9 Tips to Accelerating Sales Growth with Artificial Intelligence

Artificial intelligence (AI) has revolutionized nearly every aspect of our lives, business, education, healthcare, and so on. Companies use AI to increase their sales performance, improve lead volume, advance closing rates, streamline customer service relations, and so on. Artificial Intelligence has enabled companies to focus on growing their revenue streams in a better and faster way.

9 Ways Artificial Intelligence Can Boost Sales

To understand better how AI has impacted sales in the business sector, it is important to know what Artificial Intelligence is. It has been defined in more ways than one. In an interview with BBC News, Demis Hassabis (the CEO of DeepMind) defined Artificial Intelligence as the “science of making machines smart.” Many businesses now use AI tools to gather customer feedback as it helps them improve sales strategies. One such example that I know of is the Spectrum Internet prices that were introduced after taking the customer feedback into account.

Here are a few ways Artificial Intelligence is enabling businesses to improve their sales.

#1. Enhance Lead Scores

AI solutions provide help through algorithms that gather information on clients and rank them according to the chances of closing a deal. This allows salespersons to make better informed and calculated decisions faster than they could before. AI tools such as InsideSales.com, Seamless.ai, and LeadCrunch, etc. help you find new leads in the pre-existing database. 

#2. Increase Closing Rates

AI tools like HubSpot, Exceed.ai, and Node, etc. use predictive analytics to help businesses boost their closing rates. Salespersons use such tools to prioritize their sales activities. These tools allow them to identify and pursue the most important and profitable leads. AI enables businesses to improve closing rates, generate better revenue streams, and enhance the overall productivity of sales.

#3. Automate Operational Tasks

Artificial Intelligence can automate some tedious tasks and help businesses save time on operational tasks. AI tools such as, Salesforce and Gong.io are excellent examples of Artificial Intelligence that provide automated playbooks to decrease response time. Both of these AI tools allow businesses to analyze sales call data and optimize operations.

#4. Improve Customer Experience 

Another area that is positively influenced by artificial intelligence is customer experience. AI tools like Xineoh, Dynamic Yield, and several others allow businesses to predict consumer behavior. Using an AI tool to complete a task (that is usually carried out by a team of data scientists) is cheaper and quicker. That is why businesses integrate AI tools in their sales strategies to boost customer experience.

#5. Decreasing Call Time 

Businesses have made great progress in reducing call times using AI tools. The McKinsey study states that AI helps companies in reducing call times by approx. 60%-70%. AI tools (such as chatbots) can help customers with automated responses. Such tools allow salespersons to recognize solutions required by customers beforehand. Therefore, decreasing the overall call time.

#6. Optimize Product/Service Price  

Introducing prices or discounts used to be a tricky part of any business. Now, AI algorithms like SAMPO – Sniffie’s Automatic Market Price Optimizer, make it easier to figure out the ideal discount rate or product/service prices. This ensures that companies can earn more revenue. AI tools suggest such figures by looking at certain features from data of previously introduced prices or discounts.

#7. Manage Overall Sales Performance  

It used to be a lot of work for sales managers to manually assemble all data on sales quota every month. Now, AI algorithms such as Saleforce.com have made their job easier. They can virtually manage everything including assigning sales quota to each salesperson. Managers can channel their energy towards activities that could help the company achieve its set targets. 

#8. Manage Overall Sales Performance  

It used to be a lot of work for sales managers to manually assemble all data on sales quota every month. Now, AI algorithms such as Saleforce.com have made their job easier. They can virtually manage everything including assigning sales quota to each salesperson. Managers can channel their energy towards activities that could help the company achieve its set targets.

#9. Better Sales Forecasting  

There are still some businesses where sales managers predict their team’s sales numbers and set company goals accordingly. However, companies who chose the assistance of AI tools such as Insightsquared.com, Saggie, and twelvezeroes.co, etc. generate better profits. These AI can tools use predictive analytics and have better accuracy. Resultingly, businesses improve their sales operations.

In Conclusion

Artificial Intelligence is driving major changes in improving sales for businesses all over the world. People are moving towards the incorporation of various AI tools that allow them to reduce costs in different operational areas of sales such as, price reduction, call time optimization, and so on. Companies use AI tools to determine their users’ preferences and offer products/services accordingly. For instance, the option of Spectrum phone number (1-855-837-6837) was introduced on customer demand. In the past, companies used to utilize human resources for almost every task. That meant, a longer time for task completion. AI has completely changed this aspect.

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