Nov 14, 2019 Here’s How AI Can Boost Your Sales
With nearly 62% of companies using or planning to use artificial intelligence (AI) for their Digital Customer Experience (DCX) initiatives, one anticipated outcome is an increase in sales.
So far, that anticipation is spot on.
When asked for their primary business goal for using AI in their DCX initiatives, increased revenue was the top goal among successful companies in Nemertes 2019-20 Intelligent Customer Engagement research study of 518 companies. The success group includes companies that have the highest before-and-after success of their AI initiatives.
Successful companies are 49% more likely than other companies to cite increased revenue as the top business driver for using AI in their DCX initiatives.
AI-Enabled Sales Improvement
AI plays a role in driving sales in several ways, including the following:
- Lead optimization – AI-enabled, big data analytics brings logic to lead prioritization, by reviewing historical interactions, social media activity , email history, macro-economic factors, and more to rank the likelihood of leads and opportunities of closing. Sales people can set work priorities based on the AI data set, which continuously learns and improves accuracy.
- On-the-spot advice – Natural Language Processing (NLP) and sentiment analysis delivers screen pops for agents, indicating when to ask for the sale and what to ask them to buy.
- Buying predictions – Predictive analytics makes recommendations based on customer buying history, or the history of similar customers. As the data set continues to learn, it alters recommendations based on real-time issues, such as weather, catastrophes, sports victories, etc., that can influence buying recommendations.
- Self-service guidance – AI-enabled chatbots, predictive analytics, and NLP guide customers to areas of self-service knowledge bases most likely to generate sales or upsell. The technology also can detect when a customer is having issues, and thus redirect them, or make buying recommendations based on what they are looking at in the knowledge base.
- Getting to the right person – AI-enabled intelligent routing matches callers to the best sales reps, based on the topic of the inquiry and historical ratings of agents.
- Automated assistance – NLP interprets content as sales reps are talking to customers, while chatbots track macro trends, check inventory, review purchasing history, note credit limits all to assist the agent in closing the sale.
- Improve performance – Agent analytics tracks individual agents or groups on multiple metrics, and recommends improvement areas. Over time, the AI data set learns what activities help performance and adjust recommendations.
- Generate business – AI-enabled IoT sensors learn over time when conditions are right for equipment failure. They can inform sales services centers to proactively generate service call business.
Already, organizations have measured compelling success. The success group has seen a 67% to 133% growth in revenue for the projects they have tracked. With such compelling metrics, it’s no surprise so many organizations are using and evaluating AI to improve their customer experience strategies.