When you consider AI, and Machine Learning, you may conjure images of multiple autonomous robots taking over the human world.
Nevertheless, there is a long road to tread before anything like that happens.
However, this is also a reality of the present times, that AI and Machine Learning is already playing a big part in all of our lives.
For example, have you ever booked a ride from Lyft or Uber? Browsed for your favorite movie recommendations on Netflix? Checked newsfeeds that pull your interests in Facebook?
If you have done any of the following, you should easily understand the power of AI-powered technology that helps in catering personalized sartorial experiences.
In the modern times, with the plethora of online data being collected through the internet, several global business organizations are already making use of Artificial Intelligence to understand customer preferences and their behaviors with the help of easy to use CRM software platforms.
To a commoner, AI is a branch of technology that makes machines capable of imitating intelligent human behavior, to carry out tasks and solve problems that are uncomplicated for humans but are difficult for computers.
The terms AI and Machine Learning are often juxtaposed to complement each other, however, in reality, they not the same.
According to a web article published in Tech Republic, it states that:
“Machine learning is one subfield of AI. The core principle here is that machines take data and “learn” for themselves.”
But what is precisely Artificial Intelligence, Machine Learning, and NLP?
Therefore, while Artificial Intelligence is a broader terminology that defines a technology that enables machines to simulate human tasks, Machine Learning, on the other hand, focuses on receiving and thereafter adapting to up-to-the-minute information, which is essentially becoming “smarter” by every passing day.
Similarly, NLP or Natural Language Processing is another subfield within AI that deals with the ability of the computers to recognize, understand and then interpreter languages used by the humans, the way they are written or spoken today.
With Microsoft, Google, Facebook, Amazon, and others entering the fray, 2017 has been the year of AI.
According to a Bloomberg Terminal analysis, businesses those that included the terminology “AI” in their quarterly earnings increased from under 20 in 2014 to approximately 200 at the end of 2016.
Additionally, Artificial Intelligence is also changing the sales landscape very rapidly, and we can be sure that it is here to stay.
Although most among us are acquainted with the power and potential of Artificial Intelligence technology, which can help in improving the quality of “hard” quantitative metrics, like lead generation, conversion rates, customer lifecycle measurement, and others. Nevertheless, we give little thought to the ways in with Artificial Intelligence can also affect and help to maintain intangibles like our relationships.
Therefore, in this article let us delve into one of the yet overlooked, but most promising aspect of Artificial Intelligence and Machine Learning and its ability to transform the relationship forged by your sales teams with the help of an easy to use CRM software platform.
AI can perform mundane tasks, enabling sales professionals to focus on more significant works
Most sales teams using CRM software platforms spends a considerable time doing repetitive tasks, like qualifying leads that make them stay away from more important endeavors like closing sales or meeting their sales goals.
According to an article published in CRM Magazine, Terry Alex writes:
“On average, sales reps spend 80 percent of their time qualifying leads and only 20 percent closing. Qualifying leads require advance research and many phone and email hours trying to hone in on a lead that can be turned into a sale. What if this vetting process could be done by a machine that engaged all inbound leads in an amiable, human-like way?”
Therefore, AI-powered CRM technology can revolutionize the sales process by taking over repetitive tasks like lead sorting, monitoring the required orders, and communicating with potential customers so that your sales reps can focus on increasing their conversion rates.
AI can provide valuable contents to increase selling opportunities
Sales and marketing tools like an easy to use CRM software with embedded AI technology will not only crunch numbers but also it can identify patterns and even analyze a gigantic amount of data in a very short time. This quality of AI-driven technology makes it an extremely useful assistant of the sales teams by providing them with appropriate and relevant contents and supplying up to date up-selling and cross-selling suggestions that are specifically targeted to each customer.
Moreover, as AI is also capable of analyzing all information, which includes new opportunities and existing business relationship, Artificial Intelligence can even tap into exclusive areas that would have remained unexplored otherwise.
AI is capable of processing more data
At some levels, sales is an intuitive activity. Sales reps usually have an idea, no matter how vague it is, about which prospects or customers are likely to buy their offerings.
This is based on the sales reps’ both plain guesswork as well as actual sales experiences.
Therefore, data available to any sales team without the use of sales and marketing tools, like easy to use CRM software, is limited to their own intuitions, experiences, and even perhaps on the strategies that their company prescribes from past knowledge about the customers.
Therefore, without an AI all these come up short, especially in today’s world, where the sheer amount of data that the sales teams receive can become a ‘Pandora’s Box’, without the aid of Artificial Intelligence to process and analyze the datasets for relevant information. Since AI programs integrated into a CRM software can go through and analyze literally billions of data in the CRM database and see correlations and patterns that you could possibly overlook as a human entity.
AI can pave the way for “Hyperpersonalization“
In a research done by Demandbase, it indicates that 80% of all marketing and sales executives see sales and marketing AI as the next big thing that is going to revolutionize selling by 2020.
Perhaps the most pertinent way AI programs can transform sales and marketing activities is by coming up with highly personalized messages, which are based on in-depth knowledge of the behaviors of potential customers.
Moreover, as timing is crucial in both B2C and B2B sales situations, therefore identifying the right time and opportunity for engaging potential customers to get them to buy is a challenging task for any sales team.
AI tools can also come handy in such situations as they can pinpoint when the time is right and assist the sales teams to make crucial sales decisions. For Artificial Intelligence tools, like easy to use CRM software platforms can help sales and marketing to quickly adjust products and messages, allowing salespersons create personalized communications and therefore prevent a higher number of potential customers from slipping away.
AI empowers communication between customers and businesses
Most of the customers today communicate through messaging apps installed in their mobile devices. Artificial Intelligence can make the life of salespersons easier by connecting them with their customers through several tools, such as Chatbots.
The benefit of sales and marketing AI applications over humans is that Artificial Intelligence can respond to all messages, which results in generating continued and repeat engagements, by making the customers and prospects feel valued at all times.
In the near future, it is predicted that understanding the customer behaviors, will allow AI to reach out consumers through offers, prompts, or assistance and thereby prevent customer churns.
There is no doubt that AI, Machine Learning, and NLP has a lot of practical applications both in the present and future sales worlds. However, there are still many among us who fear its potential and widespread use, since it can make numerous jobs redundant and eradicate the need for human invention in various processes.
Now, whatever is the case, in the present times, any business that does not at least experiment with AI, Machine Learning, and easy to use CRM software for building or reframing their sales strategies, will certainly turn back on something that could potentially grow their business endeavors in a way that they have never dreamt of before.