AI-driven sales technologies are one of the leading categories of sales tools in the market. Artificial Intelligence (AI) does most of the work for a sales team by automating and augmenting the sales processes to help them focus on actual revenue generation. AI is helping sales teams worldwide to increase their closing rate and overall sales performance. With AI-driven sales tech, the lead volume of companies can be boosted significantly. According to research, it was found that high performing sales teams are 4.9 times more likely to use AI for their processes than low performing teams.
Implementing AI driven sales tech is a key to driving output today. You need to consider several factors before coming to a decision on what tool best serves your business goal. From training the sales team and setting up the equipment, the other important facet is the pricing. Most companies have very little knowledge about the services and working of AI before they adapt to it. For all such companies, it is important to know that they are paying for a worthy product. There are many free AI-driven sales technologies available on the internet. These technologies may not be best suited for your company as they provide the most basic facilities. An AI-based solution can cost anything between $ 6,000 to $ 300,000 per annum.
Benefits of AI-driven sales tech
Saves time to prioritize selling
Sales representatives must spend a major amount of their time on manual tasks such as entering notes, emails and meetings into the Customer Relationship Management (CRM) software. But with the integration of AI, these tasks are now easily automated. This ensures that sales representatives get enough time to focus more on making sales than spending their time on trivial tasks.
Improves customer engagement
Customer engagement is one the most important aspects of any business. The rate of customer engagement greatly affects the sales force. AI provides intelligent tools to develop immediate customer insights. The insights can thus be used to lure the pre-existing prospects as new customers. With continuous engagement, you can build trust with your customers and gain their long-term loyalty.
Optimizes pricing and deals
Pricing is subject to change for each customer based on their location, size and history with your company. Most sales representatives must guess the pricing that will get them the most profitable deal. But often, in the chaos, there are some miscalculations that lead to the sales representatives offering a less profitable deal. But AI is smart and quick enough to suggest the perfect deal by entering a few basic parameters.
Improves forecasting of sales
Forecasting sales is an essential aspect of any sales business. Based on the sales forecast, the companies decide on their payroll and hiring activities. A sales forecast, thus, if predicted wrong, can cause major losses to the company. But with AI, the forecasting capabilities are boosted. Real-time forecast accuracy is enhanced, which proves to be greatly profitable for most businesses.
Provides better coaching opportunities
Many-a-times, Sales Managers must spend most of their time checking the status of the deals and managing the sales representatives. This takes a huge chunk of time which can be rather used for training purposes. With the adoption and implementation of AI solutions to your sales team, your sales managers get a lot of load taken off them. They can focus their time on training the sales representatives to drive better sales outcomes.
AI has been dominating the sales sector for a while now. Almost 90% of the businesses that have incorporated AI into their businesses have said that they are willing to continue using AI and expand it to their sales teams. Worldwide, 21% of IT automation companies, 11% of human resources and 9% of customer service agents are already using AI-based sales tech to enhance their businesses. In the past two years, the use of AI for sales has increased by 155% in worldwide world. The future of AI in the sales sector is bright and shiny.
Ever since the incorporation of AI in sales technology, a great improvement has been observed. In the sales industry, AI enables sales forecasting, enables sales reps, helps generate quality leads, predicts sales, scores and lead health, personalizes the sales process, gives excellent analytics, suggests next actions to the sales reps, automates sales activities, provides digital assistance, sets up meetings, provides chatbots and email bots, drives in-store sales robots, attributes sales, optimizes the price and layout and many more such essential but often mundane tasks.