AI and Sales Ops
AI is adding to the efficacy of sales teams, assisting them in streamlining their operations and clinching deals faster. In the next few years or so, it is augured that AI will help sales teams in countless ways. Sales ops as a strategy started in the 1970s. Nowadays, it is a crucial part of the sales strategy of the majority of organizations. The definition of sales operation may vary across different organizations, but the chief goal of the process is to minimize friction and roadblocks in the sales process. Thus, it helps the sales reps of a company to be as productive and efficient as possible.
Sales operations have evolved a lot since the 1970s. Now, AI is changing the way we handle sales operations. AI makes better use of the data coming in and out of the enterprise, thus, assisting sales teams in making nicer decisions and clinching more deals.
Here, we shall walk you through the effects of AI, how it is streamlining sales ops, and the top AI tools that support sales ops processes. Read on!
Read More: SalesTechStar Interview with Monica Eaton, Founder of Chargebacks911 & Fi911
AI in Sales Operations: Advance your Business
The following are key areas where Artificial Intelligence can help enhance sales ops processes and preset a successful growth trajectory:
- Lead Scoring: The analysis of historical data on lead behavior facilitates AI tech to score the lead on the basis of the possibility of conversion. It saves a lot of energy, effort, and time for sales reps. Having knowledge about which lead has the highest conversion chances helps them concentrate their efforts in the right direction and devise various strategies for each kind of lead. Creating the right data points is necessary to score a lead here. Good data points to gauge the lead quality can be the details compiled from past and recent data. Some common data points are income, location, social media postings, etc.
- Sales Performance Management: Sales performance can be assessed from three perspectives:
- Sales team performance
- Individual sales rep performance
- Overall sales performance of the company
AI can assist in the evaluation of the data from these perspectives and then provide a clear picture of the performance of each. One of the crucial tasks here is to know the data points on which you want to judge and examine your performance. For instance, in order to assess the individual performance, you can peruse details like:
- The number of calls taken
- Number of meetings done
- How many follow-up emails sent
- Quota accomplished
- The lead conversion rate for each rep
- The average conversion rate for each rep
The idea here is that before AI makes a decision for you, it is you who needs to clarify the parameters on which AI should make a decision.
- Price optimization: The product price is a crucial factor that catches the attention of every shopper. As per a PwC report, about 60% of buyers go for companies that offer products within the optimal price range. Optimal prices refer to the prices that do not affect the shoppers negatively. AI can assist you in fixing an optimal price of the product that helps in winning the deal. The AI-driven price optimization process involves the perusal of prices after assessing various data sets like channel, customer, product portfolio, stock keeping unit, and point of sales.
- Forecasting: AI-led sales forecasting enhances the accuracy levels to a substantial extent. In the management of sales operations, forecasting is highly essential. Correct forecasting is instrumental in effective sales management like recruiting and retention of the sales reps, product investments, planning and budgeting, and marketing. By relying on AI algorithms, sales leaders can augur the revenue of the next quarter and take crucial measures to optimize the sales process.
- Selling potential: Sales reps know that the acquisition of a new client requires more expenses compared to the process of retaining an existing one. AI-led algorithms can facilitate driving more business from the current clients. The algorithms can assess your ERP and CRM sales data to discover the possibility of purchasing an updated or new product among the clients. On the basis of the information, sales reps and managers can create a better and more targeted offer for individual clients.
Sales ops are, no doubt, the unsung hero of every sales organization. AI helps one decode numbers and data more accurately and efficiently. While performing day-to-day activities, a lot of data is generated. However, not all of it is relevant to grasping the sales performance. The trend of using AI to streamline sales operations is here to stay. It will only accelerate down the road. Nonetheless, it won’t replace sales reps; instead will aid them in amping up their game and boost the conversion rates and revenue of the company.
Read More: ICM in recessionary times