, explaining, “We tested NAVIK SalesAI in a pilot program with a Fortune 500 industrial products company, and the results were incredible. Using an A/B approach, we found that a group comprising 50 salespeople in six territories that used NAVIK SalesAI experienced a 4% sales uptick within just seven weeks. NAVIK SalesAI identifies more intelligent pathways to the sale, adding science to the art of selling.” Sales professionals make critical decisions every day, deciding which prospects to reach out to, what product and service offerings to highlight, and which communication channels will work best. Many salespeople make these decisions based on intuition or follow an organizational playbook. NAVIK SalesAI offers a better alternative by making the buyer central to the process, and applying artificial intelligence to the data. It provides weekly guidance identifying the most promising contacts, specifying which products or services each contact is likely to purchase next and suggesting the most effective communication channel to use. Product recommendations outline the likely reasons motivating a purchase, giving the sales person talking points that resonate with their prospect. Weekly guidance is delivered in an easy-to-understand dashboard that displays sales data, lead scores and next-best actions for each prioritized contact. The dashboard view also includes critical account information that salespeople can use during calls, and it displays the rationale behind the recommendations to build sales professional confidence in the suggestions. The dynamic dashboard enables users to track sales progress against targets, including metrics on leads, opportunities and win rates and losses, providing a valuable coaching tool. “Sales effectiveness is a genuine and persistent pain-point for sales leaders across industry types,” commented Kaul. He also mentioned “Almost all organizations experience some version of the ‘80/20 rule,’ where a majority of sales are generated by a small subset of the salesforce. NAVIK SalesAI changes this balance to elevate the whole playing field, making every sales person a high performer.” To gain a deeper perspective on it, do head to NAVIK AI solution page for further details. Case of FlyPolar Web specific vendor FlyPolar had recently learnt about the benefits of using AI in their sales process. With Condorly Brown LLC, they availed conversion rate optimization services, which essentially gives perspectives on how customers actually end up shopping more. Together with Sentient Technologies, they used AI services in a way, which would actually test nearly an unlimited number elements across multiple pages at once to determine the arrangement that works best. Due to the fact that AI learns from data accumulated data over time, the existing database turned into creating trend analysis and final information, which turned around the fortunes of FlyPolar. Within a month of implementation, the average order value at FlyPolar, the loungewear retailer based online, saw an increment of 13% in the average value of orders, other than a 16% increment in site visitors undertaking the checkout process. If the July and August sales are to be considered, FlyPolar (owned by Broadus) saw sales touch $100,000 in value, and a conversion rate of 1.84% which is an early high, compared to the 0.89% the year before. AI based services online Artificial Intelligence (AI) is more dynamic online, which is proven by the fact that there are now several AI service options, in order to aid the sales process, and make it more effective as well. X.Ai is one such service, which schedules meetings, after connecting with one’s email and calender, to send out invites and other emails to prospective clients, who typically need a timeline in order to get converted. Set on an automated platform, it sends out mails, and helps user decide on a mutually convenient time for meetings with the aid of the calender, especially once the meeting is finalized. The AI based assistant called ‘Amy’ can even pick up on the users’ favorite place for casual dining and hangout, thus also suggesting it for meeting venues. Then there is the ClearBit Connect service. This is actually a GMail add-on feature which find out the right email formats for people being searched for, while sending out proposals, during the earliest stages of the sales process. This services brings together the prospects LinkedIn profile, company information, and other useful facts, based on which one can start the sales process. The added bonus feature is, one can search by customers’ email and company name as well. Conclusion The idea of more features and how AI based online services can aid the sales process are far many. But to cut the story short, the modern day sales process is not just about maintaining an old-school approach anymore, but taking decisions based on every minor and major aspect of the relationship between producer/ service provider and the customer. AI, with the help of data available, refines and streamlines the sales processes in such a manner, so that every effort made, is more effective in getting a successful deal through, or rather converting prospects into successful transactions.
Link to Full Article: Emerging trend of Artificial Intelligence in aid of sales processes
Emerging trend of Artificial Intelligence in aid of sales processes
