Six Ways AI is Transforming Sales

CIO Applications| Monday, July 12, 2021

Researchers discovered that when salespeople spend less time on chores at the top of the funnel, they have more time to dedicate to bottom-of-the-funnel duties like negotiating effectively and closing agreements.

FREMONT, CA: Artificial Intelligence (AI) has altered practically every aspect of life, including sales. It has an impact on how customers purchase and how salespeople must sell. Every day, AI influences our purchasing decisions, from the shows we watch to the routes drivers take to the next product we shop online. Here are six ways AI is transforming sales:

Optimized Pricing

The size of the sale, consistency with product specifications, number of competitors, client's ability to spend, territory, timing, and influencers are all factors that AI considers when analyzing past deals that have been won and lost. The AI can then provide specifics on the best cost.

Reduced Call time

AI assists salespeople in identifying needs and aligning solutions before making contact, allowing them to spend less time on the phone investigating.

Cut Costs

By automating lower-level sales activities with AI technology, some organizations have cut costs in half, researchers found. Salespeople's time is spent increasing profits.

Stronger Relationships

Many sales activities, such as obtaining customer information to identify needs, processing sales, receiving product orders, and writing contracts, may be automated with AI technology. As such, employees have more time to form relationships.

Focused Upselling and cross-selling

Upselling and cross-selling efforts are frequently concentrated on all of a salesperson's clients. AI can assist in determining who is most likely to purchase more and when. In addition, existing clients who are likely to sign on for more or better solutions can be identified using AI algorithms.

Human Touch Remains

Salespeople and managers will need to work more on managing expectations, clarifying the unclear, making judgment decisions, and eventually picking the tactics that AI advises as AI becomes more widely utilized.

Because AI may provide more sales chances than firms can handle, salespeople and leaders will need to keep a closer eye on relationships and track leads to ensure that major sales don't get lost in the shuffle.