The Impact of AI-Based Guided Selling And How It Is a Game-Changer
All businesses strive for is higher sales and better brand recognition to propel their ROI forward, which is impossible without leveraging the latest technology. Artificial Intelligence has permanently changed how guided selling can happen in any market. Whether your business is B2B or B2C, you must know more about AI-based guided sales and prescriptive and predictive sales technologies to maintain your competitive edge.
Traditional sales methodology has its limitations and cannot reach its full potential in times of a worldwide pandemic. You need to create a sales technique that is data-driven and AI-based, which means you have to have a virtual approach to new sales, deal closure, and the creation and identification of new markets.
The Four Components of AI-Based Guided Selling
Before you understand the four components of AI-based guided selling, you must create a system and act on the following points:
- Create awareness about the foundation of AI-based guided sales techniques, and the importance of data collection at the grassroots level with the focus on the deal
- To identify the team’s sale process and the outcome it has generated so far so that you can create a unique and tailor-made solution for the business.
- Select the most suitable form of AI-based guided selling technology.
- Recognize the sales value chain of the organization and prioritize the AI-based guided selling function to the most relevant part. These are mostly areas where there are many educated guesses and the highest number of business rule evaluations.
The four components of AI-based guided selling are based on,
- Prescriptive – Which recommends the next best action, in the manner what to send next to the prospective buyer
- Predictive – Insights with statistically relevant indicators about the next sales step
This will help sellers to decide, plan and execute the next move for the deal to reach a successful conclusion.
The four components of AI-based guided selling are:
- Correlation Models
- Execute Sales Process Steps
- Measure Business Outcome
- Collect and detect buyer signals
Predictive and Prescriptive Analytics for your business
To date, you were only using predictive technology of analytics to plan and recognize upcoming trends in the business. But that is not enough; you need prescriptive analytics to make more informed decisions.
Predictive analytics will help find potential outcomes, and prescriptive analytics will help analyze those potential outcomes and find more options relating to them. These analytics are not just for the big businesses, but they can also transform the small business into bigger ones soon.
You have been using both analytics in your day-to-day life, and here are some examples where using them together can get us better results.
Prescriptive analytics with predictive analytics can help you make an informed decision about the best delivery route your business associate can take to reach his or her destination faster and safely.
Managing and tracking inventory is one of the biggest hurdles faced by any business, and these analytics tools can help you in both cases. You can use prescriptive analytics to clarify the predictive data and improve sales. As a business owner, you can decide to pay some extra costs like shipping and packaging by using these tools.
All business activities are affected by weather changes, and sometimes sales are also dependent on weather forecasts to promote a certain type of product as the change approaches, e.g., as the weather changes, apparel retailers can start building up their stock of winter wear.
Predictive analytics will use the data collected to announce future outcomes. Prescriptive analytics will use the same data to dig deeper into the potential results of certain actions you take.
How to use predictive and prescriptive analytics for your business
Here are some suggestions to help you with leveraging the power of predictive and prescriptive analysis for your business:
Take small actions
Data analytics is a complex subject and overwhelms you with constant information, leading to the loss of the most vital information when you start. Therefore, it is recommended to take small steps to understand them better.
Create rich data sets
Try and add every small data that you gather about sales, the behavior of your customer, preferences that can be age or gender-related, and as many as ”what if” scenarios you can think of.
Understanding the recommendations
Try and understand the logic behind each perspective analysis and the recommendations it is sending you before you take any actions. This will lead to a statistically sound decision. It is always a good idea to understand the story behind all the data you entered and its results.
Keep the system up to date
The updating of both predictive and prescriptive analytics is a continuous process, and each data point entered by you will create an impact, big or small. Therefore, consistency is the key.
You do not need a separate team to manage AI-based guided selling systems or predictive and prescriptive analytics studies. You just need a dedicated sales team to learn all the information and apply it smartly to leverage its benefits for your business endeavors.
Read More: Is A Cookie-Less Future Good For B2B Sales?