According to Gartner, 30% of all B2B companies will employ AI to augment at least one of their primary sales processes by 2020. Don’t wait for the future – start implementing now, with today’s technologies.
- Prospect and lead qualification
- Better sales analytics
- Sales enablement
- Sales forecasting
- Revenue forecasting
Text Mining/Natural Language Processing
- Voice of the customer
- Competitive analysis
- Better sales enablement materials
- Better sales pitches
Natural Language Interaction
- First touch scaling
- Sales CRM interaction, especially data capture
Can’t see anything? Watch it on YouTube here.
Listen to the audio here:
- Got a question for You Ask, I’ll Answer? Submit it here!
- Subscribe to my weekly newsletter for more useful marketing tips.
- Find older episodes of You Ask, I Answer on my YouTube channel.
- Need help with your company’s data and analytics? Let me know!
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
Today we’re gonna give you a sneak peek into one of the talks I’m doing on how artificial intelligence is helping improve sales, helping sales the department be more productive. According to Gartner, 30% of all companies will be using AI to enable or augment one of their sales processes. One of the primary sales process is by 2020. I say this if you are waiting until 2020 to implement AI anywhere within the sales value chain. You’re missing the boat because companies are implementing this now sales CRM vendors are implementing this right now. It is it is the middle of August 2018 as I record this particular video and one of the CRM vendors HubSpot, just rolled out chat bots for everybody can just install it and run it
and so there is tremendous opportunity for salespeople.
Take advantage of these technologies, especially since as vendors incorporate them into their products do you have to, like have a programmer or a developer or a data scientist on staff to make use of at least some of them. So let’s take a look at what’s available today from a technology basis and and see how this will impact your sales processes. And that’s something you can use to start thinking about, well, what vendors should we be using for our CRM or sales enablement or marketing automation and so on and so forth. The four categories I want to touch on today, our driver analysis, time series, forecasting, natural language processing, and natural language interaction. Let’s dig through each of these in terms of what it means for sales. What will sales get out of it? Driver analysis is a type of statistics where you take very large sets of data with with it’s called high dimensional data, and you try to figure out what are the most valuable important variables within that data set. So imagine you’re prospecting and you’ve got all this information about your prospects you’ve got
dates and times, and interactions and touches, and company firma graphics and demographics and you’ve got behaviors, and you’ve got preferences and movies, tastes, and likes of music and stuff on Facebook, and you have all this data, what actually predicts whether someone is a good lead dimensional analysis, dimensional reduction and driver analysis will help you distill down by saying, we know from past data, these are the good leads, and these are the not so good leads, okay, what to all the good leads have in common, adding in a mathematical way, boiling all that down to statistics and say, Okay, this is the good lead has these probabilities of these variables. That’s one of the things that you should see an immediate benefit for when you’re using AI,
some type of what’s called supervised learning. You’ll also get better sales analytics because just as prospects and leads have all these different characteristics, so do your sales process.
is easier you think about the sales pipeline, you have your prospect, you have leads, you have opportunities, you have pitches and proposals and deals. Think about the inner workings of a sale CRM. That’s all data that you’re collecting. Probably not using to the the greatest effect. So as AI gets incorporated into more and more CRM products, we should be seeing better and better sales analytics because it should be distilling down and saying, Yeah, you’re collecting all this data. But these are really the variables that you need to pay attention to that tell you whether a deal is going to close or not. The second category is what I call time series, forecasting, being able to forecast out what’s happening. So there’s three things that you’ll see here one of the sales enablement, helping you predict when people are going to be searching for the thing that you do, whether it’s make widgets, or sell coffee, or whatever the case may be. And then being able to say, okay, that we know that you know, this is when sales people need to amp up their dialing efforts. They need to be scheduling more appointments. They need to be doing all these things because
These periods of time that matter the most second, of course it any type of Science Time Series forecasting is naturally going to have sales forecasting what based on all of your sales data when are you likely to make what kinds of sales you’re likely to make in the next 30 days, 60 days, 90 days, and so on and so forth. And of course if you got sales data then you also have things like revenue data so being able to forecast for sales people what are the Commission’s that are likely to happen in the next quarter based on on historical data and current trends you use artificial intelligence and and these predictive algorithms to predict ahead, here’s what’s likely to happen from the top to the middle to the bottom of the funnel. The third category is natural language processing, also sometimes known as text mining. And this is where you’re going to see a lot of incredible leaps and bounds for sales enablement. We’re going to talking about things like the voice of the customer, what is the customer say if you haven’t mind your CRM for to understand what your customers asking about the most.
You’re missing an opportunity. And you’ve already got the data.
We also have competitive analysis, if you were to take all the information that’s available about your key competitors on on the internet, so chats and forums and reviews and, and social media and boil that down. What do people say about your competitors? And then contrast that to what people say about you? Where’s the gap? Is there a gap between what people like about you and what people like about your competitor? Or Wouldn’t that be handy to know when you’re going into a big pitch
we would expect to see from natural language processing, then better sales enablement materials, once you understand what people are saying, you can tune your sales enablement materials, you can generate content on the fly even
social media posts as a very simple example like hey, this is a trending topic right now in our industry. We should probably have some content about this and forth you would expect the natural language processing to deliver a better sales pitches. Here’s your
Going to improve your pitching based on on the understanding you have of the industry, the competitors, your company and the voice of the customer. So expect those benefits. The last category is natural language interaction. And this is where we’re, we’re seeing stuff in market right now about scaling. First touch with things like chat bots and messenger programs, being able to interact with customers and provide them helpful information answers to their questions. 24 seven whenever the customer wants, as long as they don’t mind that first interaction being with a robot being with a machine that is a tremendous sales benefit. Because now you are open 24 seven and someone can respond to initial customer inquiries anytime, anywhere on you know, on any device because the chat bots will do that. For us. What is a tremendous benefit. The second thing is sales CRM interaction.
sales people are not great about putting their data into CRM is not
University some people are great about it, some people not so much. But in order for us to be to improve our sales, we need to be capturing all that information we need to be capturing and transcribing call logs. If we have voice interactions with customers, we need to be capturing meetings we need to be capturing
phone chats and and and emails and I am this and and centralizing all that data so that we can then use those other technologies to analyze it. Sales CRM interaction is one of the areas where natural language interaction is going to make a huge difference because we’ll just simply have our phones or whatever our systems talking to a eyes and having the eyes transcribe what we say and loaded right right into the CRM you can already get great transcription technology for super super cheap so if you’ve got a voice call or you have a meaning and you’ve got and and obviously it depending on the laws of your area, make sure you have permission to do so. But you can take the the audio recordings and stuff it into an AI and have it spit back text that you can then do
Large scale analysis on for one salesperson this might or might not be useful. But if you’re a sales manager, you got 510, 20, 5100
sales reps, you kind of want to know what people are saying, You’re especially want to hear what the customer is saying. And you can’t listen to all hundred people this meal making 100 calls a day, you just can’t do that. But with this transcription process through AI, and then the analysis of the text, the text, the text mining, you could you could at least get a sense of what’s being said. So
that was a lot in about nine minutes, driver analysis time series forecasting, natural language processing and natural language interaction of the four technologies that are available today. This is not waiting for the future to happen. This these are technologies that are available today. They are already being baked into some CRM software today. Make sure that your sales organization has a plan to use the technologies in each of these areas to boost
Your sales to boost your sales people’s capabilities and to reduce the amount of boring crap that nobody wants to do and to help them spend their time selling more. As always, please subscribe to the YouTube channel to the newsletter and thanks for watching. Take care
if you want help with your company’s data and analytics. Visit Trust Insights calm today and let us know how we can help you.
You might also enjoy:
- How To Set Your Consulting Billing Rates and Fees
- Marketing Data Science: Introduction to Data Blending
- How to Measure the Marketing Impact of Public Speaking
- Almost Timely News, 17 October 2021: Content Creation Hacks, Vanity Metrics, NFTs
- Best Practices for Public Speaking Pages
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers