Sales leaders can transform their sales process by using data-driven predictive analytics
Are you wondering if there’s a way to streamline your sales process?
Do you ever wonder if the deal was lost, then why? or if the deal was won, why then? With every deal, there are so many factors that play an important role in making it a success or a failure. If we divide the whole process into a structured process, we’re then able to identify what the driving force is to move a deal forward and what’s making them fall apart.
It’s similar to any sport where opposite teams study each other’s game to understand the techniques. NBA teams closely watched Michael Jordan’s game before playing against The Chicago Bulls! There are advanced applications in which AI is helping businesses to apply strategic logic to achieve benefits for the entire team.
Let’s get into the details and explore every aspect:
A reminder of a simple 4-step sales process – interest, pain, solution, close
This section is about research. Whether you’ve got a brand new service or a new product in an established company – the question is the same! Will anyone want to buy what I’m selling?
AI is always around, learning our buying patterns or where we like to go and what we like to do. Companies invest in resources to get to know their customers so they can be proactive and adapt to changes in the market. With advances in AI technology, this is now made even easier as the majority of the research can now be automated. With increasing knowledge, companies have stronger tools to be sure they are on to a winning project.
Learning your customers’ pain points is vital to understanding and being able to forecast your sales through predictive or reactive methods
Automated AI tools and systems can gather information about pretty much anything a company wants it to. With data generated from AI, trends can be extracted and pain points can easier be picked up on. Knowing what your customers’ concerns are, allows companies to improve and innovate in line with what their audience wants.
Now that you know the problem that your customers are facing you need to offer a solution. This can be something that they have asked for or something that AI has predicted that
Companies can use AI to predict what their audience is likely to buy before they have even thought they needed it. They can also quickly react to buying trends to keep their customers buying from them. Once upon a time, this was a major challenge for companies and time-intensive. Whilst it’s still a challenge, it is certainly much easier with AI algorithms. They are accurate and fast even at a large scale so companies can quickly predict and react to the sectors in need of focus to optimize their resources and budget.
You’ve identified a problem and offered the solution. Now is the time for the close.
There are many different ways to close a deal. We’ll mention the AI powered method; the ads that follow you on the internet! That’s all AI. You click on a website that interests you and you’ll keep seeing it for days or weeks afterwards to entice you to buy. This is because it is widely thought that in marketing, it takes an average of seven interactions with a brand before a purchase happens. Therefore it is beneficial to companies to know their audience to ensure they are targeting the right people.
Additionally AI can be used to rank your leads to be able to make decisions on how to dedicate your reps time. In other words, if you are taking on more leads then you need more reps on earlier stages of the sales process and if you are almost closing deals then you can know when to divert your reps time to that process instead.
Did you know that increasing customer retention by 5% can increase profits by 25-95%?
AI can help you retain clients by giving you knowledge on all aspects of the sales process as mentioned above. You can learn from the deals that went wrong and the ones that were successful. You can highlight your best reps and use their skillset to train other sales reps. When processes work well, a customer feels listened to and valued, and they are more likely to stay loyal.
So, how do I listen to my customers using AI?
Simple. Use Flyte and start the conversations!
Flyte is the world’s first AI platform that provides team intelligence, competitive intelligence and product intelligence captured from sales conversations. It uses conversational AI to extract useful insights that help sales leaders to predict deal success rate and sales reps performance. Such insights can help a sales rep to prepare their pitch during the ‘interest’ phase of the sales process. Or learning the pain points of your customers – you’ll easily be able to see how many times a competitor or specific product feature was mentioned during a client call.
Flyte captures key questions and objections so you can save time finding solutions for your customers’ problems. Our software is intelligent enough to recognize your best performers too, useful when you’ve got lots of deals to close! Use AI to transform your sales process: Signup today to get started.
Keywords: conversational intelligence, sales analytics, prospecting, sales quota, sales coaching, customer pain point, revenue intelligence
Leveraging the power of AI in sales can help with elements like customer preferences, product insights and reflections on the effectiveness of a sales call that leaders cannot micromanage at all times!
Salespeople needs to understand the nuances of what the customer is experiencing by asking questions and listening!
Shilpa, fourth on the list of 35, is a firecracker in the sales world!
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