What is Artificial Intelligence (AI) anyway, and what’s all the fuss about?
For many of you, the word AI already sounds like a cliché, a new hype, or a buzz word. I get you. This article is not for those interested in the technical details (sorry folks), it is for the leaders and innovators of the sales world who wish to understand how they can leverage AI to their own and their company's advantage. For the technical folks who are still going to read this article, I apologize in advance for simplifying the very complex topic of AI, but I believe that this information is too important not to be accessible to the every-day reader.
Artificial intelligence (AI) is a field of computer science that deals with creating machines capable of performing tasks that typically require human intelligence. It’s an area that has been getting a lot of attention over the last few years, especially in relation to the world of sales.
Machine learning (ML) is the process of “teaching the AI” how to perform different tasks (an “algorithm”) by training it with data. The algorithm digests the data and uses it to make predictions and decisions. It works like a human would, but on steroids
What data does the ML algorithm need? Virtually any! Any type of data point can be valuable, depending on the use case and what you’re trying to achieve. How much data is needed? The more the merrier, although, even a relatively small dataset can prove incredibly valuable.
How do different industries benefit from AI?
Advertising
AI is very commonly used in the marketing that you actually see and consume every day. Many companies, from small to large enterprises, use AI-based tools to create demand for their business.
Every ad you see on Facebook and every Google search you do, involves AI. Companies like Meta, Google, Netflix and Amazon constantly use AI to understand human behavior and preferences to eventually suggest products and services. There is also a wide-range of other use cases for AI in marketing like analytics, campaign optimization and customer outreach automation.
Logistics
McKinsey forecasts that the logistics industry will generate $1.3-$2 trillion worth of economic value annually through the use of AI. Logistics organizations like DHL, Amazon, Fedex and HP use AI to optimize supply chains, predict demand, plan and manage their resources, and optimize transportation routes.
Healthcare
AI has helped revolutionize the healthcare industry, with applications such as image recognition, computer-aided diagnoses and clinical decision support systems. PwC estimates that the market for healthcare applications of AI will grow from $663.8 million in 2014 to $6.7 billion in 2021.
How can sales organizations benefit from AI?
It is almost a consensus that AI for sales is a hot topic. You hear companies like Gong, Chorus, ZoomInfo and Salesforce talking about how they help you up your sales with AI. But what is the difference between all of these solutions, and which of them do you actually need?
Let’s start by breaking down which use cases of AI you can find for sales.
1. Revenue Intelligence
Revenue intelligence is a data-driven way of increasing the efficiency of your revenue management process. It uses artificial intelligence and automation to create visibility across the revenue lifecycle — from marketing to sales to finance — and generate insights you can act on.
Benefits of adopting an AI-based revenue intelligence software:
- It helps you monitor your sales pipeline health and capture and handle weaknesses;
- It helps you make informed and data driven decisions regarding your sales and marketing strategy; and
- It helps you predict your future revenue and growth.
2. Sales Coaching
Traditionally, sales leaders always nurtured, listened to, and advised their salespeople. From being present in actual sales meetings with their employees to listening to recordings of their sales pitches, helping them improve with insights based on their vast selling experience.
Achieving sales greatness is hard and requires constant practice and improvement. AI-based sales coaching software is here to make this process easier and more effective.
AI-based sales coaching software automatically analyzes your team’s sales calls and suggests data-driven insights so they can improve their A-game. The AI will do the listening for you and will even transcribe the calls for future reference.
3. Predictive Lead Distribution
Your marketing team is investing a lot of time and energy into generating Sales Qualified Leads (SQLs) and doing their best to creatively emphasize your brand by doing social media campaigns, Linkedin or email outreach, and Pay-Per-Click (PPC) campaigns. Now it’s your team’s time to shine. Take those SQLs and turn them into actual revenue.
But, what now?
Who should you approach first?
What is the best time of day to approach them?
Which of those leads has the strongest intent of buying your product or service? Are they low-hanging fruit? Or perhaps, which leads have a low intent on buying and require persuasion from your best talent?
Who is likely to spend more and who is likely to spend less?
Once you know the answers to those questions, you know what to do. First, you’ll approach the prospects with the strongest intent to buy (at the right time of day) and then, you’ll match them with the most suitable talent (salesperson most likely to close the deal with that specific type of prospect).
Your sales team does an amazing job and your business is growing. From dealing with a handful of leads and a small amount of salespeople, you’re now dealing with thousands of leads and hundreds of salespeople. On such a massive scale, answering the questions above by yourself is virtually impossible – there is simply too much data.
How can you solve this problem and make the most of all that data? You guessed it – by using AI!
By constantly analyzing your data, an AI model will help your sales team make the right decisions about the Next Best Actions. The model increases your conversion rate by learning from your past interactions, your wins, and your losses, and like Google Maps, guides your team members along the right path to win more sales.
A Shameless Plug
We, at Buzzer, are in love with data. But what we love more, is transforming data into actual revenue. Buzzer’s Predictive Lead Distribution solution makes high-performing sales teams improve their conversion by 11-23%.
Your salespeople use Buzzer’s Co-Pilot directly from their favorite CRMs, with a simple and frictionless experience, so they can focus on what they do best, growing your business.
Sounds intriguing? Here's a quick glimpse to our Salesforce integration 👇 (Hubspot, Zoho, and other CRM users, don't worry, we have something for you too 😉)
