The concept of Artificial Intelligence (AI) has attracted a hot debate in the employment and sales market. Why? The goals and objectives of every business are to make and maximize profit, which can only come from successful and profitable sales.
But, driving sales is never an easy task. It takes a lot of hard work to accomplish, and it’s a time-consuming process. It’s a process that requires researching potential clients, get a quality pitch to prospects, and keeping up with them until you close a deal. Achieving success in sales is one route to becoming rich as an entrepreneur.
Automating the sales process is one idea that can actually bring about success, and whatever can assist to automate this process will always be a welcome idea, as it would enable salespersons to close more deals and accelerate their business growth.
One way this can be done is through Artificial Intelligence (AI). From asking Alexa to play your favourite song to ask Siri to perform a Google search, AI is being used every day, and it has come to stay, whether you love it or hate it.
The use of AI, as well as the availability of large information and in-depth knowledge in these areas, has culminated in a few interesting ways you can quickly grow your sales and become rich.
Here are 7 ways AI can make you rich in the course of your business.
AI can assist your marketing team to design better ads
Do you know that in the last quarter of 2017, Facebook raked in $12 billion in revenue—a notable increase over previous years? Well, one of the major reasons Facebook was able to make such a huge success is as a result of using Artificial Intelligence that cleverly identifies the right audience for a particular ad.
Facebook uses a technology that undergirds most of its ads, and that technology is known as “lookalike audiences.”
So how does it work? It’s simple. Marketers bring a list of their best customers and give it to Facebook. The list contains customers’ information such as home address, email, and phone numbers. Then Facebook machine learning software generates and designs similar audiences for its ads, using all the information provided.
You too can get your marketing team to do the same, and if Facebook can be richer by $12 billion, you can be richer in similar proportion, notwithstanding the real amount.
AI can mentor your sales team so they close more deals
Majority of the big name B2B companies generate revenue through the use of an inside sales teams considering the importance of inside sales reps for business success, what stops you from harnessing the power of AI to mentor salespeople to sell better and increase your revenue base?
Tolls like Chorus, Jog, and Gong are excellent AI that records and transcribe the calls of your sales reps. These AI tools then bring together the strategies employed by your most successful sales reps and compare them to every other sales person within the business or company.
Through the use of machine learning, platforms like the above-mentioned tools bring together and analyze different variables such as the choice of words used, the ratio of time spent in talking and listening.
The analysis of these AI tools will help in coaching your salespeople and improve performance in the area of communication—in a similar fashion to your most successful sales reps. In the end, you and your business would become rich in profit and business expansion.
Improve employee development and engagement
If you have a business with employees working for you, you would want to make sure they are fully engaged in what they do, if you want to become richer in the course of your business.
A research organized by Gallup has found that about 70% of employees are not really engaged at work. This is very serious because your employees are your company’s most vital assets.
Failure to inspire them and get them to become fully engaged will make it extremely difficult for your small business to become richer in growth and profit maximization.
Of course, it is never easy for upcoming businesses to invest capital and time into creating an HR team that is able to engage employees and also to coach managers on how to motivate those within their care.
But with AI like Rocketbot and Tangowork, employers now have access to internal chatbox solutions that provide employees 24/7 access to HR data.
There are times when using a chatbox can be easier for an employee to say something than to talk to a human. Shy employees will find such AI tools handy and friendly.
A process like this will ease tension at the workplace while helping employees to be more focus on what they do, which would add to the overall productivity and income base of the business.
AI can help in predicting customer behavior
Knowing what your customers or potential clients think, like, and want, are very important to the success of any business. AI can be of great help in this area because it has the power to create a customer profile for your business.
This ability of AI system to create customer’s profile for a business is based on the user’s habits and character. AI systems can take into account age, gender, location, demography, personal views, etc, to predict the needs and what people are interested in buying.
Your sales team can make use of such insightful summations to refine their sales pitch and convert more leads into customers. This will definitely make you richer in the long run.
AI helps in locating new and existing market for your product
You and your business are nothing without product-market-fit. If you intend to quit the typical struggling small business tag and become rich in the near future, then you have to look for new or maximize existing market for your business.
But with the power of technology behind AI, all small businesses can now locate and take advantage of product-market fit in quicker ways AI special tools like audience segmentation, machine learning, and natural language processing.
Tools like Monkeylearn and Keatext allows entrepreneurs to run AI platforms with excellent customer feedback as well as categorizing customers’ sentiments in return. This will help you to pinpoint the basic interest of customers for the time being, and where their attention may likely shift in the foreseeable future.
AI helps in efficient customer targeting
If your sales team doesn’t target the right and precise prospects, it is certain they will never be able to close deals. But with AI platforms like Albert.ai, your sales team will be equipped with big data to assist them to target a defined group of potential customers/ clients, instead of fishing in a large and endless pool of people.
With such AI tools, your team and business would be able to implement a marketing campaign in a more effective and result-oriented manner.
Ti will take data analyst hours to look through a large collection of data set. But with AI, it will take just a few seconds to sort out needed data. Empowering your data analyst with excellent AI system will enable your business to accurately and in a timely order sort through a maze of information that will finally improve your sales performance.
AI simplifies note taking
One highly critical, and the yet tedious job is note taking while in the course of a sales mission. It is very important that you take down notes whether you are meeting prospects personally or through a video conferencing or by audio calls; you need the notes so you can easily precisely follow up later. Your business will never grow richer if you are not following up with customers or prospects.
AI tools like Wrapup.co and Clarke.ai are powerful systems that offer you the best in listening and note-making—a medium that creates confidence in you while presiding over your sales meeting without any fear of missing any vital point.
Furthermore, some of these AI systems are also capable of analyzing customer/clients engagement and behavior, thereby giving you the advantage of personalizing your communications in the future.
AI has come to stay, and with credible use of it, you can as well enriching yourself through best practices and utilization of AI in the course of your business. With Artificial Intelligence, there is no limit to the length you can go in becoming richer.