There are many ways AI can boost sales and grow revenue for your business.
Improving team efficiency and bottom-line results is all well and good. But ultimately, the way your business adopts AI will soon be critical to your future success.
Research has found that companies using AI in the next 5-to-7 years will see a cash flow increase by more than 120% by 2030. On the flip side, companies not adopting the technology will see their cash flow drop by -23% by the same time.
We know which side of history we want to be on. So what do you need to know?
What actually is AI?
A good place to start is with “what”.
AI (aka. Artificial intelligence) is the concept of having machines which think like a human. Of course, no one is expecting AI intelligence to be on par with humans. However, machines can be programmed in ways which allow them reason, plan, learn and understand language. This is made possible via machine learning.
What is machine learning I hear you cry?
Well, this is the ability for models to be exposed to new data and independently learn from previous computations to produce reliable and repeatable decisions. Machine learning is becoming faster and faster. Perhaps you’ve heard of the self-driving Google car? Amazon and Netflix recommendations? This is all machine learning!
But, there is also deep learning.
Deep learning is essentially a machine learning how to learn with little to no human supervision. You’re probably familiar with face recognition. This is a prime example of deep learning, whereby a machine classifies thousands (or more) images and learns to recognise particular data points using a complex algorithm.
Why does your business need AI?
If AI is good enough for Google and Amazon, it’s good enough for you.
With the implementation of AI technology becoming more and more common, customer’s expectations are becoming higher and higher. For example, online retailers already know a consumer’s size and style based on previous purchases, and as such, consumers begin to expect this level of service.
With consumers savvier than ever, they know you have their data, and they know everything you can do with it. So we can’t blame them for expecting us to use the data in a way that provides faster, smarter and more personalised engagements.
CRM and AI, name a better duo.
There are plenty of ways that AI can boost sales and grow revenue. One of these is via CRM.
With the internet now the backbone of sales and marketing efforts, CRM has naturally had to evolve to capture the important information from the influx of prospects, customers and companies.
Intelligent CRM systems such as Salesforce, have inbuilt AI which in Salesforce’s case, is called Einstein. Accurately described as a tool which “is a layer of artificial intelligence that delivers predictions and recommendations based on your unique business processes and customer data”.
With Salesforce configured correctly, users are likely to find a lot to love about implementing the AI add on.
Can Einstein AI boost sales and grow revenue?
Yes and yes.
Einstein AI can guide the entire sales cycle, from lead to cash. Some of the most effective and popular ways that AI can boost sales include prioritising the best leads, identifying on track or at-risk opportunities, increasing forecast accuracy and highlighting important emails.
Prioritising the best leads
Got more leads than time?
Rather than making ad hoc guesses about who you should prioritise, Einstein AI can use historical and incoming customer data to understand what makes a lead worth chasing. Therefore, you will prioritise based on the maths, rather than subjectivity.
“High-performing sales teams are 1.6x more likely than underperformers to prioritize leads based on data analysis — and half as likely to prioritize based on intuition.” – Salesforce Research
Identifying opportunities that are on track or at risk
Just how Einstein AI can prioritise leads, it can also prioritise opportunities.
Sometimes it can difficult to recognise when a lead is becoming less stable. Especially when you’re managing multiple opportunities at once.
But fear not. AI can analyse and learn the attributes of open and closed cases. If there is an open case which is beginning to resemble a closed case then this will be flagged to you.
For example, perhaps the engagement frequency with a particular account has slowed right down. Or maybe a purchasing manager hasn’t been associated with that particular account. In this case, AI is acting as a personal assistant, flagging potential issues before they become a big issue.
Your team can now proactively avert potential losses, which could ultimately boost your sales in the long run.
Increase forecast accuracy
A challenging task at the best of times. Is your sales manager making the right judgement on the team’s forecast? Are sales-reps overcommitting?
One way AI can boost sales is by decoding the patterns which occur within the sales cycle, for each and every salesperson. Having highly accurate data down to the tendencies of each sales rep means forecasting will no longer be a challenge.
Highlighting important emails
Why not enjoy the benefits of AI in your email?
Einstein AI can intelligently analyse your emails and learn which need prioritising. In the short term, this is boosting responsiveness, whilst in the long term increasing the likelihood of growing revenue.
AI can identify when particular topics are discussed (e.g. pricing or meetings) and will flag important emails coming in to ensure a rep doesn’t accidentally miss critical communication.
Salesforce has built Einstein AI so that all users can benefit from insights, recommendations, predictions and focus.
Boosted sales and revenue. Stronger customer relationships. Improved internal processes. The list is endless!
OYF are specialists in Salesforce and can work with you to configure Salesforce to your exact requirements. If you want Einstein AI, you can have Einstein AI. Get in contact to get Salesforce working for you.
One final question…am I going to be replaced by a robot?
No, you’re not. Einstein AI isn’t designed to take yours or anyone else’s place. What it is designed for, is to make you more productive and valuable than you’ve ever been before.
For extra peace of mind, research has found that 80% of executives believe that AI improves worker performance and actually creates jobs!