1 week Ago By John Edwards
Businesses looking to increase their sales now have a powerful new tool at their disposal -- AI. AI revolutionizes sales by enhancing traditional selling methods and introducing new capabilities, says Bob Seaton, CTO advisor and solutions architect at technology consulting firm BUILT. "It builds upon established data science techniques, offering advanced customer segmentation, rapid industry insights, and streamlined training processes," he explains in an online interview.
"This approach allows companies to gain crucial information about their customers at unprecedented speeds, fostering more meaningful relationships and providing a competitive edge." AI’s core powers include creating natural content, handling Q&As, and automating action-based tasks, says Jared Coyle, chief AI officer with business applications provider SAP North America, in an email interview. "These capabilities open a wide range of opportunities for sales teams by simplifying various stages of the sales process.
" Meanwhile, generative AI (GenAI) is opening new frontiers in sales communication. "This technology enables micro-level customization of messaging, acting as a sophisticated personal assistant to clarify and tailor communications for specific audiences," Seaton says. "AI not only refines existing sales strategies, but also introduces powerful new tools for personalization and efficiency, ultimately leading to more impactful customer interactions and improved sales outcomes.
" Related: Empowering Sales Leaders to Drive Success with AI In the early stages of selling, when greater personalization is required, AI can equip sales teams with valuable insights for more enhanced interactions, Coyle says. "By providing capabilities like intelligent customer profiles, sales teams can better understand customer purchasing patterns and preferences, as well as gain insight into where a customer is on their journey." "As sales teams move beyond the early stages of selling and into active customer interaction, AI can aid in contract management, content preparation, and the generation of custom visual designs tailored to specific target audiences," Coyle notes.
"Predictive analytics, powered by AI, can better forecast customer satisfaction and increase the likelihood of contract signings by enabling better resource allocation and insights." Data Matters AI's sales effectiveness hinges on its ability to harness vast amounts of data. "AI's power lies in its speed and capacity to identify trends at an unprecedented scale," Seaton says.
It allows business leaders to recognize patterns hidden in their data, ask more insightful questions, and accelerate growth with targeted actions. AI's data processing capabilities can also dramatically enhance product development, enabling rapid prototyping and testing. Such efficiency can compress months of testing into days, leading to faster solution creation and significant cost savings.
"The key to AI's utility isn't just in having abundant data, but in knowing how to leverage it effectively to drive real insights and tangible business outcomes." Related: SAP’s Sophia Mendelsohn on Using AI to Scale Sustainability Opportunity and Risks Businesses that embrace AI will replace companies that don't, claims Pranav Gupta, a senior data scientist at home improvement retailer Lowe's. In an email interview, he recommends getting started with AI as soon as possible.
"The first step is to answer the question of what is the biggest opportunity area that could lead to a better customer experience or convince customers to buy your product." Sales teams that fall behind in AI use risk missing out on valuable data insights, leading to lost sales opportunities and revenue growth, Coyle says. Customer experience will also suffer, due to slower response times and less personalized services, impacting satisfaction and loyalty.
Additionally, without AI’s predictive analytics, businesses may struggle with inaccurate forecasts, leading to poor decision-making and resource misallocation, he warns. Related: How Intelligent Applications Can Boost Sales Not Just Another Tool AI is not just another tool; it's a universal accelerator rapidly that redefines every aspect of work, Seaton says. "By leveraging AI to quickly process vast amounts of data and generate insights, companies can respond to customer needs with unprecedented speed and precision," he explains.
"This acceleration allows businesses to present proposals before competitors, giving customers the opportunity to say 'Yes' earlier in the sales cycle." AI's transformative power extends beyond enhancing existing processes, Seaton says. "Those who embrace AI as an accelerator will gain a significant competitive edge, while those who don't risk falling behind," he warns.
"It's clear that failing to adopt AI technology, especially in sales, means losing out on opportunities and efficiency gains that many competitors already leverage." An AI sales tool's effectiveness can be evaluated by measuring increases in revenue and net promoter score, reduction in customer complaints, and related metrics that typically constitute key performance indicators, Gupta says. He suggests estimating such impacts early, even before an AI-based tool has been deployed.
"For example, if you know the accuracy of a model recommending products to customers is 90%, you can make assumptions about the customer funnel and calculate company KPI from the value of the model accuracy." To obtain a clearer understanding of a sales tool's overall effectiveness, Coyle advises conducting A/B tests of multiple AI initiatives to find the one that generates higher conversions and better customer engagements. Faster Growth Experts say that AI is the new electricity, Gupta observes.
"Soon it will be unimaginable to have a product without some component of AI, just like it's unimaginable to spend a single day at the office without a computer.".
